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                              RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                               RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                         DATED AS OF SEPTEMBER 1, 2002,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                                  dated as of August 1, 2002

                       Mortgage Asset-Backed Pass-Through Certificates

                                Series 2002-QS13

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

<PAGE>

<TABLE>
<CAPTION>

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

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

        Section 1.02.  Use of Words and Phrases............................................16

        Section 1.03.  Determination of LIBOR..............................................16

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

              ISSUANCE OF CERTIFICATES.....................................................18

        Section 2.01.   Conveyance of Mortgage Loans.

                      (See Section 2.01 of the Standard Terms).............................18

            Section 2.02. Acceptance by Trustee. (See Section 2.02 of the Standard
                      Terms)...............................................................18

        Section 2.03.   Representations, Warranties and Covenants of the

                      Master Servicer and the Company......................................18

         Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of
                      the Standard Terms)..................................................21

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............21

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................21

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............21

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................21

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................22

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................23

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......23

        Section 4.02. Distributions. ......................................................23

        Section 4.03. Statements to Certificateholders; Exchange Act Reporting.............31

             Section 4.04. Distribution of Reports to the Trustee and the Company;
                          Advances by the Master Servicer. (See Section 4.04 of the
                      Standard Terms)......................................................32

        Section 4.05. Allocation of Realized Losses. ......................................32

         Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................34

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................34

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................34

Article V  THE CERTIFICATES................................................................35

                                        i

<PAGE>

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........35

        Section 5.02. Registration of Transfer and Exchange of Certificates................35

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................35

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......35

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................35

Article VI     THE COMPANY AND THE MASTER SERVICER.........................................36

Article VII    DEFAULT.....................................................................37

Article VIII   CONCERNING THE TRUSTEE......................................................38

Article IX     TERMINATION.................................................................39

Article X       REMIC PROVISIONS...........................................................40

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....40

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........40

        Section 10.03.Designation of REMICs................................................40

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................40

        Section 10.05.Compliance with Withholding Requirements.............................42

Article XI   MISCELLANEOUS PROVISIONS......................................................43

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................43

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................43

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................43

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........43

        Section 11.05.Notices..............................................................43

             Section 11.06.Required Notices to Rating Agency and Subservicer. (See
                      Section 11.06 of the Standard Terms).................................44

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................44

                                        ii

<PAGE>

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................44

        Section 11.09.Allocation of Voting Rights..........................................44

        Section 11.10.No Petition..........................................................44

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of August 1, 2002
Exhibit Five:         Aggregate Planned Principal Balances and
                      Aggregate Targeted Principal Balances
Exhibit Six:...       Form of Form 10-K Certification

                                        iii

<PAGE>

        This is a Series Supplement,  dated as of September 1, 2002 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2002 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master Servicer"),  and DEUTSCHE BANK TRUST COMPANY AMERICAS,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

                                       1
<PAGE>

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

<TABLE>
<CAPTION>

                               AGGREGATE
                                INITIAL
                              CERTIFICATE                                           FITCH/
               PASS-THROUGH    PRINCIPAL                             MATURITY     ----------     MINIMUM
 DESIGNATION      RATE          BALANCE       FEATURES1                DATE        MOODY'S    DENOMINATIONS(2)
                                       -

                                               Senior/PAC/Fixed   September 25,
<S>     <C>       <C>       <C>                                        <C>                     <C>
Class A-1         3.25%     $50,015,052.00           Rate              2017        AAA/Aaa     $25,000.00
Class A-2         4.25%     $25,000,000.00     Senior/PAC/Fixed   September 25,    AAA/Aaa     $25,000.00
                                                     Rate              2017
Class A-3         5.30%     $41,861,242.00     Senior/TAC/Fixed   September 25,    AAA/Aaa     $25,000.00
                                                     Rate              2017
Class A-4      Adjustable   $11,721,148.00    Senior/TAC/Floater/ September 25,    AAA/Aaa     $25,000.00
                  Rate                         Adjustable Rate         2017
Class A-5      Adjustable            $0.00(3)  Senior/Interest    September 25,    AAA/Aaa    $2,000,000.00
                  Rate                           Only/Inverse          2017
                                                   Floater/
                                               Adjustable Rate
Class A-6         6.00%        $100,000.00    Senior/Companion/   September 25,    AAA/Aaa     $25,000.00
                                                  Fixed Rate           2017
Class A-7      Adjustable   $71,320,035.00    Senior/PAC/Floater/ September 25,    AAA/Aaa     $25,000.00
                  Rate                              Super              2017
                                              Senior/Adjustable
                                                     Rate
Class A-7A     Adjustable    $1,196,523.00    Senior/PAC/Floater/ September 25,    AAA/Aa1     $25,000.00
                  Rate                         Senior Support/         2017
                                               Adjustable Rate
Class A-8      Adjustable            $0.00(4)  Senior/Interest    September 25,    AAA/Aaa    $2,000,000.00
                  Rate                          Only/ Inverse          2017
                                                   Floater/
                                               Adjustable Rate
Class A-P         0.00%        $810,895.39        Principal       September 25,    AAA/Aaa     $25,000.00
                                                 Only/Senior           2017
Class A-V       Variable             $0.00         Variable       September 25,    AAA/Aaa    (6)
               Rate5                            Strip/Interest         2017
                                                 Only/Senior

__________

1    The Certificates,  other than the Class A-P, Class A-V, Class B and Class R
     Certificates  shall be Book-Entry  Certificates.  The Class A-P, Class A-V,
     Class B and Class R Certificates  shall be delivered to the holders thereof
     in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate of any of the Class A-P and Class B-1, Class B-2 and Class
     B-3 Certificates  that contain an uneven multiple of $1,000 shall be issued
     in a denomination equal to the sum of the related minimum  denomination set
     forth  above and such  uneven  multiple  for such  Class or the sum of such
     denomination and an integral multiple of $1,000.

3    The Class A-5 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-5 Certificates
     will accrue on a notional amount equal to the certificate principal balance
     of the Class A-4 Certificates.

                                       2
<PAGE>

Class R-I         6.00%            $100.00    Residual/Senior/FixeSeptember 25,    AAA/Aaa    (7)
                                                     Rate              2017
Class R-II        6.00%            $100.00    Residual/Senior/FixeSeptember 25,    AAA/Aaa    (7)
                                                     Rate              2017
Class M-1         6.00%      $3,847,200.00     Mezzanine/Fixed    September 25,     AA/NA      $25,000.00
                                                     Rate              2017
Class M-2         6.00%        $519,900.00     Mezzanine/Fixed    September 25,      A/NA      $250,000.00
                                                     Rate              2017
Class M-3         6.00%                        Mezzanine/Fixed    September 25,     BBB/NA     $250,000.00
                             $623,900.00             Rate              2017
Class B-1         6.00%                       Subordinate/Fixed   September 25,     BB/NA      $250,000.00
                             $312,000.00             Rate              2017
Class B-2         6.00%                       Subordinate/Fixed   September 25,      B/NA      $250,000.00
                             $208,000.00             Rate              2017
Class B-3         6.00%                       Subordinate/Fixed   September 25,     NA/NA      $250,000.00
                             $415,979.14             Rate              2017

</TABLE>

__________

     4    The Class A-8  Certificates do not have a principal  balance.  For the
          purpose of calculating  interest  payments,  interest on the Class A-8
          Certificates  will accrue on a notional amount equal to the sum of the
          certificate principal balances of the Class A-7 Certificates and Class
          A-7A Certificates.

     5    The  initial  Pass-Through  Rate  on the  Class  A-V  Certificates  is
          0.3921%.

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

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

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $207,952,074.53.

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

                                       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-4, Class A-5, Class A-7,
Class A-7A or Class A-8 Certificates.

        Aggregate  Planned  Principal  Balance:  With  respect to the Class A-1,
Class A-2, Class A-7 and Class A-7A Certificates and any Distribution  Date, the
amount set forth in the applicable  column in the table in Exhibit Five opposite
such date.

        Aggregate  Targeted  Principal  Balance:  With  respect to the Class A-3
Certificates and Class A-4  Certificates  and any Distribution  Date, the amount
set forth in the  applicable  column in the table 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

                                       4
<PAGE>

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

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

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

        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  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2002-QS13"  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-6, Class A-7, Class A-7A,  Class A-8, 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-I  Certificates and Class R-II
Certificates.

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

                                       5
<PAGE>

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

        Closing Date:  September 27, 2002.

        Commission:  The Securities and Exchange Commission.

     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 2002-QS13.

        Cut-off Date:  September 1, 2002.

     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.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.

     Floater  Certificates:  Any one of the Class  A-4,  Class A-7 or Class A-7A
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 2.50% 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) 1.75% 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

                                       6
<PAGE>

Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination,  and (Z) from
the second to, but not including,  the fifth anniversary of the Cut-off Date, an
amount  equal to (1) the  lesser  of (a) the  Fraud  Loss  Amount as of the most
recent  anniversary  of  the  Cut-off  Date  and  (b)  1.00%  of  the  aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary  of the Cut-off Date minus (2) the aggregate  amount of Fraud Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section 4.05 since the most recent  anniversary  of the Cut-off Date up to
such date of  determination.  On and after the fifth  anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.

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

        Initial  Monthly  Payment Fund:  $0,  representing  scheduled  principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on October 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-5  Certificates,
$11,721,148.  With  respect  to the Class A-8  Certificates,  $72,516,558.  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   REMIC  I  Regular  Interests  Z
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:  1.85%           Class B-1:  0.15%
        Class M-2:  0.25%           Class B-2:  0.10%
        Class M-3:  0.30%           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-5,  Class A-8 or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

                                       7
<PAGE>

     Inverse  Floater  Certificates:  Any one of the Class A-5  Certificates  or
Class A-8 Certificates.

     Maturity  Date:  September  25, 2017,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class A-5 Certificates,  an amount equal to the Certificate Principal Balance of
the Class A-4 Certificates  immediately prior to that date, (ii) with respect to
the  Class  A-8  Certificates,  an  amount  equal to the sum of the  Certificate
Principal  Balances of the Class A-7  Certificates  and Class A-7A  Certificates
immediately  prior  to that  date  and  (iii)  with  respect  to any  Class  A-V
Certificates  or  Subclass  thereof  issued  pursuant  to Section  5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated REMIC I Regular Interests Z represented by such Class or Subclass
immediately prior to such date.

                                       8
<PAGE>

        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.

o              With  respect  to the  Class  A-4  Certificates  and the  initial
               Interest Accrual Period,  2.47% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to 0.65% plus
               LIBOR, subject to a maximum rate of 8.50% per annum and a minimum
               rate of 0.65% per annum.

o              With  respect  to the  Class  A-5  Certificates  and the  initial
               Interest Accrual Period,  6.03% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.85% minus
               LIBOR, subject to a maximum rate of 7.85% per annum and a minimum
               rate of 0.00% per annum.

o              With  respect  to the  Class  A-7  Certificates  and the  initial
               Interest Accrual Period,  2.22% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to 0.40% plus
               LIBOR, subject to a maximum rate of 8.50% per annum and a minimum
               rate of 0.40% per annum.

o              With  respect  to the Class  A-7A  Certificates  and the  initial
               Interest Accrual Period,  2.22% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to 0.40% plus
               LIBOR, subject to a maximum rate of 8.50% per annum and a minimum
               rate of 0.40% per annum.

o              With  respect  to the  Class  A-8  Certificates  and the  initial
               Interest Accrual Period,  6.28% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 8.10% minus
               LIBOR, subject to a maximum rate of 8.10% per annum and a minimum
               rate of 0.00% per annum.

With respect to the Class A-V Certificates (other than any Subclass thereof) and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.3921% 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  REMIC I Regular  Interests Z 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.

                                       9
<PAGE>

        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 16.0% per annum.

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

        (i)    For any  Distribution  Date  prior  to the  Distribution  Date in
               October 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  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

                                       10
<PAGE>

     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.

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

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

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

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after the Cut-off Date as shall be on deposit in
                      the Custodial  Account or in the  Certificate  Account and
                      identified  as belonging to the Trust Fund,  including the
                      proceeds from the liquidation of Additional Collateral for
                      any Additional  Collateral Loan, but not including amounts
                      on deposit in the Initial Monthly Payment Fund,

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

               (iv)   the  hazard  insurance   policies  and  Primary  Insurance
                      Policies,  if any, the Pledged Assets with respect to each
                      Pledged  Asset  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

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

        REMIC I Certificates:  The Class R-I Certificates.

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

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

                                       11
<PAGE>

        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.

        Senior Support Certificates:  Any one of the Class A-7A Certificates.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,079,521  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  26.7%  (which

                                       12
<PAGE>

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
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.

        Super Senior Certificates:  Any one of the Class A-7 Certificates.

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

        Super  Senior  Optimal   Principal   Distribution   Amount:  As  of  any

                                       13
<PAGE>

Distribution  Date on or after the Credit Support Depletion Date, the product of
(a) the  then-applicable  Super Senior  Optimal  Percentage  and (b) the amounts
described in clause (b) of the Senior Principal Distribution Amount.

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Related Classes of  Certificates if the  Pass-Through
Rate on such Classes were equal to the Uncertificated  Pass-Through Rate on such
Uncertificated REMIC I Regular Interest,  (ii) as to each Uncertificated REMIC I
Regular  Interest  Z and each  Uncertificated  REMIC II Regular  Interest  Z, an
amount  equal to one  month's  interest  at the Pool Strip  Rate of the  related
Mortgage  Loan on the  principal  balance of such  Mortgage Loan reduced by such
Interest's  pro-rata  share  of any  prepayment  interest  shortfalls  or  other
reductions of interest allocable to the Class A-V Certificates.

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

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

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

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

                                       14
<PAGE>

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

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

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>                       <C>                    <C>
          S             Class A-1                         6.50%                  $ 50,015,052.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          T             Class A-2                         4.25%                  $ 25,000,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          U             Class A-3                         5.30%                  $ 41,861,242.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-4, Class A-5              8.50%                  $ 11,721,148.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-7, Class A-7A,            8.50%                  $ 72,516,558.00
                        Class A-8
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                   $   810,895.39
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-6, Class R-II, Class      6.00%                                $
                        M-1, Class M-2, Class M-3,                                  6,027,079.14
                        Class B-1, Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,452
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,452,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,452
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,452 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Sections 10.04(a).

                                       15
<PAGE>

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

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

Section 1.02...Use of Words and Phrases.

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

        Section 1.03. Determination of LIBOR.

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

                                       16
<PAGE>

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, 1.82% per annum; 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,  after  consultation  with the  Master
Servicer,  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 Master Servicer'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 the Pass-Through Rates on each
of the Floater Certificates and Inverse Floater Certificates for the current and
the immediately  preceding  Interest  Accrual Period via the Trustee's  website,
which may be obtained by telephoning the Trustee at (800) 735-7777.

                                       17
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

                                       18
<PAGE>

(vi)    No more than 0.5% 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 63.26% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  17.88% 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  4.24%
        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  13.46% 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);

                                       19
<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) One  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
agreed that the  obligation of the Company to cure such breach or to so purchase

                                       20
<PAGE>

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 Evidencing Interests in REMIC I Certificates.

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

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

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

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

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

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

                                       21
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       22
<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
     Fraction  of the  principal  portion  of such  payment  with  respect  to a

                                       23
<PAGE>

     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),  including Subsequent Recoveries,  received during the preceding
     calendar  month (or  deemed to have been so  received  in  accordance  with
     Section  3.07(b) of the Standard Terms) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section  3.14 of the  Standard  Terms  (other than the related  Discount
     Fraction of the principal  portion of such  unscheduled  collections,  with
     respect to each Discount Mortgage Loan);

     (B)  with respect to each Mortgage Loan 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);

                                       24
<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

                                       25
<PAGE>

        amounts available pursuant to clause (x) of Sections 4.02(a) (ix), (xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-2 Certificates;

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

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

                                       26
<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-I  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;

                                       27
<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, Subsequent Recoveries 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 in
        the following manner and priority:

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

(B)            second,  concurrently  to the Class A-1, Class A-2, Class A-7 and
               Class A-7A  Certificates,  on a pro rata basis in accordance with
               their  respective  Certificate  Principal  Balances,   until  the
               aggregate  Certificate  Principal Balance of the Class A-1, Class
               A-2,  Class A-7 and Class A-7A  Certificates  has been reduced to
               the Aggregate  Planned  Principal  Balance for such  Distribution
               Date;

(C)            third,  concurrently to the Class A-3  Certificates and Class A-4
               Certificates,  on a pro  rata  basis  in  accordance  with  their
               respective  Certificate  Principal Balances,  until the aggregate
               Certificate  Principal  Balance of the Class A-3 Certificates and
               Class A-4 Certificates has been reduced to the Aggregate Targeted
               Principal Balance for such Distribution Date;

                                       28
<PAGE>

(D)            fourth,  to the Class  A-6  Certificates,  until the  Certificate
               Principal  Balance of the Class A-6 Certificates has been reduced
               to zero;

(E)            fifth,  concurrently to the Class A-3  Certificates and Class A-4
               Certificates,  on a pro  rata  basis  in  accordance  with  their
               respective  Certificate  Principal Balances and without regard to
               the Aggregate  Targeted  Principal  Balance for such Distribution
               Date, until the aggregate  Certificate  Principal  Balance of the
               Class  A-3  Certificates  and  Class  A-4  Certificates  has been
               reduced to zero; and

                      (F) sixth, concurrently to the Class A-1, Class A-2, Class
               A-7  and  Class  A-7A  Certificates,  on  a  pro  rata  basis  in
               accordance with their respective  Certificate  Principal Balances
               and without regard to the Aggregate Planned Principal Balance for
               such Distribution Date, until the aggregate Certificate Principal
               Balance  of the Class A-1,  Class  A-2,  Class A-7 and Class A-7A
               Certificates has been reduced to zero; and

(c) On or after the occurrence of the Credit Support Depletion Date but prior to
the  reduction  of the  Certificate  Principal  Balance  of the  Senior  Support
Certificates to zero, all priorities  relating to  distributions as described in
Section 4.02(b) above relating to principal among the Senior Certificates, other
than the Class A-P Certificates,  will be disregarded.  Instead,  (i) the Senior
Principal  Distribution  Amount will be distributed  to the Senior  Certificates
remaining,  other than the Class A-P  Certificates,  pro rata in accordance with
their respective outstanding  Certificate Principal Balances;  provided that the
aggregate  amount  distributable  to the Super  Senior  Certificates  and Senior
Support  Certificates in respect of the aggregate Accrued  Certificate  Interest
thereon  and in  respect  of their  aggregate  pro rata  portion  of the  Senior
Principal  Distribution  Amount will be distributed among those  Certificates in
the following priority: first, to the Super Senior Certificates, up to an amount
equal to the  Accrued  Certificate  Interest on the Super  Senior  Certificates;
second,  to the Super  Senior  Certificates,  up to an amount equal to the Super
Senior Optimal  Principal  Distribution  Amount, in reduction of the Certificate
Principal Balances thereof; third, to the Senior Support Certificates,  up to an
amount equal to the Accrued  Certificate  Interest  thereon;  and fourth, to the
Senior Support  Certificates,  the remainder,  until the  Certificate  Principal
Balance  thereof  has been  reduced  to zero;  and (ii) an  amount  equal to the
Discount Fraction of the principal portion of scheduled and unscheduled payments
received  or  advanced  in  respect  of the  Discount  Mortgage  Loans  will  be
distributed to the Class A-P Certificates.

(d) On or after the  occurrence of the Credit  Support  Depletion  Date and upon
reduction  of  the   Certificate   Principal   Balance  of  the  Senior  Support
Certificates to zero, all priorities  relating to  distributions as described in
Section  4.02(b) and (c) 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

                                       29
<PAGE>

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

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

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

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

(h) Except as  otherwise  provided  in  Section  9.01,  if the  Master  Servicer
anticipates that a final  distribution with respect to any Class of Certificates
will be made on the next Distribution  Date, the Master Servicer shall, no later
than the Determination Date in the month of such final distribution,  notify the
Trustee and the Trustee  shall,  no later than two (2) Business  Days after such

                                       30
<PAGE>

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

Section 4.03.  Statements to Certificateholders; Exchange Act Reporting.
               ---------------------------------------------------------

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or 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.

                                       31
<PAGE>

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        (e) The Master Servicer shall, on behalf of the Depositor and in respect
of the Trust Fund,  sign and cause to be filed with the  Commission any periodic
reports  required to be filed under the  provisions of the Exchange Act, and the
rules and  regulations  of the  Commission  thereunder.  In connection  with the
preparation  and filing of such  periodic  reports,  the  Trustee  shall  timely
provide to the Master Servicer (I) a list of Certificateholders as of the end of
each  calendar  year,  (II) all material  information  with respect to any legal
proceedings involving the Trustee or the Trust Fund that is in the possession of
the  Trustee  and  is  not,  to the  best  of the  Trustee's  knowledge,  in the
possession of the Master Servicer,  (III) all material  information with respect
to the submission of matters to a vote of the Certificateholders  that is in the
possession of the Trustee and is not, to the best of the Trustee's knowledge, in
the possession of the Master  Servicer,  and (IV) all material  information with
respect  to  any  failure  of  the  Trustee  to  make  any  distribution  to the
Certificateholders  as required  pursuant to this Agreement.  Neither the Master
Servicer  nor the Trustee  shall have any  liability  with respect to the Master
Servicer's  failure to properly prepare or file such periodic reports  resulting
from or relating  to the Master  Servicer's  inability  or failure to obtain any
information  not resulting from the Master  Servicer's own negligence or willful
misconduct.  Any Form 10-K filed with the  Commission  in  connection  with this
clause (e) shall include a certification, signed by the senior officer in charge
of the  servicing  functions  of the Master  Servicer,  in the form  attached as
Exhibit  Six hereto or such other form as may be required  or  permitted  by the
Commission (the "Form 10-K  Certification"),  in compliance with Rule 13a-14 and
15d-14 under the Exchange Act and any additional  directives of the  Commission.
This Section  4.03(e) may be amended in accordance  with this Agreement  without
the consent of the Certificateholders.
        .

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

                                       32
<PAGE>

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; provided, however, that after the Credit Support
Depletion  Date  Realized  Losses  otherwise   allocable  to  the  Super  Senior
Certificates  will be allocated  to the Senior  Support  Certificates  until the
Certificate  Principal  Balance  of the  Senior  Support  Certificates  has been
reduced to zero.  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
principal and interest portion of such Realized Losses on Non-Discount  Mortgage
Loans will be allocated among the Senior  Certificates (other than the Class A-P
Certificates)  and  the  Subordinate  Certificates,  on a  pro  rata  basis,  as
described below; provided, however, that after the Credit Support Depletion Date
Realized Losses  otherwise  allocable to the Super Senior  Certificates  will be
allocated to the Senior Support  Certificates  until the  Certificate  Principal
Balance of the Senior Support Certificates is reduced to zero.

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

                                       33
<PAGE>

     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)

                                       34
<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)(i). (See Section 5.02(a) - (e)(i) of the Standard Terms)

          (ii) Any  Transferee of a Class M  Certificate  will be deemed to have
          represented  by virtue of its purchase or holding of such  Certificate
          (or interest  therein)  that either (a) such  Transferee is not a Plan
          Investor,  (b) it has  acquired  and is holding  such  Certificate  in
          reliance on Prohibited  Transaction  Exemption  ("PTE") 94-29, 59 Fed.
          Reg.  14674 (March 29,  1994),  as amended by PTE 97-34,  62 Fed. Reg.
          39021 (July 21, 1997),  PTE 2000-58,  65 Fed. Reg. 67765 (November 13,
          2000), and PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002) (the "RFC
          Exemption"), and that it understands that there are certain conditions
          to  the  availability  of  the  RFC  Exemption   including  that  such
          Certificate  must be rated,  at the time of  purchase,  not lower than
          "BBB-" (or its  equivalent) by Standard & Poor's,  Fitch or Moody's or
          (c) such Transferee is a Complying Insurance Company.

         (e)(iii) - (h). (See Section 5.02(e)(iii) - (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)

                                       35
<PAGE>

                                   ARTICLE VI
                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       36
<PAGE>

                               ARTICLE VII
                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       37
<PAGE>

                                  ARTICLE VIII
                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       38
<PAGE>

                                  ARTICLE IX.
                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       39
<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 REMICs.

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

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

        The Class A-1,  Class A-2,  Class A-3,  Class A-4, Class A-5, Class A-6,
Class A-7,  Class A-7A,  Class A-8,  Class A-P, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated  REMIC II
Regular Interests Z, the rights in and to which will be represented by the Class
A-V  Certificates,  will be "regular  interests" in REMIC II, and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined herein) under federal income tax law. On and
after the date of issuance of any Subclass of Class A-V Certificates pursuant to
Section 5.01(c),  any such Subclass will represent the  Uncertificated  REMIC II
Regular Interest or Interests Z specified by the initial Holder of the Class A-V
Certificates pursuant to said Section.

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

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

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

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

                                       40
<PAGE>

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

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

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

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

               (ii)  Realized  Losses  allocated  to the Class A-1  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest S;

               (iii)  Realized  Losses  allocated to the Class A-2  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest T;

               (iv)  Realized  Losses  allocated  to the Class A-3  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest U;

               (v) Realized Losses  allocated to the Class A-4  Certificates and
        Class A-5  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

               (vi) Realized  Losses  allocated to the Class A-7, Class A-7A and
        Class A-8  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

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

               (viii)  Realized  Losses  allocated to the Class A-6,  Class M-1,
        Class M-2,  Class M-3,  Class B-1,  Class B-2,  Class B-3 and Class R-II
        Certificates   under   Section   4.05  shall  be  deemed   allocated  to
        Uncertificated REMIC I Regular Interest Y; and

                                       41
<PAGE>

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

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

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

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

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

                                       42
<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 2002-QS13

                                   The Trustee designates its offices located at
                                   c/o DTC Transfer  Services,  55 Water Street,
                                   Jeanette Street Park Entrance,  New York, New
                                   York 10041,  for the purposes of Section 8.12
                                   of the Standard Terms

---------------------------------- --------------------------------------------------------------
Fitch Ratings                      One State Street Plaza
                                   New York, New York 10004

---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10004

---------------------------------- --------------------------------------------------------------
</TABLE>

                                       43
<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.

               96% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-5  Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-8  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  Certificates,  in  accordance  with their  respective
Percentage Interests.

Section 11.10. No Petition.
               ------------

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

                                       44
<PAGE>

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

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By: //s// Joseph Orning
                                                ------------------------------
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest: //s// Julie Steinhagen
        ------------------------------------
      Name:   Julie Steinhagen
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: //s// Julie Steinhagen
                                               -------------------------------
                                                 Name:  Julie Steinhagen
                                                 Title:  Director

Attest: //s// Karen Fox
        ------------------------------------
      Name: Karen Fox
      Title: Director

                             DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By: //s// Ronaldo Reyes
                                               ------------------------------
                                                 Name: Ronaldo Reyes
                                                 Title:   Associate

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

Attest: //s// Barbara Campbell
        ------------------------------------
      Name: Barbara Campbell
      Title:   Assistant Secretary

                                       45
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of September,  2002 before me, a notary public in
and for said State,  personally appeared Joseph Orning, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                   //s// Maren Matthews
                                                   ----------------------------
                                                          Notary Public

[Notarial Seal]

                                       46
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
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// Maren Matthews
                                            --------------------------------
                                                          Notary Public

[Notarial Seal]

                                       47
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 27th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared  Ronaldo  Reyes,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                                   //s// Brent Wayne Hoyler
                                                   ----------------------------
                                                          Notary Public

[Notarial Seal]

                                       48
<PAGE>

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 27th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared James F Noriega,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                                   //s// Brent Wayne Hoyler
                                                   ---------------------------
                                                          Notary Public

[Notarial Seal]

                                       49
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 09/18/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.58.35           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2002-QS13                                 CUTOFF : 09/01/02
  POOL       : 0004622
             :
             :
  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
  ------------------------------------------------------------------------

      1960186                              .2500
       31,115.16                          .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            6.0000                        2.6700

      1962902                              .2500
       91,884.75                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.0000                        1.9200

      1974393                              .2500
       33,641.70                          .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            6.0000                        3.1700

      1981626                              .2500
      200,485.67                          .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            6.0000                        2.7950

      2950690                              .2500
      170,691.10                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.0000                        2.4200

      3256612                              .2500
       64,520.50                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.0000                        2.4200
1

      3262977                              .2500
       55,987.43                          .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            6.0000                        3.1700

      3304869                              .2500
       69,520.74                          .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            6.0000                        2.6700

      3500456                              .2500
       59,262.86                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.0000                        2.5450

      3514487                              .2500
       47,575.85                          .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            6.0000                        3.1700

      3854871                              .2500
       45,430.33                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.0000                        2.2950

      4669097                              .2500
       39,422.41                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      4786976                              .2500
      120,704.17                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      5384998                              .2500
       55,439.22                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700
1

      5413432                              .6250
      622,668.82                          .0800
            7.1250                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      5551513                              .2500
       79,767.52                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.0000                        1.5450

      6892319                              .2500
       66,247.42                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      6910221                              .2500
       97,321.58                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      6912057                              .2500
       54,335.89                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      6912059                              .2500
       37,950.55                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6937381                              .2500
       48,637.14                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6938008                              .2500
       52,934.18                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450
1

      6947516                              .2500
       83,106.43                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      6957917                              .2500
       93,467.60                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6960591                              .2500
      100,391.36                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      6980568                              .2500
       73,569.33                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      6982033                              .2500
       49,210.47                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      6994437                              .2500
       68,839.28                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      7010896                              .2500
       71,577.44                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      7017819                              .2500
       71,546.99                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950
1

      7031615                              .2500
       29,493.59                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.0000                        2.1700

      7033523                              .2500
       92,085.67                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.0000                        1.2950

      7034093                              .2500
       78,077.87                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7037795                              .2500
       61,972.89                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      7041460                              .2500
       90,849.14                          .0800
            7.7500                         .0000
            7.5000                         .0000
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      7951816                              .2500
      126,591.82                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      7952265                              .2500
      120,700.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7952661                              .2500
       97,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200
1

      7952929                              .2500
      566,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7953029                              .2500
      329,411.20                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7953383                              .2500
       72,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      7953625                              .2500
      179,432.11                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      7954375                              .2500
       21,479.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7955021                              .2500
       97,100.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      7957199                              .2500
      328,924.49                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      7957203                              .2500
      647,812.17                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000
1

      7957857                              .2500
      140,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7957955                              .2500
      150,400.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7957989                              .2500
      109,800.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      7961635                              .2500
      160,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      7961643                              .2500
      143,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7961645                              .2500
      122,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      7961749                              .2500
       91,800.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7963972                              .2500
      100,555.21                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.0000                        1.4200
1

      7964335                              .2500
      399,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      7964461                              .2500
       44,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      7964499                              .2500
      448,533.40                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      7964571                              .2500
       50,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      7964597                              .2500
       74,200.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7964611                              .2500
      435,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7964633                              .2500
       88,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7964665                              .2500
      190,855.43                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000
1

      7965689                              .2500
      318,400.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7966035                              .2500
       81,900.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      7966549                              .2500
      398,710.36                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      7966553                              .2500
       48,341.93                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      7967195                              .2500
      141,750.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7967197                              .2500
      632,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7967201                              .2500
       53,250.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7967213                              .2500
      492,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700
1

      7967615                              .2500
      118,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7969761                              .2500
      484,600.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      7971737                              .2500
      143,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7971765                              .2500
      123,100.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7972537                              .2500
      445,694.77                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7972605                              .2500
      219,275.23                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      7974289                              .2500
      500,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      7974407                              .2500
      105,750.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700
1

      7975541                              .2500
      174,500.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7975583                              .2500
       67,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      7978417                              .2500
      134,400.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7978737                              .2500
       81,300.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7978765                              .2500
       73,700.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7978777                              .2500
      223,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7978811                              .2500
      230,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7978819                              .2500
      268,600.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200
1

      7980512                              .2500
       31,816.32                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.0000                        1.4200

      7981245                              .2500
      560,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7981659                              .2500
      140,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      7983419                              .2500
      650,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7984019                              .2500
      123,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      7984125                              .2500
      444,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      7984147                              .2500
      506,250.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      7984407                              .2500
       53,200.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450
1

      7984621                              .2500
      380,686.47                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      7985567                              .2500
      499,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      7992918                              .2500
       51,867.10                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.0000                        1.2950

      7993916                              .2500
      127,885.27                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8009537                              .2500
      368,000.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8010026                              .2500
       51,749.32                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8026888                              .2500
       40,637.93                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      8047728                              .2500
       99,071.36                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450
1

      8048922                              .2500
       37,619.72                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.0000                        1.2950

      8051698                              .2500
       45,542.92                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8051710                              .2500
       52,720.79                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0000                         .0450

      8053410                              .2500
       90,863.71                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8075896                              .2500
      101,932.30                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      8090908                              .2500
       49,049.74                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.0000                         .7950

      8090972                              .2500
       95,568.51                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      8091088                              .2500
       57,847.32                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950
1

      8091214                              .2500
      101,573.01                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8091236                              .2500
       58,847.51                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8092002                              .2500
      351,821.58                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8093974                              .2500
       61,445.84                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      8094410                              .2500
       56,257.56                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8094422                              .2500
       72,360.59                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8104870                              .2500
       66,949.01                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450

      8111684                              .2500
       94,671.81                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450
1

      8111718                              .2500
       90,232.89                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8111950                              .2500
      100,256.28                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8138842                              .2500
       50,375.85                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.0000                        1.4200

      8141970                              .2500
       61,827.96                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.0000                        1.0450

      8154590                              .2500
      126,984.58                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8154678                              .2500
       49,019.02                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8154722                              .2500
       91,502.28                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8170856                              .2500
       59,678.79                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700
1

      8171408                              .2500
       62,524.10                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8171426                              .2500
       70,100.97                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8171470                              .2500
       93,238.03                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8171480                              .2500
       59,228.93                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8187420                              .2500
       93,597.12                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8192386                              .2500
      572,702.63                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8192426                              .2500
      416,604.97                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8204254                              .2500
      157,363.76                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950
1

      8205966                              .2500
       41,478.39                          .0800
            7.3500                         .0000
            7.1000                         .0000
            7.0200                         .0000
            6.0000                        1.0200

      8213334                              .2500
       32,638.01                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      8213402                              .2500
       70,576.16                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700

      8213838                              .2500
       57,851.52                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8220726                              .2500
       31,938.32                          .0800
            7.4500                         .0000
            7.2000                         .0000
            7.1200                         .0000
            6.0000                        1.1200

      8237174                              .2500
       61,456.37                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.0000                        1.5450

      8242400                              .2500
      126,885.85                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8256370                              .2500
       38,737.21                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.0000                        1.1700
1

      8277650                              .2500
       49,386.13                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8284610                              .2500
       56,231.67                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8285800                              .2500
       65,525.72                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.0000                         .5450

      8285962                              .2500
       64,533.57                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.0000                         .6700

      8318698                              .2500
       58,833.39                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.0000                         .9200

      8318800                              .2500
      125,077.10                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.0000                         .2950

      8319402                              .2500
      494,864.33                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8321568                              .2500
      189,353.60                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
1

      8321770                              .2500
      176,384.86                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8321818                              .2500
      199,312.29                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8321864                              .2500
      374,761.31                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

      8321896                              .2500
      151,482.88                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8322248                              .2500
       29,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.0000                         .4200

      8322968                              .2500
      158,500.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.0000                         .1700

  TOTAL NUMBER OF LOANS:     1452
  TOTAL BALANCE........:        207,952,074.53

  RUN ON     : 09/18/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.58.35            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS13       FIXED SUMMARY REPORT      CUTOFF : 09/01/02
  POOL       : 0004622
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  -----------------------------------------------------------------------------
  CURR NOTE RATE                        6.6967            5.5000      9.5000
  RFC NET RATE                          6.4404            5.2500      9.2500
  NET MTG RATE(INVSTR RATE)             6.3687            5.2200      9.1700
  POST STRIP RATE                       5.9766            5.2200      6.0000
  SUB SERV FEE                           .2563             .2500       .7500
  MSTR SERV FEE                          .0717             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3921             .0000      3.1700

  TOTAL NUMBER OF LOANS:  1452
  TOTAL BALANCE........:     207,952,074.53

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/18/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.58.35          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS13                                 CUTOFF : 09/01/02
  POOL       : 0004622
             :
             :
  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 #
  ______________________________________________________________________________

    1960186          A26/G02             F           34,650.00         ZZ
                                         180         31,115.16          1
                                       9.000            351.45         70
                                       8.750            351.45
    SPRING VALLEY    NY   10977          1            10/29/99         00
    0431733989                           01           12/01/99          0
    14635                                N            11/01/14
    0

    1962902          163/G02             F          102,800.00         ZZ
                                         180         91,884.75          1
                                       8.250            997.30         80
                                       8.000            997.30
    JUPITER          FL   33469          1            11/30/99         00
    0431739945                           05           01/01/00          0
    7717199797                           O            12/01/14
    0

    1974393          F44/G02             F           40,500.00         ZZ
                                         120         33,641.70          1
                                       9.500            524.06         75
                                       9.250            524.06
    MONROE           LA   71203          5            02/22/00         00
    0431882885                           05           04/01/00          0
    211882                               N            03/01/10
    0

    1981626          P30/G02             F          217,600.00         ZZ
                                         180        200,485.67          1
                                       9.125          2,223.25         80
                                       8.875          2,223.25
    BEECH MOUNTAIN   NC   28604          1            05/31/00         00
    0432068153                           05           07/01/00          0
1

    1981686                              N            06/01/15
    0

    2950690          560/560             F          191,250.00         ZZ
                                         180        170,691.10          1
                                       8.750          1,911.45         75
                                       8.500          1,911.45
    CHESTERFIELD     VA   23832          1            09/24/99         00
    126237304                            09           11/01/99          0
    126237304                            O            10/01/14
    0

    3256612          E22/G02             F           71,750.00         ZZ
                                         180         64,520.50          1
                                       8.750            717.10         56
                                       8.500            717.10
    MORA             MN   55051          2            02/25/00         00
    0411849607                           05           04/01/00          0
    0411849607                           O            03/01/15
    0

    3262977          E22/G02             F           61,200.00         ZZ
                                         180         55,987.43          1
                                       9.500            639.07         85
                                       9.250            639.07
    COLUMBUS         GA   31907          5            02/28/00         01
    0411836232                           05           04/01/00          6
    0411836232                           O            03/01/15
    0

    3304869          E22/G02             F           76,000.00         ZZ
                                         180         69,520.74          1
                                       9.000            770.84         80
                                       8.750            770.84
    FT LAUDERDALE    FL   33334          2            03/16/00         00
    0411870512                           05           05/01/00          0
    0411870512                           O            04/01/15
    0

    3500456          F28/G02             F           65,100.00         ZZ
                                         180         59,262.86          4
                                       8.875            655.46         70
                                       8.625            655.46
    PALMDALE         CA   93550          5            02/11/00         00
    0432105823                           05           04/01/00          0
    5336922                              N            03/01/15
    0

1

    3514487          E22/G02             F           51,300.00         ZZ
                                         180         47,575.85          1
                                       9.500            535.69         90
                                       9.250            535.69
    NORMAN           OK   73069          1            06/12/00         04
    0411991631                           05           08/01/00         20
    0411991631                           N            07/01/15
    0

    3854871          E22/G02             F           48,750.00         ZZ
                                         180         45,430.33          1
                                       8.625            483.64         75
                                       8.375            483.64
    MINERAL BLUFF    GA   30559          5            09/29/00         00
    0412095333                           05           11/01/00          0
    0412095333                           O            10/01/15
    0

    4669097          601/G02             F           42,500.00         ZZ
                                         180         39,422.41          1
                                       6.500            370.23         71
                                       6.250            370.23
    COPPERAS COVE    TX   76522          2            04/25/01         00
    0432793479                           05           06/01/01          0
    60543402                             O            05/01/16
    0

    4786976          601/G02             F          126,750.00         ZZ
                                         180        120,704.17          2
                                       7.500          1,174.99         65
                                       7.250          1,174.99
    MINNEAPOLIS      MN   55407          5            05/30/01         00
    0432858231                           05           07/01/01          0
    6057674                              N            06/01/16
    0

    5384998          E22/G02             F           57,600.00         ZZ
                                         180         55,439.22          1
                                       7.500            533.96         80
                                       7.250            533.96
    VAN              TX   75790          5            08/14/01         00
    0412900904                           05           10/01/01          0
    0412900904                           O            09/01/16
    0

    5413432          405/405             F          650,000.00         ZZ
                                         180        622,668.82          1
                                       7.125          5,887.91         62
                                       6.500          5,887.91
1

    LOS ANGELES      CA   90210          2            07/12/01         00
    0017584335                           03           09/01/01          0
    0017584335                           O            08/01/16
    0

    5551513          T68/G02             F           82,555.00         ZZ
                                         180         79,767.52          1
                                       7.875            782.99         95
                                       7.625            782.99
    JASPER           AL   35503          5            09/19/01         12
    0433308442                           05           11/01/01         30
    63327743S                            O            10/01/16
    0

    6892319          E84/G02             F           68,000.00         ZZ
                                         180         66,247.42          1
                                       7.000            611.20         36
                                       6.750            611.20
    RICHMOND         CA   94801          5            12/21/01         00
    0433816618                           05           02/01/02          0
    73310185                             O            01/01/17
    0

    6910221          E22/G02             F           98,900.00         ZZ
                                         180         97,321.58          1
                                       7.000            888.94         83
                                       6.750            888.94
    EDGEWOOD         TX   75117          2            03/07/02         04
    0413664129                           05           05/01/02          6
    0413664129                           O            04/01/17
    0

    6912057          998/998             F           55,400.00         ZZ
                                         180         54,335.89          1
                                       7.000            497.95         76
                                       6.750            497.95
    COUNCIL BLUFFS   IA   51501          2            02/08/02         00
    13258868                             05           04/01/02          0
    3258868                              O            03/01/17
    0

    6912059          998/998             F           38,720.00         ZZ
                                         180         37,950.55          1
                                       6.875            345.33         80
                                       6.625            345.33
    JACKSON          MI   49203          1            02/15/02         00
    13313349                             05           04/01/02          0
    3313349                              O            03/01/17
    0
1

    6937381          Q87/G02             F           49,600.00         ZZ
                                         180         48,637.14          1
                                       6.875            442.36         80
                                       6.625            442.36
    CLANTON          AL   35045          5            03/19/02         00
    0433870813                           05           04/25/02          0
    HOMI01                               O            03/25/17
    0

    6938008          N74/G02             F           54,349.00         ZZ
                                         180         52,934.18          1
                                       6.875            484.71         78
                                       6.625            484.71
    MILLINGTON       TN   38053          2            12/17/01         00
    0433520251                           27           02/01/02          0
    0029652010                           O            01/01/17
    0

    6947516          E82/G02             F           85,500.00         ZZ
                                         180         83,106.43          1
                                       6.000            721.50         36
                                       5.750            721.50
    SOUTH PADRE ISL  TX   78597          2            12/10/01         00
    0400547147                           05           02/01/02          0
    2878251                              O            01/01/17
    0

    6957917          E22/G02             F           95,000.00         ZZ
                                         180         93,467.60          1
                                       6.875            847.26         69
                                       6.625            847.26
    HOT SPRINGS      MT   59845          5            03/08/02         00
    0413541343                           05           05/01/02          0
    0413541343                           O            04/01/17
    0

    6960591          E46/G02             F          101,700.00         ZZ
                                         180        100,391.36          1
                                       6.875            907.02         63
                                       6.625            907.02
    BONITA SPRINGS   FL   34135          2            04/12/02         00
    0433933561                           03           06/01/02          0
    00508847                             O            05/01/17
    0

    6980568          E82/G02             F           75,600.00         ZZ
                                         180         73,569.33          1
1

                                       6.500            658.56         80
                                       6.250            658.56
    FULDA            IN   47536          2            12/05/01         00
    0400523247                           27           02/01/02          0
    0400523247                           O            01/01/17
    0

    6982033          E22/G02             F           50,000.00         ZZ
                                         180         49,210.47          1
                                       7.125            452.92         70
                                       6.875            452.92
    FORT WORTH       TX   76132          5            03/13/02         00
    0413743717                           05           05/01/02          0
    0413743717                           O            04/01/17
    0

    6994437          Q73/G02             F           70,000.00         ZZ
                                         180         68,839.28          1
                                       6.625            614.60         61
                                       6.375            614.60
    FLORENCE         MS   39073          5            04/01/02         00
    0433927555                           05           05/01/02          0
    2914259                              O            04/01/17
    0

    7010896          E22/G02             F           74,500.00         ZZ
                                         180         71,577.44          1
                                       6.875            664.43         53
                                       6.625            664.43
    MIAMI            FL   33055          2            12/12/01         00
    0413205055                           05           02/01/02          0
    0413205055                           O            01/01/17
    0

    7017819          J40/G02             F           72,500.00         ZZ
                                         180         71,546.99          1
                                       6.625            636.55         64
                                       6.375            636.55
    SWEETWATER       TN   37874          5            04/02/02         00
    0433937059                           05           06/01/02          0
    7746395                              O            05/01/17
    0

    7031615          N67/U56             F           30,000.00         ZZ
                                         180         29,493.59          1
                                       8.500            295.42         25
                                       8.250            295.42
    CHRISTIANA       TN   37037          5            02/08/02         00
    0433802428                           05           04/01/02          0
1

    3254000034A                          O            03/01/17
    0

    7033523          E22/G02             F           93,500.00         ZZ
                                         180         92,085.67          1
                                       7.625            873.41         85
                                       7.375            873.41
    WELLINGTON       FL   33414          5            03/15/02         04
    0413683095                           07           05/01/02          6
    0413683095                           O            04/01/17
    0

    7034093          E82/G02             F           79,400.00         ZZ
                                         180         78,077.87          1
                                       6.500            691.66         60
                                       6.250            691.66
    MIAMI            FL   33165          2            03/18/02         00
    0400602173                           05           05/01/02          0
    1576966                              O            04/01/17
    0

    7037795          W02/G02             F           63,000.00         ZZ
                                         180         61,972.89          1
                                       6.750            557.50         31
                                       6.500            557.50
    MIAMI BEACH      FL   33141          5            03/26/02         00
    0433938578                           05           05/01/02          0
    10000969668                          O            04/01/17
    0

    7041460          737/G02             F           93,100.00         ZZ
                                         180         90,849.14          1
                                       7.750            876.33         95
                                       7.500            876.33
    GLENDALE         AZ   85304          2            12/24/01         01
    0433558616                           05           02/01/02         30
    2046665                              O            01/01/17
    0

    7049435          737/G02             F           54,000.00         ZZ
                                         180         53,183.17          1
                                       7.625            504.43         90
                                       7.375            504.43
    SEILING          OK   73663          2            04/01/02         01
    0433945763                           05           05/01/02         25
    2058631                              O            04/01/17
    0

1

    7057267          E22/G02             F          415,000.00         ZZ
                                         180        408,376.64          2
                                       7.000          3,730.14         75
                                       6.750          3,730.14
    BAYSIDE          NY   11361          2            03/15/02         00
    0413650326                           05           05/01/02          0
    0413650326                           O            04/01/17
    0

    7057329          E22/G02             F           35,000.00         ZZ
                                         180         34,470.54          1
                                       7.625            326.95         19
                                       7.375            326.95
    RANCHO CUCAMONG  CA   91730          5            03/07/02         00
    0413764903                           05           05/01/02          0
    0413764903                           O            04/01/17
    0

    7057349          E22/G02             F           37,800.00         ZZ
                                         180         36,690.92          1
                                       7.500            350.41         90
                                       7.250            350.41
    DENISON          TX   75020          1            03/21/02         04
    0413791336                           05           05/01/02         12
    0413791336                           O            04/01/17
    0

    7057765          E82/G02             F           96,000.00         ZZ
                                         180         94,401.48          1
                                       6.500            836.26         59
                                       6.250            836.26
    MINNEAPOLIS      MN   55413          2            03/18/02         00
    0400591798                           05           05/01/02          0
    0400591798                           O            04/01/17
    0

    7063679          Q87/G02             F           94,350.00         ZZ
                                         180         92,677.58          1
                                       6.875            841.46         85
                                       6.625            841.46
    DAPHNE           AL   36526          5            04/05/02         04
    0433897360                           03           05/10/02         25
    MEGE01                               O            04/10/17
    0

    7071703          196/G02             F           99,200.00         ZZ
                                         180         97,165.25          1
                                       6.750            877.84         80
                                       6.500            877.84
1

    CLERMONT         FL   34711          5            03/04/02         00
    0433851987                           03           04/01/02          0
    1500872                              O            03/01/17
    0

    7078371          T44/G02             F           42,100.00         ZZ
                                         120         40,704.19          1
                                       6.875            486.11         31
                                       6.625            486.11
    HUDSON           FL   34669          5            03/30/02         00
    0433864386                           05           05/01/02          0
    1034797                              O            04/01/12
    0

    7083051          E22/G02             F           63,500.00         ZZ
                                         180         62,529.08          1
                                       7.500            588.65         43
                                       7.250            588.65
    NORTH RICHLAND   TX   76180          5            03/18/02         00
    0413537564                           05           05/01/02          0
    0413537564                           O            04/01/17
    0

    7083199          E22/G02             F           50,000.00         ZZ
                                         180         49,193.46          1
                                       6.875            445.93         36
                                       6.625            445.93
    CHARLESTON       SC   29407          5            03/18/02         00
    0413795956                           05           05/01/02          0
    0413795956                           O            04/01/17
    0

    7083347          N74/G02             F           50,000.00         ZZ
                                         180         48,845.29          1
                                       7.750            470.64         80
                                       7.500            470.64
    JUNCTION CITY    AR   71749          5            03/27/02         00
    0433846565                           05           05/01/02          0
    29997010                             O            04/01/17
    0

    7086503          W35/G02             F           52,300.00         ZZ
                                         180         51,456.37          1
                                       6.875            466.44         70
                                       6.625            466.44
    LOGANSPORT       IN   46947          5            04/05/02         00
    0433887254                           05           05/10/02          0
    10521                                O            04/10/17
    0
1

    7100857          N74/G02             F           64,000.00         ZZ
                                         180         63,115.78          1
                                       6.875            570.79         77
                                       6.625            570.79
    EL PASO          TX   79925          5            04/01/02         00
    0433930807                           05           06/01/02          0
    0030005010                           O            05/01/17
    0

    7101843          K39/G02             F           68,400.00         ZZ
                                         180         67,319.93          1
                                       7.125            619.59         90
                                       6.875            619.59
    RIPPLEMEAD       VA   24150          2            03/28/02         10
    0433931532                           05           05/02/02         12
    225703694                            O            04/02/17
    0

    7106012          E45/G02             F           61,000.00         ZZ
                                         180         59,685.95          1
                                       7.500            565.48         72
                                       7.250            565.48
    TAMPA            FL   33615          5            01/11/02         00
    0433864576                           05           03/01/02          0
    202467                               O            02/01/17
    0

    7106363          E22/G02             F           71,250.00         ZZ
                                         180         70,001.38          1
                                       6.500            620.66         95
                                       6.250            620.66
    EXCELSIOR SPRIN  MO   64024          5            03/19/02         04
    0413646738                           05           05/01/02         25
    0413646738                           O            04/01/17
    0

    7106543          E22/G02             F           93,150.00         ZZ
                                         180         91,710.29          1
                                       7.375            856.91         90
                                       7.125            856.91
    GARDINER         ME   04345          2            03/20/02         01
    0413785361                           05           05/01/02         25
    0413785361                           O            04/01/17
    0

    7106601          E22/G02             F           60,500.00         ZZ
                                         180         59,534.43          1
1

                                       7.000            543.79         73
                                       6.750            543.79
    OKLAHOMA CITY    OK   73118          5            03/19/02         00
    0413815911                           05           05/01/02          0
    0413815911                           O            04/01/17
    0

    7115907          738/G02             F           50,000.00         ZZ
                                         180         49,059.75          1
                                       7.250            456.44         67
                                       7.000            456.44
    PHENIX CITY      AL   36869          5            01/31/02         00
    0434188181                           05           04/01/02          0
    40272122                             O            03/01/17
    0

    7123409          P04/G02             F           74,500.00         ZZ
                                         180         72,684.40          1
                                       6.875            664.43         42
                                       6.625            664.43
    SAINT PAUL       MN   55105          2            03/28/02         00
    0433849056                           05           05/01/02          0
    952091                               O            04/01/17
    0

    7126087          700/G02             F           37,000.00         ZZ
                                         180         36,402.24          1
                                       6.625            324.86         45
                                       6.375            324.86
    HOUSTON          TX   77086          2            04/01/02         00
    0433894086                           03           06/01/02          0
    265898                               O            05/01/17
    0

    7128303          E22/G02             F           66,000.00         ZZ
                                         120         64,058.16          1
                                       6.875            762.07         91
                                       6.625            762.07
    VALLEY CENTER    KS   67147          5            03/21/02         01
    0413788928                           05           05/01/02         25
    0413788928                           O            04/01/12
    0

    7158374          E22/G02             F           60,000.00         ZZ
                                         180         58,454.32          1
                                       7.000            539.30         56
                                       6.750            539.30
    MIAMI            FL   33157          5            12/26/01         00
    0413349218                           05           02/01/02          0
1

    0413349218                           O            01/01/17
    0

    7168989          E82/G02             F           48,000.00         ZZ
                                         180         47,242.06          1
                                       7.125            434.80         80
                                       6.875            434.80
    DEL CITY         OK   73115          5            03/27/02         00
    0400607750                           05           05/01/02          0
    0400607750                           O            04/01/17
    0

    7178612          E82/G02             F           71,200.00         ZZ
                                         180         67,058.96          1
                                       6.500            620.23         80
                                       6.250            620.23
    ALVIN            TX   77511          2            12/28/01         00
    0400525135                           05           02/01/02          0
    0400525135                           O            01/01/17
    0

    7195315          E22/G02             F           73,600.00         ZZ
                                         180         72,400.13          1
                                       6.750            651.29         80
                                       6.500            651.29
    VINEMONT         AL   35179          5            03/25/02         00
    0413713991                           05           05/01/02          0
    0413713991                           O            04/01/17
    0

    7195575          E22/G02             F           68,500.00         ZZ
                                         180         67,383.27          1
                                       6.750            606.16         55
                                       6.500            606.16
    BELLEVUE         NE   68157          5            03/25/02         00
    0413845728                           05           05/01/02          0
    0413845728                           O            04/01/17
    0

    7200601          U05/G02             F           39,000.00         ZZ
                                         180         38,514.05          1
                                       7.250            356.02         43
                                       7.000            356.02
    GARLAND          TX   75043          2            04/10/02         00
    0433929767                           05           06/01/02          0
    3219413                              O            05/01/17
    0

1

    7219249          E22/G02             F           90,000.00         ZZ
                                         180         88,667.75          1
                                       7.875            853.60         88
                                       7.625            853.60
    ELLENWOOD        GA   30294          5            03/26/02         01
    0413817214                           05           05/01/02         25
    0413817214                           O            04/01/17
    0

    7240375          U05/G02             F          101,900.00         ZZ
                                         180         98,829.94          1
                                       7.000            915.91         50
                                       6.750            915.91
    CAMPBELL         TX   75422          5            04/08/02         00
    0433928587                           05           06/01/02          0
    3220774                              O            05/01/17
    0

    7246699          L33/G02             F           50,000.00         ZZ
                                         120         48,499.30          1
                                       6.500            567.74         77
                                       6.250            567.74
    WICHITA          KS   67217          5            03/22/02         00
    0433872447                           05           05/01/02          0
    439729                               O            04/01/12
    0

    7272425          E22/G02             F          101,600.00         ZZ
                                         180         99,878.47          1
                                       7.375            934.64         80
                                       7.125            934.64
    MESQUITE         TX   75150          5            03/29/02         00
    0413824012                           05           05/01/02          0
    0413824012                           O            04/01/17
    0

    7285797          M27/G02             F           75,000.00         ZZ
                                         180         73,687.67          1
                                       6.750            663.68         85
                                       6.500            663.68
    CHARLOTTE        NC   28216          1            04/12/02         01
    0433931193                           05           06/01/02          6
    600752508                            O            05/01/17
    0

    7295027          E82/G02             F           85,500.00         ZZ
                                         180         84,376.14          1
                                       6.625            750.68         90
                                       6.375            750.68
1

    CALUMET CITY     IL   60409          2            04/02/02         04
    0400609822                           05           06/01/02         12
    3610902                              O            05/01/17
    0

    7295035          E82/G02             F          128,000.00         ZZ
                                         180        126,316.97          1
                                       6.625          1,123.83         80
                                       6.375          1,123.83
    SUGAR LAND       TX   77479          2            04/03/02         00
    0400601944                           05           06/01/02          0
    3245369                              O            05/01/17
    0

    7295225          U05/G02             F           55,000.00         ZZ
                                         180         54,314.71          1
                                       7.250            502.07         34
                                       7.000            502.07
    MIAMI            FL   33138          5            04/10/02         00
    0433921939                           05           06/01/02          0
    3220235                              O            05/01/17
    0

    7307617          624/G02             F           31,200.00         T
                                         180         30,763.68          1
                                       6.625            273.93         80
                                       6.375            273.93
    SAN BERNARDINO   CA   92404          1            04/09/02         00
    0433949849                           01           06/01/02          0
    3700122013F                          O            05/01/17
    0

    7319775          E22/G02             F           86,400.00         ZZ
                                         180         84,912.92          1
                                       6.625            758.59         80
                                       6.375            758.59
    OMAHA            NE   68137          2            04/01/02         00
    0413762923                           05           05/01/02          0
    0413762923                           O            04/01/17
    0

    7324063          196/G02             F           50,000.00         ZZ
                                         180         49,227.16          2
                                       7.375            459.97         39
                                       7.125            459.97
    STOCKTON         CA   95210          5            03/08/02         00
    0433930831                           05           05/01/02          0
    1485470                              N            04/01/17
    0
1

    7329630          601/G02             F           77,400.00         ZZ
                                         180         75,395.43          4
                                       7.375            712.02         90
                                       7.125            712.02
    LAFAYETTE        LA   70508          1            01/18/02         10
    0433831823                           05           03/01/02         12
    6113190                              N            02/01/17
    0

    7346775          E22/G02             F           30,000.00         ZZ
                                         180         29,638.12          1
                                       7.625            280.24         50
                                       7.375            280.24
    TUSCALOOSA       AL   35401          5            04/08/02         00
    0413805623                           01           06/01/02          0
    0413805623                           N            05/01/17
    0

    7348533          286/286             F          190,000.00         ZZ
                                         180        185,819.16          1
                                       7.250          1,734.44         46
                                       7.000          1,734.44
    SANTA MONICA     CA   90405          2            01/24/02         00
    0920814                              05           03/01/02          0
    920814                               N            02/01/17
    0

    7349263          286/286             F          104,000.00         ZZ
                                         180        101,584.81          2
                                       6.750            920.31         63
                                       6.500            920.31
    CICERO           IL   60804          2            01/04/02         00
    0700128                              05           03/01/02          0
    700128                               O            02/01/17
    0

    7373717          E22/G02             F           70,400.00         ZZ
                                         180         69,474.61          1
                                       6.625            618.11         80
                                       6.375            618.11
    PLATTSMOUTH      NE   68048          5            04/04/02         00
    0413751918                           05           06/01/02          0
    0413751918                           O            05/01/17
    0

    7373737          E22/G02             F           64,600.00         ZZ
                                         180         63,786.36          1
1

                                       7.125            585.17         95
                                       6.875            585.17
    BAYARD           NE   69334          5            04/04/02         01
    0413784349                           05           06/01/02         25
    0413784349                           O            05/01/17
    0

    7373795          E22/G02             F           45,600.00         ZZ
                                         180         45,025.68          1
                                       7.125            413.06         95
                                       6.875            413.06
    ADAMSVILLE       AL   35005          5            04/03/02         01
    0413852203                           05           06/01/02         25
    0413852203                           O            05/01/17
    0

    7397931          E22/G02             F           42,533.00         ZZ
                                         180         42,019.93          1
                                       7.625            397.31         76
                                       7.375            397.31
    LONDON           KY   40741          5            04/05/02         00
    0413894916                           05           06/01/02          0
    0413894916                           O            05/01/17
    0

    7397975          E22/G02             F           37,500.00         ZZ
                                         180         36,544.03          1
                                       7.125            339.69         15
                                       6.875            339.69
    EAST MEADOW      NY   11554          5            04/05/02         00
    0413929605                           05           06/01/02          0
    0413929605                           O            05/01/17
    0

    7411155          E47/G02             F          200,750.00         ZZ
                                         180        197,863.96          1
                                       6.875          1,790.40         75
                                       6.625          1,790.40
    BRIGHTON         CO   80603          2            04/24/02         00
    0434107751                           27           06/01/02          0
    7332020545                           O            05/01/17
    0

    7414861          W35/G02             F           35,000.00         ZZ
                                         180         34,573.18          1
                                       7.500            324.46         57
                                       7.250            324.46
    MARION           IN   46952          5            04/09/02         00
    0433936572                           05           06/01/02          0
1

    10782                                O            05/01/17
    0

    7422547          E22/G02             F           98,800.00         ZZ
                                         180         97,582.14          1
                                       7.375            908.88         95
                                       7.125            908.88
    MISHAWAKA        IN   46544          1            04/11/02         04
    0413927898                           05           06/01/02         30
    0413927898                           O            05/01/17
    0

    7422755          E82/G02             F           69,500.00         ZZ
                                         180         68,586.43          1
                                       6.625            610.21         78
                                       6.375            610.21
    BYRON            GA   31008          2            04/10/02         00
    0400599502                           05           06/01/02          0
    0400599502                           O            05/01/17
    0

    7435257          S25/G02             F           70,000.00         ZZ
                                         120         67,061.81          1
                                       6.625            799.30         80
                                       6.375            799.30
    SHELBY           NC   28150          5            02/05/02         00
    0434073219                           05           03/11/02          0
    243700898                            O            02/11/12
    0

    7447087          E22/G02             F           52,400.00         ZZ
                                         180         51,725.75          1
                                       6.875            467.33         55
                                       6.625            467.33
    SAN ANTONIO      TX   78264          2            04/08/02         00
    0413742230                           27           06/01/02          0
    0413742230                           O            05/01/17
    0

    7447575          E82/G02             F           75,200.00         ZZ
                                         180         71,521.35          2
                                       6.750            665.45         31
                                       6.500            665.45
    BROOKLYN         NY   11238          2            04/09/02         00
    0400593018                           05           06/01/02          0
    4183218                              O            05/01/17
    0

1

    7447577          E82/G02             F           57,000.00         ZZ
                                         180         55,247.40          2
                                       6.750            504.40         42
                                       6.500            504.40
    UNDERHILL        VT   05489          2            04/11/02         00
    0400599460                           05           06/01/02          0
    1640018                              O            05/01/17
    0

    7450612          883/G02             F           43,450.00         ZZ
                                         180         42,588.53          1
                                       6.625            381.49         79
                                       6.375            381.49
    GASTON           SC   29053          2            02/05/02         00
    0433761046                           27           04/01/02          0
    05016065                             O            03/01/17
    0

    7451787          E84/G02             F          425,000.00         ZZ
                                         180        413,345.13          1
                                       6.250          3,644.05         52
                                       6.000          3,644.05
    CHICAGO          IL   60614          5            12/17/01         00
    0434332953                           05           02/01/02          0
    11210671                             O            01/01/17
    0

    7454463          E84/G02             F          100,000.00         ZZ
                                         180         98,017.37          1
                                       6.625            877.99         52
                                       6.375            877.99
    UNIONTOWN        PA   15401          5            02/04/02         00
    0434064671                           05           04/01/02          0
    69910060                             O            03/01/17
    0

    7474855          E22/G02             F           72,800.00         ZZ
                                         180         71,863.24          1
                                       6.875            649.27         80
                                       6.625            649.27
    HALLANDALE       FL   33009          2            04/09/02         00
    0413838665                           05           06/01/02          0
    0413838665                           O            05/01/17
    0

    7474939          E22/G02             F           94,500.00         ZZ
                                         180         93,296.96          1
                                       7.000            849.39         67
                                       6.750            849.39
1

    HOMESTEAD        FL   33030          2            04/09/02         00
    0413877333                           05           06/01/02          0
    0413877333                           O            05/01/17
    0

    7474951          E22/G02             F           98,000.00         ZZ
                                         180         96,792.00          1
                                       7.375            901.52         66
                                       7.125            901.52
    HUMBLE           TX   77346          5            04/10/02         00
    0413882523                           03           06/01/02          0
    0413882523                           O            05/01/17
    0

    7474959          E22/G02             F           40,000.00         T
                                         180         39,512.26          1
                                       7.500            370.80         58
                                       7.250            370.80
    NORTH PORT       FL   34287          1            04/09/02         00
    0413885138                           09           06/01/02          0
    0413885138                           O            05/01/17
    0

    7475005          E22/G02             F          101,000.00         ZZ
                                         180         99,658.20          2
                                       6.500            879.82         70
                                       6.250            879.82
    PHILADELPHIA     PA   19116          5            04/10/02         00
    0413902024                           05           06/01/02          0
    0413902024                           O            05/01/17
    0

    7479795          E82/G02             F          152,000.00         ZZ
                                         180        148,298.59          1
                                       6.500          1,324.08         38
                                       6.250          1,324.08
    EDISON           NJ   08820          2            03/26/02         00
    0400606018                           05           05/01/02          0
    0400606018                           O            04/01/17
    0

    7502541          E22/G02             F           41,500.00         ZZ
                                         180         39,695.89          1
                                       6.750            367.24         69
                                       6.500            367.24
    BOCA RATON       FL   33428          2            04/11/02         00
    0413635806                           01           06/01/02          0
    0413635806                           O            05/01/17
    0
1

    7502655          E22/G02             F           56,000.00         ZZ
                                         180         54,891.10          1
                                       7.125            507.27         42
                                       6.875            507.27
    AUSTELL          GA   30106          2            04/09/02         00
    0413874199                           05           06/01/02          0
    0413874199                           O            05/01/17
    0

    7525101          E22/G02             F           74,700.00         ZZ
                                         180         73,455.86          1
                                       7.125            676.66         90
                                       6.875            676.66
    WETUMPKA         AL   36092          5            04/12/02         01
    0413874348                           05           06/01/02         12
    0413874348                           O            05/01/17
    0

    7525173          E22/G02             F           66,000.00         T
                                         180         65,141.63          1
                                       6.750            584.04         63
                                       6.500            584.04
    HANCOCK          MI   49930          2            04/12/02         00
    0413927617                           05           06/01/02          0
    0413927617                           O            05/01/17
    0

    7545800          737/G02             F           52,700.00         ZZ
                                         180         51,331.62          1
                                       7.875            499.83         95
                                       7.625            499.83
    PINEHURST        NC   28374          5            01/29/02         01
    0433795309                           05           03/01/02         30
    2054460                              O            02/01/17
    0

    7552363          E82/G02             F           41,000.00         ZZ
                                         180         40,381.82          1
                                       7.125            371.39         64
                                       6.875            371.39
    RAYNE            LA   70578          5            04/16/02         00
    0400599189                           05           06/01/02          0
    0400599189                           O            05/01/17
    0

    7552375          E82/G02             F          101,000.00         ZZ
                                         180         99,700.39          1
1

                                       6.875            900.77         45
                                       6.625            900.77
    CLAREMONT        CA   91711          2            04/03/02         00
    0400613998                           05           06/01/02          0
    1730730                              O            05/01/17
    0

    7578469          E22/G02             F           72,000.00         ZZ
                                         180         71,073.51          1
                                       6.875            642.14         80
                                       6.625            642.14
    SOUTH HOUSTON    TX   77587          5            04/15/02         00
    0413947938                           05           06/01/02          0
    0413947938                           O            05/01/17
    0

    7583912          U39/U39             F          750,000.00         ZZ
                                         180        727,617.79          1
                                       6.375          6,481.88         54
                                       6.125          6,481.88
    LA JOLLA         CA   92037          1            12/11/01         00
    0011740008                           05           02/01/02          0
    0117400086                           O            01/01/17
    0

    7589575          286/286             F          100,800.00         ZZ
                                         180         98,822.43          1
                                       6.750            891.99         80
                                       6.500            891.99
    LAS VEGAS        NV   89107          5            02/12/02         00
    458610                               05           04/01/02          0
    458610                               O            03/01/17
    0

    7589579          286/286             F           40,600.00         ZZ
                                         180         39,550.81          1
                                       7.500            376.37         95
                                       7.250            376.37
    VIRGINIA BEACH   VA   23451          1            02/19/02         10
    877665                               01           04/01/02         25
    877665                               O            03/01/17
    0

    7589583          286/286             F           98,000.00         ZZ
                                         180         96,419.19          1
                                       6.875            874.02         62
                                       6.625            874.02
    LAWRENCEVILLE    GA   30043          1            03/19/02         00
    1068814                              05           05/01/02          0
1

    1068814                              O            04/01/17
    0

    7589591          286/286             F           32,250.00         ZZ
                                         180         31,751.53          1
                                       7.375            296.68         75
                                       7.125            296.68
    KANSAS CITY      MO   64123          5            03/14/02         00
    697792                               05           05/01/02          0
    697792                               N            04/01/17
    0

    7589595          286/286             F          141,000.00         ZZ
                                         180        138,174.85          1
                                       6.500          1,228.27         68
                                       6.250          1,228.27
    STERLING HEIGHT  MI   48314          2            02/28/02         00
    689487                               05           04/01/02          0
    689487                               O            03/01/17
    0

    7589601          286/286             F           93,000.00         ZZ
                                         180         90,842.82          1
                                       6.625            816.54         71
                                       6.375            816.54
    BEREA            OH   44017          2            01/04/02         00
    677510                               05           03/01/02          0
    677510                               O            02/01/17
    0

    7589617          286/286             F           53,250.00         ZZ
                                         180         52,266.77          1
                                       7.500            493.64         75
                                       7.250            493.64
    FRESNO           CA   93706          5            02/22/02         00
    987596                               05           04/01/02          0
    987596                               N            03/01/17
    0

    7589645          286/286             F           46,400.00         ZZ
                                         180         45,536.74          3
                                       7.375            426.85         80
                                       7.125            426.85
    TORRINGTON       CT   06790          1            03/01/02         00
    1026814                              05           04/01/02          0
    1026814                              N            03/01/17
    0

1

    7589663          286/286             F           57,180.00         ZZ
                                         180         55,974.24          1
                                       7.750            538.23         60
                                       7.500            538.23
    CEDAR VALE       KS   67024          2            01/04/02         00
    900146                               05           03/01/02          0
    900146                               O            02/01/17
    0

    7589671          286/286             F           75,500.00         ZZ
                                         180         74,357.92          1
                                       7.625            705.27         80
                                       7.375            705.27
    ORLANDO          FL   32806          5            03/04/02         00
    942788                               05           05/01/02          0
    942788                               O            04/01/17
    0

    7589675          286/286             F           55,000.00         ZZ
                                         180         53,780.87          1
                                       6.875            490.52         32
                                       6.625            490.52
    TUCSON           AZ   85746          5            02/15/02         00
    1016977                              05           04/01/02          0
    1016977                              O            03/01/17
    0

    7589699          286/286             F          100,000.00         ZZ
                                         180         92,991.01          1
                                       7.000            898.83         75
                                       6.750            898.83
    FOUNTAIN         CO   80817          5            02/27/02         00
    1041340                              05           04/01/02          0
    1041340                              O            03/01/17
    0

    7589707          286/286             F          235,000.00         ZZ
                                         180        229,555.81          3
                                       6.875          2,095.86         76
                                       6.625          2,095.86
    PROVIDENCE       RI   02906          1            01/18/02         00
    884623                               05           03/01/02          0
    884623                               O            02/01/17
    0

    7589717          286/286             F           31,900.00         ZZ
                                         180         31,234.49          1
                                       7.875            302.56         80
                                       7.625            302.56
1

    BETHLEHEM        PA   18015          1            02/01/02         00
    733144                               05           03/01/02          0
    733144                               N            02/01/17
    0

    7600870          E45/G02             F           96,750.00         ZZ
                                         180         94,624.35          1
                                       7.375            890.03         60
                                       7.125            890.03
    CAROL STREAM     IL   60188          5            02/11/02         00
    0433830551                           05           04/01/02          0
    209699                               O            03/01/17
    0

    7607297          E22/G02             F           96,800.00         ZZ
                                         120         94,588.46          1
                                       7.375          1,142.73         80
                                       7.125          1,142.73
    OMAHA            NE   68137          5            04/17/02         00
    0413847021                           03           06/01/02          0
    0413847021                           O            05/01/12
    0

    7607345          E22/G02             F           50,500.00         ZZ
                                         180         49,884.20          1
                                       7.500            468.14         52
                                       7.250            468.14
    BETHESDA         MD   20817          2            04/19/02         00
    0413884446                           01           06/01/02          0
    0413884446                           N            05/01/17
    0

    7607457          E22/G02             F          128,000.00         ZZ
                                         180        126,295.55          1
                                       6.875          1,141.57         80
                                       6.625          1,141.57
    FORT SHAW        MT   59443          5            04/17/02         00
    0413942269                           05           06/01/02          0
    0413942269                           O            05/01/17
    0

    7609515          E82/G02             F           91,200.00         T
                                         180         89,710.48          1
                                       6.750            807.04         76
                                       6.500            807.04
    MIRAMAR          FL   33025          2            04/19/02         00
    0400618369                           03           06/01/02          0
    0400618369                           O            05/01/17
    0
1

    7609519          E82/G02             F           32,000.00         ZZ
                                         180         31,578.81          1
                                       7.125            289.87         48
                                       6.875            289.87
    LAUDERHILL       FL   33319          5            04/16/02         00
    0400595807                           01           06/01/02          0
    0400595807                           O            05/01/17
    0

    7624231          W93/G02             F           57,400.00         T
                                         180         56,692.43          1
                                       7.375            528.04         40
                                       7.125            528.04
    TWAIN HARTE      CA   95383          1            03/25/02         00
    0433937778                           05           06/01/02          0
    17355153                             O            05/01/17
    0

    7634157          E22/G02             F           54,000.00         ZZ
                                         180         51,656.16          1
                                       6.750            477.85         88
                                       6.500            477.85
    LAWTON           OK   73505          5            04/18/02         04
    0413933110                           05           06/01/02         12
    0413933110                           O            05/01/17
    0

    7634579          H78/G02             F           50,400.00         ZZ
                                         180         49,530.56          1
                                       7.250            460.08         80
                                       7.000            460.08
    SOMERVILLE       AL   35670          5            04/18/02         00
    0433984226                           05           06/01/02          0
    02000565                             O            05/01/17
    0

    7635337          B43/G02             F          200,000.00         ZZ
                                         180        197,561.17          1
                                       7.500          1,854.02         35
                                       7.250          1,854.02
    FORT WORTH       TX   76107          5            04/09/02         00
    0433940939                           05           06/01/02          0
    26027                                O            05/01/17
    0

    7635991          E22/G02             F           67,600.00         ZZ
                                         180         66,739.40          1
1

                                       7.000            607.61         80
                                       6.750            607.61
    EL PASO          TX   79935          5            04/19/02         00
    0413711862                           05           06/01/02          0
    0413711862                           O            05/01/17
    0

    7636091          E22/G02             F           74,000.00         ZZ
                                         180         73,077.94          1
                                       7.250            675.52         60
                                       7.000            675.52
    KINGSLAND        TX   78639          5            04/19/02         00
    0413898438                           05           06/01/02          0
    0413898438                           O            05/01/17
    0

    7636139          E22/G02             F           70,500.00         ZZ
                                         120         68,212.14          1
                                       7.375            832.26         49
                                       7.125            832.26
    BENTONVILLE      VA   22610          5            04/19/02         00
    0413920935                           05           06/01/02          0
    0413920935                           O            05/01/12
    0

    7636151          E22/G02             F           64,500.00         ZZ
                                         180         63,704.94          1
                                       7.375            593.35         49
                                       7.125            593.35
    WEST JORDAN      UT   84084          2            04/16/02         00
    0413926619                           05           06/01/02          0
    0413926619                           O            05/01/17
    0

    7636173          E22/G02             F           72,900.00         ZZ
                                         180         71,961.96          1
                                       6.875            650.16         90
                                       6.625            650.16
    CHATTANOOGA      TN   37411          5            04/19/02         10
    0413942400                           05           06/01/02         12
    0413942400                           O            05/01/17
    0

    7636709          G34/G02             F           50,000.00         ZZ
                                         180         49,409.85          2
                                       7.875            474.22         59
                                       7.625            474.22
    MCKINNEY         TX   75069          5            04/12/02         00
    0433969730                           05           06/01/02          0
1

    998339304                            N            05/01/17
    0

    7637175          X01/G02             F           60,800.00         ZZ
                                         180         60,049.16          1
                                       7.375            559.31         80
                                       7.125            559.31
    TYLER            TX   75701          5            04/11/02         00
    0433953874                           05           06/01/02          0
    021623                               O            05/01/17
    0

    7637468          601/G02             F           45,000.00         ZZ
                                         180         44,035.98          1
                                       7.625            420.36         21
                                       7.375            420.36
    SEBRING          FL   33875          5            02/22/02         00
    0433778677                           05           04/01/02          0
    61220315                             O            03/01/17
    0

    7643559          E22/G02             F           50,000.00         ZZ
                                         180         48,716.96          1
                                       6.875            445.93         72
                                       6.625            445.93
    PINSON           AL   35126          5            04/22/02         00
    0413797119                           05           06/01/02          0
    0413797119                           O            05/01/17
    0

    7643659          E22/G02             F           36,000.00         ZZ
                                         180         35,547.78          1
                                       7.750            338.86         50
                                       7.500            338.86
    NEWBERRY         FL   32669          2            04/22/02         00
    0413919879                           05           06/01/02          0
    0413919879                           O            05/01/17
    0

    7643963          E82/G02             F           72,600.00         ZZ
                                         180         71,555.81          1
                                       6.750            642.44         47
                                       6.500            642.44
    LAKE OSWEGO      OR   97035          2            04/16/02         00
    0400618294                           05           06/01/02          0
    1586844                              O            05/01/17
    0

1

    7645955          W39/G02             F           30,000.00         ZZ
                                         180         29,619.43          1
                                       7.750            282.38         75
                                       7.500            282.38
    HATTIESBURG      MS   39402          5            04/23/02         00
    0433960309                           05           06/01/02          0
    MH020747                             N            05/01/17
    0

    7646801          E22/G02             F           63,920.00         ZZ
                                         180         61,783.15          1
                                       6.875            570.07         80
                                       6.625            570.07
    KENNER           LA   70065          1            04/29/02         00
    0413869256                           01           06/01/02          0
    0413869256                           O            05/01/17
    0

    7651163          E22/G02             F           72,000.00         ZZ
                                         180         70,175.36          1
                                       6.875            642.14         78
                                       6.625            642.14
    ORANGE COVE      CA   93646          5            04/23/02         00
    0413919267                           05           06/01/02          0
    0413919267                           O            05/01/17
    0

    7651241          E22/G02             F           97,600.00         ZZ
                                         180         96,357.47          1
                                       7.000            877.26         64
                                       6.750            877.26
    SLIDELL          LA   70460          2            04/25/02         00
    0413948233                           05           06/01/02          0
    0413948233                           O            05/01/17
    0

    7651321          E22/G02             F           30,000.00         ZZ
                                         180         29,634.18          1
                                       7.500            278.10         72
                                       7.250            278.10
    PRESCOTT         MI   48756          5            04/30/02         00
    0413971292                           05           06/01/02          0
    0413971292                           N            05/01/17
    0

    7651371          E22/G02             F           50,100.00         ZZ
                                         180         44,608.31          1
                                       6.875            446.82         45
                                       6.625            446.82
1

    SPRING           TX   77373          5            04/25/02         00
    0413986852                           05           06/01/02          0
    0413986852                           O            05/01/17
    0

    7651395          E22/G02             F           69,125.00         ZZ
                                         180         68,175.45          1
                                       6.625            606.91         60
                                       6.375            606.91
    NORMAN           OK   73069          2            04/25/02         00
    0413991209                           05           06/01/02          0
    0413991209                           O            05/01/17
    0

    7651495          E22/G02             F           76,000.00         ZZ
                                         180         73,001.13          1
                                       6.500            662.04         64
                                       6.250            662.04
    POMPANO BEACH    FL   33062          5            04/25/02         00
    0414015313                           01           06/01/02          0
    0414015313                           O            05/01/17
    0

    7651621          E82/G02             F           80,000.00         ZZ
                                         180         79,024.46          2
                                       7.500            741.61         69
                                       7.250            741.61
    CHARLOTTE        NC   28215          2            05/01/02         00
    0400613733                           05           06/01/02          0
    0400613733                           N            05/01/17
    0

    7653375          624/G02             F          119,500.00         ZZ
                                         180        118,386.63          2
                                       7.250          1,090.87         69
                                       7.000          1,090.87
    AUSTIN           TX   78704          2            05/31/02         00
    0434108767                           05           07/01/02          0
    1000001568                           N            06/01/17
    0

    7657773          737/G02             F           70,400.00         ZZ
                                         180         69,503.75          1
                                       7.000            632.78         88
                                       6.750            632.78
    HOUSTON          TX   77083          2            04/17/02         12
    0433983608                           03           06/01/02         12
    2065632                              O            05/01/17
    0
1

    7657811          737/G02             F           75,000.00         ZZ
                                         180         74,045.20          1
                                       7.000            674.12         72
                                       6.750            674.12
    EL PASO          TX   79936          1            04/15/02         00
    0433983756                           05           06/01/02          0
    2063145                              O            05/01/17
    0

    7657947          Q87/G02             F           50,400.00         ZZ
                                         180         49,758.37          1
                                       7.000            453.01         60
                                       6.750            453.01
    MOBILE           AL   36604          2            04/26/02         00
    0433980091                           05           06/01/02          0
    COEA01                               O            05/01/17
    0

    7658437          E22/G02             F          128,500.00         ZZ
                                         180        126,846.53          1
                                       6.875          1,146.03         80
                                       6.625          1,146.03
    SPRING           TX   77381          5            04/25/02         00
    0413969759                           03           06/01/02          0
    0413969759                           O            05/01/17
    0

    7660027          W47/G02             F           95,000.00         ZZ
                                         120         91,789.20          1
                                       7.750          1,140.10         74
                                       7.500          1,140.10
    MAYWOOD          IL   60153          5            03/22/02         00
    0433982535                           05           04/27/02          0
    02010154                             O            03/27/12
    0

    7660771          624/G02             F           69,000.00         ZZ
                                         180         68,112.13          1
                                       6.875            615.38         75
                                       6.625            615.38
    SCOTTSDALE       AZ   85250          5            04/24/02         00
    0433989845                           05           06/01/02          0
    3550122027                           O            05/01/17
    0

    7661822          U05/G02             F           68,000.00         ZZ
                                         180         66,626.55          1
1

                                       7.250            620.75         80
                                       7.000            620.75
    DALLAS           TX   75208          5            02/20/02         00
    0433742145                           05           04/01/02          0
    3206075                              O            03/01/17
    0

    7662575          K15/G02             F           98,300.00         ZZ
                                         180         97,114.22          1
                                       7.625            918.25         80
                                       7.375            918.25
    LIMINGTON        ME   04049          5            04/25/02         00
    0433966512                           05           06/01/02          0
    007705301272                         O            05/01/17
    0

    7664091          N74/G02             F           51,700.00         ZZ
                                         180         51,202.48          1
                                       6.875            461.09         40
                                       6.625            461.09
    EL PASO          TX   79922          2            04/29/02         00
    0433986056                           05           07/01/02          0
    0030127010                           O            06/01/17
    0

    7665675          K39/G02             F           95,000.00         ZZ
                                         180         93,515.87          1
                                       7.250            867.22         22
                                       7.000            867.22
    MILPITAS         CA   95035          5            04/17/02         00
    0433966991                           05           05/22/02          0
    327469137                            O            04/22/17
    0

    7666913          H76/G02             F           53,600.00         ZZ
                                         180         52,967.33          1
                                       7.875            508.37         80
                                       7.625            508.37
    JORDANVILLE      NY   13361          5            04/30/02         00
    0433969284                           05           06/01/02          0
    2002424998                           O            05/01/17
    0

    7669015          K15/G02             F           58,500.00         ZZ
                                         180         57,631.67          1
                                       7.625            546.47         89
                                       7.375            546.47
    GREENSBURG       IN   47240          5            04/25/02         11
    0434093688                           05           06/01/02         12
1

    033705314396                         O            05/01/17
    0

    7670431          E22/G02             F          176,000.00         ZZ
                                         180        173,636.94          1
                                       6.375          1,521.08         80
                                       6.125          1,521.08
    MOXEE            WA   98936          2            04/29/02         00
    0413845934                           05           06/01/02          0
    0413845934                           O            05/01/17
    0

    7670631          E22/G02             F          104,000.00         ZZ
                                         180        102,704.12          1
                                       7.250            949.38         79
                                       7.000            949.38
    KINGWOOD         TX   77339          5            05/01/02         00
    0413993643                           05           06/01/02          0
    0413993643                           O            05/01/17
    0

    7670729          E22/G02             F           92,000.00         ZZ
                                         180         90,828.79          1
                                       7.000            826.92         71
                                       6.750            826.92
    DUNCANVILLE      AL   35456          5            05/01/02         00
    0414054304                           05           06/01/02          0
    0414054304                           O            05/01/17
    0

    7672773          964/G02             F          130,000.00         ZZ
                                         180        128,309.28          1
                                       6.750          1,150.38         34
                                       6.500          1,150.38
    CAMPBELL         CA   95008          2            04/12/02         00
    0434059614                           27           06/01/02          0
    204490                               O            05/01/17
    0

    7673897          369/G02             F           70,800.00         ZZ
                                         180         69,898.64          1
                                       7.000            636.38         73
                                       6.750            636.38
    LENOIR CITY      TN   37772          5            04/05/02         00
    0433996964                           05           06/01/02          0
    73872483                             O            05/01/17
    0

1

    7674131          E22/G02             F           94,500.00         ZZ
                                         180         93,233.27          1
                                       7.375            869.33         88
                                       7.125            869.33
    CLEARWATER       FL   33765          5            05/02/02         01
    0413974304                           05           06/01/02         12
    0413974304                           O            05/01/17
    0

    7674149          E22/G02             F          130,000.00         ZZ
                                         180        128,272.94          1
                                       6.500          1,132.44         65
                                       6.250          1,132.44
    DENVER           CO   80219          2            05/01/02         00
    0413982596                           05           06/01/02          0
    0413982596                           O            05/01/17
    0

    7674199          E22/G02             F           40,000.00         ZZ
                                         180         39,178.52          1
                                       6.875            356.74         54
                                       6.625            356.74
    ADAMSVILLE       AL   35005          5            05/02/02         00
    0414015982                           05           06/01/02          0
    0414015982                           O            05/01/17
    0

    7678023          U05/G02             F           64,500.00         ZZ
                                         180         63,670.03          1
                                       6.875            575.25         60
                                       6.625            575.25
    GARLAND          TX   75042          2            04/23/02         00
    0434055968                           05           06/01/02          0
    3215992                              O            05/01/17
    0

    7678327          W82/G02             F          115,150.00         ZZ
                                         180        113,668.30          1
                                       6.875          1,026.97         76
                                       6.625          1,026.97
    LITITZ           PA   17543          5            04/15/02         00
    0434076816                           05           06/01/02          0
    91000                                O            05/01/17
    0

    7678397          E22/G02             F           51,000.00         ZZ
                                         180         50,535.02          2
                                       7.500            472.78         75
                                       7.250            472.78
1

    ASHTABULA        OH   44004          5            05/08/02         00
    0413933169                           05           07/01/02          0
    0413933169                           N            06/01/17
    0

    7678835          E82/G02             F           94,500.00         ZZ
                                         180         92,944.97          1
                                       6.750            836.24         55
                                       6.500            836.24
    JUPITER          FL   33478          2            05/06/02         00
    0400619854                           05           07/01/02          0
    1695591                              O            06/01/17
    0

    7681733          N74/G02             F           52,000.00         ZZ
                                         180         51,510.27          1
                                       7.125            471.03         75
                                       6.875            471.03
    PARADISE         TX   76073          5            05/06/02         00
    0434070397                           05           07/01/02          0
    0030145010                           O            06/01/17
    0

    7681971          L33/G02             F           78,250.00         ZZ
                                         180         77,199.36          1
                                       6.375            676.28         87
                                       6.125            676.28
    WICHITA          KS   67204          5            04/30/02         04
    0434052072                           05           06/01/02         12
    440321                               O            05/01/17
    0

    7682281          E82/G02             F           95,000.00         ZZ
                                         180         94,085.82          1
                                       6.875            847.26         95
                                       6.625            847.26
    WEST PALM BEACH  FL   33404          5            05/06/02         04
    0400605481                           05           07/01/02         25
    0400605481                           O            06/01/17
    0

    7683299          E84/G02             F          300,000.00         ZZ
                                         180        296,261.93          1
                                       7.250          2,738.59         78
                                       7.000          2,738.59
    EAGLE            ID   83616          5            04/24/02         00
    0434471371                           05           06/01/02          0
    62300876                             O            05/01/17
    0
1

    7684439          N74/G02             F          102,500.00         ZZ
                                         180        101,481.46          1
                                       6.500            892.89         45
                                       6.250            892.89
    ROUGEMONT        NC   27572          5            05/07/02         00
    0434058400                           05           07/01/02          0
    0030151010                           O            06/01/17
    0

    7688313          737/G02             F           38,400.00         ZZ
                                         180         37,806.75          1
                                       7.000            345.15         80
                                       6.750            345.15
    MARION           LA   71260          5            04/25/02         00
    0434060141                           05           06/01/02          0
    2065434                              O            05/01/17
    0

    7689807          N74/G02             F           85,800.00         ZZ
                                         180         84,965.45          1
                                       6.750            759.25         65
                                       6.500            759.25
    RICHARDSON       TX   75080          5            05/08/02         00
    0434099693                           05           07/01/02          0
    0030150010                           O            06/01/17
    0

    7691251          F60/G02             F           50,000.00         ZZ
                                         180         49,143.46          2
                                       7.750            470.64         70
                                       7.500            470.64
    SLIDELL          LA   70460          1            04/29/02         00
    0434007878                           05           06/01/02          0
    447108                               O            05/01/17
    0

    7691537          S25/G02             F           96,900.00         ZZ
                                         180         95,303.42          1
                                       6.625            850.78         95
                                       6.375            850.78
    COLUMBIA         SC   29223          5            04/18/02         11
    0434229977                           05           05/24/02         30
    251589390                            O            04/24/17
    0

    7691613          E22/G02             F           70,400.00         ZZ
                                         180         69,077.04          1
1

                                       7.500            652.62         80
                                       7.250            652.62
    DENTON           TX   76209          5            05/07/02         00
    0413845793                           05           07/01/02          0
    0413845793                           O            06/01/17
    0

    7691723          E22/G02             F          128,000.00         ZZ
                                         180        125,377.73          1
                                       7.125          1,159.46         75
                                       6.875          1,159.46
    OAKS             PA   19456          5            05/02/02         00
    0413994120                           05           07/01/02          0
    0413994120                           O            06/01/17
    0

    7691735          E22/G02             F           96,000.00         ZZ
                                         180         94,976.48          1
                                       7.000            862.88         74
                                       6.750            862.88
    HEMET            CA   92544          5            05/01/02         00
    0414002402                           05           07/01/02          0
    0414002402                           O            06/01/17
    0

    7691755          E22/G02             F          100,000.00         ZZ
                                         180         96,898.23          1
                                       7.375            919.92         71
                                       7.125            919.92
    CRYSTAL BEACH    TX   77650          5            05/07/02         00
    0414020412                           05           07/01/02          0
    0414020412                           O            06/01/17
    0

    7691817          E22/G02             F           96,000.00         ZZ
                                         180         95,076.19          1
                                       6.875            856.18         76
                                       6.625            856.18
    GARLAND          TX   75043          5            05/08/02         00
    0414058529                           05           07/01/02          0
    0414058529                           O            06/01/17
    0

    7692033          E82/G02             F           92,000.00         ZZ
                                         180         91,095.53          1
                                       6.625            807.75         80
                                       6.375            807.75
    INVERNESS        FL   34450          2            05/10/02         00
    0400609517                           05           07/01/02          0
1

    0400609517                           O            06/01/17
    0

    7692095          E82/G02             F          102,000.00         ZZ
                                         180        101,007.86          1
                                       6.750            902.61         69
                                       6.500            902.61
    METARIE          LA   70001          2            05/06/02         00
    0400614079                           05           07/01/02          0
    3589516                              O            06/01/17
    0

    7694147          964/G02             F           79,500.00         ZZ
                                         180         78,269.07          1
                                       6.500            692.53         75
                                       6.250            692.53
    FRESNO           CA   93726          5            04/29/02         00
    0434069076                           05           06/01/02          0
    208293                               O            05/01/17
    0

    7694407          964/G02             F          130,000.00         ZZ
                                         180        128,272.94          1
                                       6.500          1,132.44         37
                                       6.250          1,132.44
    HAYWARD          CA   94544          2            04/25/02         00
    0434067781                           05           06/01/02          0
    206693                               O            05/01/17
    0

    7694411          964/G02             F           90,000.00         ZZ
                                         180         89,008.85          1
                                       6.375            777.83         48
                                       6.125            777.83
    ARVADA           CO   80003          5            05/06/02         00
    0434069779                           05           07/01/02          0
    206908                               O            06/01/17
    0

    7695183          E22/G02             F           93,635.00         ZZ
                                         180         92,733.94          1
                                       6.875            835.09         80
                                       6.625            835.09
    NEEDVILLE        TX   77461          5            05/09/02         00
    0413744038                           05           07/01/02          0
    0413744038                           O            06/01/17
    0

1

    7695231          E22/G02             F          130,400.00         ZZ
                                         180        129,085.04          1
                                       6.750          1,153.92         80
                                       6.500          1,153.92
    RALEIGH          NC   27606          5            05/09/02         00
    0413942517                           09           07/01/02          0
    0413942517                           O            06/01/17
    0

    7695367          E22/G02             F           90,500.00         ZZ
                                         180         89,580.61          1
                                       6.500            788.35         68
                                       6.250            788.35
    HOUSTON          TX   77035          5            05/09/02         00
    0414067264                           05           07/01/02          0
    0414067264                           O            06/01/17
    0

    7695379          E22/G02             F          152,620.00         ZZ
                                         180        151,095.93          1
                                       6.625          1,339.99         80
                                       6.375          1,339.99
    COLORADO SPRING  CO   80922          1            05/14/02         00
    0414078311                           05           07/01/02          0
    0414078311                           O            06/01/17
    0

    7695461          E82/G02             F          124,500.00         ZZ
                                         180        123,289.02          1
                                       6.750          1,101.71         72
                                       6.500          1,101.71
    W BLOOMFIELD     MI   48324          2            05/10/02         00
    0400619607                           05           07/01/02          0
    1827650                              O            06/01/17
    0

    7697997          601/G02             F           96,500.00         ZZ
                                         180         94,837.79          1
                                       6.875            860.64         72
                                       6.625            860.64
    KANSAS CITY      KS   66106          2            04/26/02         00
    0434029971                           05           06/01/02          0
    61220097                             O            05/01/17
    0

    7698731          E22/G02             F           50,000.00         ZZ
                                         180         49,470.47          1
                                       7.500            463.51         32
                                       7.250            463.51
1

    HOUSTON          TX   77090          5            05/15/02         00
    0413996174                           03           07/01/02          0
    0413996174                           N            06/01/17
    0

    7698735          E22/G02             F           98,000.00         ZZ
                                         180         96,922.30          1
                                       6.625            860.43         79
                                       6.375            860.43
    LAYTON           UT   84041          2            05/02/02         00
    0413998345                           05           07/01/02          0
    0413998345                           O            06/01/17
    0

    7698783          E22/G02             F          100,000.00         ZZ
                                         180         99,027.32          1
                                       6.750            884.91         75
                                       6.500            884.91
    MARBLE FALLS     TX   78654          5            05/10/02         00
    0414017749                           05           07/01/02          0
    0414017749                           O            06/01/17
    0

    7698877          E22/G02             F           66,500.00         ZZ
                                         180         65,779.83          1
                                       7.250            607.05         95
                                       7.000            607.05
    FRESNO           CA   93706          1            05/07/02         01
    0414078782                           05           07/01/02         25
    0414078782                           O            06/01/17
    0

    7699126          E45/G02             F           52,650.00         ZZ
                                         180         51,670.50          1
                                       7.375            484.34         80
                                       7.125            484.34
    BAXELY           GA   31513          5            02/14/02         00
    0433912730                           05           04/01/02          0
    214637                               O            03/01/17
    0

    7699577          K15/G02             F           74,900.00         ZZ
                                         180         74,179.24          1
                                       6.875            668.00         75
                                       6.625            668.00
    TEMPE            AZ   85282          5            05/08/02         00
    0434060273                           05           07/01/02          0
    021705314505                         O            06/01/17
    0
1

    7699651          X67/G02             F           63,300.00         ZZ
                                         180         62,519.73          1
                                       7.375            582.31         53
                                       7.125            582.31
    LOS ANGELES      CA   91342          5            04/25/02         00
    0434045910                           01           06/01/02          0
    00266078                             O            05/01/17
    0

    7699891          E47/G02             F          122,400.00         ZZ
                                         180        120,791.10          1
                                       6.625          1,074.66         67
                                       6.375          1,074.66
    DALLAS           TX   75248          2            04/24/02         00
    0434204293                           05           06/01/02          0
    7362510921                           O            05/01/17
    0

    7701163          E22/G02             F           36,000.00         ZZ
                                         180         35,664.59          1
                                       7.250            328.63         80
                                       7.000            328.63
    HOUSTON          TX   77072          1            05/16/02         00
    0414081612                           09           07/01/02          0
    0414081612                           O            06/01/17
    0

    7701217          E82/G02             F           44,000.00         T
                                         180         43,374.85          1
                                       6.875            392.42         47
                                       6.625            392.42
    LAUDERHILL       FL   33319          2            05/16/02         00
    0400631602                           09           07/01/02          0
    1720640                              O            06/01/17
    0

    7701221          E82/G02             F           67,400.00         ZZ
                                         180         66,758.35          1
                                       7.000            605.81         56
                                       6.750            605.81
    WICKENBURG       AZ   85390          2            05/13/02         00
    0400623450                           05           07/01/02          0
    1629138                              O            06/01/17
    0

    7701233          E82/G02             F           64,000.00         ZZ
                                         180         63,356.34          1
1

                                       7.125            579.73         73
                                       6.875            579.73
    LAVONIA          GA   30553          5            05/14/02         00
    0400611885                           05           07/01/02          0
    0400611885                           O            06/01/17
    0

    7701239          E82/G02             F           60,400.00         ZZ
                                         180         59,686.97          1
                                       6.625            530.31         46
                                       6.375            530.31
    WESTPORT         MA   02790          2            05/10/02         00
    0400611901                           05           07/01/02          0
    1571965                              O            06/01/17
    0

    7701249          E82/G02             F           91,200.00         ZZ
                                         180         90,322.38          1
                                       6.875            813.37         51
                                       6.625            813.37
    CANDLER          NC   28715          2            05/14/02         00
    0400625208                           05           07/01/02          0
    0400625208                           O            06/01/17
    0

    7702107          E84/G02             F           65,250.00         ZZ
                                         180         63,533.55          1
                                       6.750            577.40         75
                                       6.500            577.40
    HOUGHTON LAKE    MI   48629          2            12/20/01         00
    0434091021                           05           02/01/02          0
    57810083                             O            01/01/17
    0

    7702733          J40/G02             F           95,000.00         ZZ
                                         180         93,764.49          1
                                       6.750            840.66         80
                                       6.500            840.66
    PICAYUNE         MS   39466          2            04/29/02         00
    0434062584                           05           06/01/02          0
    7749224                              O            05/01/17
    0

    7702757          G34/G02             F           37,500.00         ZZ
                                         180         37,169.11          1
                                       7.875            355.67         75
                                       7.625            355.67
    FORT WORTH       TX   76114          5            05/07/02         00
    0434065686                           05           07/01/02          0
1

    85200797                             N            06/01/17
    0

    7703229          G34/G02             F           40,000.00         ZZ
                                         180         39,619.20          1
                                       7.000            359.53         89
                                       6.750            359.53
    WATERBURY        CT   06706          2            05/06/02         04
    0434049870                           01           07/01/02         12
    85202182                             O            06/01/17
    0

    7704073          E82/G02             F           69,800.00         ZZ
                                         180         68,955.94          1
                                       6.750            617.67         55
                                       6.500            617.67
    SAINT CLAIR SHO  MI   48081          2            05/15/02         00
    0400622585                           05           07/01/02          0
    1935139                              O            06/01/17
    0

    7707491          E45/G02             F           43,000.00         T
                                         180         42,306.36          1
                                       6.875            383.50         31
                                       6.625            383.50
    VALONA           GA   31319          5            03/29/02         00
    0434061834                           05           05/01/02          0
    223429                               O            04/01/17
    0

    7708055          E22/G02             F           58,650.00         ZZ
                                         180         58,097.62          1
                                       7.125            531.27         85
                                       6.875            531.27
    WEST PALM BEACH  FL   33409          5            05/15/02         04
    0413931650                           09           07/01/02          6
    0413931650                           O            06/01/17
    0

    7708097          E22/G02             F           72,000.00         ZZ
                                         180         71,199.12          1
                                       6.750            637.13         80
                                       6.500            637.13
    CARTHAGE         MS   39051          5            05/14/02         00
    0413975988                           05           07/01/02          0
    0413975988                           O            06/01/17
    0

1

    7708305          E22/G02             F          120,000.00         ZZ
                                         120        117,836.17          1
                                       6.375          1,354.96         70
                                       6.125          1,354.96
    PORTLAND         ME   04103          5            05/15/02         00
    0414092940                           05           07/01/02          0
    0414092940                           O            06/01/12
    0

    7708617          U05/G02             F           71,250.00         ZZ
                                         180         70,371.70          1
                                       7.375            655.45         75
                                       7.125            655.45
    BROWNSVILLE      TX   78521          5            05/06/02         00
    0434257648                           05           06/01/02          0
    3216131                              O            05/01/17
    0

    7708639          U05/G02             F          392,000.00         ZZ
                                         180        388,219.85          1
                                       6.875          3,496.07         80
                                       6.625          3,496.07
    DALLAS           TX   75244          5            05/07/02         00
    0434251641                           05           07/01/02          0
    3223747                              O            06/01/17
    0

    7710451          E22/G02             F           87,000.00         ZZ
                                         180         86,162.81          1
                                       6.875            775.91         80
                                       6.625            775.91
    MIAMI            FL   33054          5            05/16/00         00
    0414108613                           05           07/01/02          0
    0414108613                           O            06/01/17
    0

    7710615          E82/G02             F          124,400.00         ZZ
                                         180        123,189.98          1
                                       6.750          1,100.83         83
                                       6.500          1,100.83
    KENNESAW         GA   30152          2            05/17/02         10
    0400625596                           05           07/01/02         12
    3079040                              O            06/01/17
    0

    7713071          E22/G02             F           50,100.00         ZZ
                                         180         49,648.17          1
                                       7.625            468.00         62
                                       7.375            468.00
1

    ROANOKE          VA   24018          5            05/22/02         00
    0413905274                           01           07/01/02          0
    0413905274                           N            06/01/17
    0

    7713371          K15/G02             F          124,500.00         ZZ
                                         180        123,262.86          1
                                       6.500          1,084.53         80
                                       6.250          1,084.53
    TALLAHASSEE      FL   32317          5            05/17/02         00
    0434062139                           05           07/01/02          0
    009805314432                         O            06/01/17
    0

    7713755          E47/G02             F          131,000.00         ZZ
                                         180        129,698.28          1
                                       6.500          1,141.15         73
                                       6.250          1,141.15
    SAN ANTONIO      TX   78258          5            05/08/02         00
    0434207890                           09           07/01/02          0
    7362511185                           O            06/01/17
    0

    7714531          U42/G02             F           84,800.00         ZZ
                                         120         83,341.54          1
                                       7.250            995.56         80
                                       7.000            995.56
    EL PASO          TX   79925          5            05/15/02         00
    0434093134                           05           07/01/02          0
    24200375                             O            06/01/12
    0

    7715489          313/G02             F          407,000.00         ZZ
                                         180        400,504.29          1
                                       7.000          3,658.24         77
                                       6.750          3,658.24
    MORTON GROVE     IL   60053          2            03/19/02         00
    0434122263                           05           05/01/02          0
    8664815                              O            04/01/17
    0

    7715491          313/G02             F          308,700.00         ZZ
                                         180        303,800.84          4
                                       7.625          2,883.66         80
                                       7.375          2,883.66
    PRIOR LAKE       MN   55372          1            04/09/02         00
    0434122289                           05           05/01/02          0
    8702607                              N            04/01/17
    0
1

    7715493          313/G02             F          432,000.00         ZZ
                                         180        426,500.35          1
                                       7.000          3,882.94         80
                                       6.750          3,882.94
    COLLEYVILLE      TX   76034          2            04/10/02         00
    0434131504                           05           06/01/02          0
    8695181                              O            05/01/17
    0

    7715495          313/G02             F          292,000.00         ZZ
                                         180        288,120.74          1
                                       6.500          2,543.64         46
                                       6.250          2,543.64
    POWAY            CA   92064          5            04/10/02         00
    0434121232                           05           06/01/02          0
    8665465                              O            05/01/17
    0

    7715497          313/G02             F          123,000.00         ZZ
                                         180        121,417.26          1
                                       6.875          1,096.99         77
                                       6.625          1,096.99
    BEND             OR   97701          5            04/16/02         00
    0434121430                           05           06/01/02          0
    8698912                              O            05/01/17
    0

    7715499          313/G02             F          165,000.00         ZZ
                                         180        162,807.96          3
                                       6.500          1,437.33         80
                                       6.250          1,437.33
    EUGENE           OR   97402          1            04/22/02         00
    0434132783                           05           06/01/02          0
    8684227                              N            05/01/17
    0

    7715503          313/G02             F          110,700.00         ZZ
                                         180        109,679.71          4
                                       7.375          1,018.36         90
                                       7.125          1,018.36
    TEHACHAPI        CA   93561          1            05/01/02         11
    0434122206                           05           07/01/02         25
    8707994                              N            06/01/17
    0

    7715505          313/G02             F          120,600.00         ZZ
                                         180        119,488.47          4
1

                                       7.375          1,109.43         90
                                       7.125          1,109.43
    TEHACHAPI        CA   93561          1            05/10/02         11
    0434122230                           05           07/01/02         25
    8708000                              N            06/01/17
    0

    7716261          E22/G02             F           55,930.00         ZZ
                                         180         55,414.53          1
                                       7.375            514.51         70
                                       7.125            514.51
    BOCA RATON       FL   33431          1            05/23/02         00
    0414068569                           01           07/01/02          0
    0414068569                           N            06/01/17
    0

    7716337          E22/G02             F           44,000.00         ZZ
                                         180         43,590.05          1
                                       7.250            401.66         55
                                       7.000            401.66
    LOUISVILLE       KY   40219          5            05/17/02         00
    0414139121                           05           07/01/02          0
    0414139121                           O            06/01/17
    0

    7716355          E22/G02             F          138,500.00         ZZ
                                         180        137,181.45          1
                                       7.000          1,244.88         75
                                       6.750          1,244.88
    PORTLAND         OR   97203          2            05/20/02         00
    0414156323                           05           07/01/02          0
    0414156323                           N            06/01/17
    0

    7716357          E22/G02             F          138,500.00         ZZ
                                         180        137,181.45          1
                                       7.000          1,244.88         75
                                       6.750          1,244.88
    PORTLAND         OR   97203          2            05/20/02         00
    0414156513                           05           07/01/02          0
    0414156513                           N            06/01/17
    0

    7716537          E82/G02             F           36,000.00         ZZ
                                         180         35,542.42          1
                                       7.625            336.29         75
                                       7.375            336.29
    TALLASEE         AL   36078          5            05/20/02         00
    0400625463                           05           07/01/02          0
1

    0400625463                           O            06/01/17
    0

    7716565          E82/G02             F           79,800.00         ZZ
                                         180         79,032.08          1
                                       6.875            711.70         84
                                       6.625            711.70
    NELSONIA         VA   23414          2            05/20/02         10
    0400619896                           05           07/01/02          6
    0400619896                           O            06/01/17
    0

    7716597          E82/G02             F          124,200.00         ZZ
                                         180        122,978.94          1
                                       6.625          1,090.47         60
                                       6.375          1,090.47
    BUTLER           NJ   07405          2            05/20/02         00
    0400628384                           05           07/01/02          0
    1779676                              O            06/01/17
    0

    7716777          A50/G02             F           50,400.00         ZZ
                                         180         49,645.83          1
                                       7.750            474.40         70
                                       7.500            474.40
    RINGGOLD         GA   30736          2            03/21/02         00
    0434065736                           27           05/01/02          0
    0160792448                           O            04/01/17
    0

    7719061          R74/G02             F          121,550.00         ZZ
                                         180        119,881.18          1
                                       7.625          1,135.44         84
                                       7.375          1,135.44
    GLEN ALLEN       VA   23060          5            04/25/02         10
    0434099990                           05           06/01/02         20
    7000002001                           O            05/01/17
    0

    7719065          Q87/G02             F          117,600.00         ZZ
                                         180        116,431.43          1
                                       6.500          1,024.42         70
                                       6.250          1,024.42
    WOODSTOCK WAY    GA   30188          5            05/22/02         00
    0434067823                           05           07/01/02          0
    OWPH01                               O            06/01/17
    0

1

    7719073          K39/G02             F          110,250.00         ZZ
                                         180        107,731.21          1
                                       7.750          1,037.76         90
                                       7.500          1,037.76
    MEMPHIS          TN   38125          2            04/30/02         10
    0434084893                           05           07/01/02         12
    228925128                            O            06/01/17
    0

    7719259          L14/G02             F          100,800.00         ZZ
                                         180         99,516.75          1
                                       7.000            906.02         80
                                       6.750            906.02
    ARLINGTON        TX   76018          1            04/15/02         00
    0434064630                           05           06/01/02          0
    206212815                            O            05/01/17
    0

    7719497          E84/G02             F          101,500.00         ZZ
                                         180        100,584.63          1
                                       7.625            948.14         66
                                       7.375            948.14
    PORTLAND         OR   97232          1            05/14/02         00
    0434225157                           01           07/01/02          0
    8720021                              N            06/01/17
    0

    7719851          K15/G02             F           62,100.00         ZZ
                                         180         61,539.97          1
                                       7.625            580.09         90
                                       7.375            580.09
    GROTON           CT   06340          5            05/17/02         11
    0434067336                           01           07/01/02         12
    029705304882                         O            06/01/17
    0

    7720259          R84/G02             F           86,250.00         ZZ
                                         180         85,109.39          1
                                       6.750            763.23         75
                                       6.500            763.23
    LAS VEGAS        NV   89108          2            05/16/02         00
    0434091344                           05           07/01/02          0
    LVW4025                              O            06/01/17
    0

    7720617          N74/G02             F           66,000.00         ZZ
                                         180         65,234.55          1
                                       6.875            588.62         80
                                       6.625            588.62
1

    FAYETTEVILLE     NC   28314          5            05/21/02         00
    0434101382                           05           07/01/02          0
    0030202010                           O            06/01/17
    0

    7721579          A52/G02             F           67,600.00         ZZ
                                         180         66,922.41          1
                                       7.375            621.87         80
                                       7.125            621.87
    STONE MOUNTAIN   GA   30083          1            05/09/02         00
    0434070363                           05           07/01/02          0
    10160                                N            06/01/17
    0

    7721611          K21/G02             F          119,500.00         ZZ
                                         180        117,945.82          1
                                       6.750          1,057.47         80
                                       6.500          1,057.47
    LOS ANGELES      CA   90025          1            04/26/02         00
    0434092896                           08           06/01/02          0
    0217955                              O            05/01/17
    0

    7721935          E22/G02             F          109,850.00         ZZ
                                         180        108,758.44          1
                                       6.500            956.91         84
                                       6.250            956.91
    CRYSTAL CITY     MO   63019          2            05/12/02         04
    0414000695                           05           07/01/02          6
    0414000695                           O            06/01/17
    0

    7722077          E22/G02             F           80,000.00         ZZ
                                         180         79,087.38          1
                                       6.750            707.93         40
                                       6.500            707.93
    FAIRFIELD        CA   94533          5            05/14/02         00
    0414118554                           05           07/01/02          0
    0414118554                           O            06/01/17
    0

    7722093          E22/G02             F           26,850.00         ZZ
                                         180         26,605.22          3
                                       7.500            248.90         95
                                       7.250            248.90
    CINCINNATI       OH   45210          1            05/24/02         04
    0414128983                           05           07/01/02         25
    0414128983                           O            06/01/17
    0
1

    7723059          U05/G02             F           87,000.00         ZZ
                                         180         86,058.21          1
                                       6.875            775.91         75
                                       6.625            775.91
    MARGATE          FL   33063          2            05/15/02         00
    0434073094                           05           07/01/02          0
    3223896                              O            06/01/17
    0

    7723219          N74/G02             F           22,800.00         ZZ
                                         180         22,528.42          1
                                       7.375            209.74         95
                                       7.125            209.74
    DANVILLE         VA   24541          1            05/22/02         10
    0434097325                           05           07/01/02         30
    689                                  O            06/01/17
    0

    7723457          Q87/G02             F          113,400.00         ZZ
                                         180        112,063.30          1
                                       7.500          1,051.23         90
                                       7.250          1,051.23
    HARDINSBURG      KY   40143          2            05/24/02         04
    0434076667                           05           07/04/02         12
    HISA01                               O            06/04/17
    0

    7723501          N74/G02             F          120,000.00         ZZ
                                         180        118,832.79          1
                                       6.750          1,061.89         89
                                       6.500          1,061.89
    STONE MOUNTAIN   GA   30088          2            05/22/02         10
    0434097184                           05           07/01/02         25
    0030211010                           O            06/01/17
    0

    7723507          H76/G02             F          300,000.00         ZZ
                                         180        297,113.07          1
                                       6.875          2,675.57         79
                                       6.625          2,675.57
    STONEY POINT     NY   10986          5            05/22/02         00
    0434230199                           05           07/01/02          0
    2002430943                           O            06/01/17
    0

    7723573          W02/G02             F           81,200.00         ZZ
                                         180         80,451.60          1
1

                                       7.375            746.98         95
                                       7.125            746.98
    JACKSONVILLE     FL   32218          5            05/16/02         12
    0434077798                           05           07/01/02         25
    MFCD5403                             O            06/01/17
    0

    7723773          Q14/G02             F           50,150.00         ZZ
                                         180         49,692.77          2
                                       7.500            464.90         85
                                       7.250            464.90
    ROCK ISLAND      IL   61201          5            05/23/02         10
    0434100772                           05           07/01/02         25
    0207788                              O            06/01/17
    0

    7725037          964/G02             F          280,000.00         ZZ
                                         180        277,187.92          1
                                       6.375          2,419.90         63
                                       6.125          2,419.90
    MILLBRAE         CA   94030          5            05/15/02         00
    0434076998                           05           07/01/02          0
    209177                               O            06/01/17
    0

    7725041          964/G02             F          247,000.00         ZZ
                                         180        244,545.59          1
                                       6.500          2,151.64         75
                                       6.250          2,151.64
    OAKLAND          CA   94606          2            05/17/02         00
    0434105102                           05           07/01/02          0
    209592                               O            06/01/17
    0

    7725043          964/G02             F          133,000.00         ZZ
                                         180        131,621.14          1
                                       6.000          1,122.33         67
                                       5.750          1,122.33
    RANCHO CUCAMONG  CA   91730          2            05/20/02         00
    0434123477                           05           07/01/02          0
    209633                               O            06/01/17
    0

    7725047          964/G02             F          262,000.00         ZZ
                                         180        259,340.59          1
                                       6.250          2,246.45         67
                                       6.000          2,246.45
    SAN JUAN CAPIST  CA   92675          2            05/17/02         00
    0434104246                           01           07/01/02          0
1

    209694                               O            06/01/17
    0

    7725083          964/G02             F          300,700.00         ZZ
                                         180        297,615.28          1
                                       6.125          2,557.83         33
                                       5.875          2,557.83
    LAGUNA HILLS     CA   92653          1            05/20/02         00
    0434077236                           03           07/01/02          0
    212048                               O            06/01/17
    0

    7725091          964/G02             F          149,000.00         ZZ
                                         180        147,519.40          1
                                       6.500          1,297.95         87
                                       6.250          1,297.95
    THORNTON         CO   80229          2            05/13/02         04
    0434123667                           05           07/01/02         12
    212527                               O            06/01/17
    0

    7726303          U05/G02             F           64,000.00         ZZ
                                         180         62,561.75          1
                                       6.875            570.79         65
                                       6.625            570.79
    RUNNING SPRINGS  CA   92382          2            05/13/02         00
    0434080750                           05           07/01/02          0
    3227016                              O            06/01/17
    0

    7727013          Q87/G02             F          100,800.00         ZZ
                                         180         99,798.35          1
                                       6.500            878.08         80
                                       6.250            878.08
    COPPERAS COVE    TX   76522          5            05/24/02         00
    0434084547                           05           07/01/02          0
    SCST01                               O            06/01/17
    0

    7727053          K15/G02             F           78,100.00         ZZ
                                         180         77,364.46          1
                                       7.125            707.45         75
                                       6.875            707.45
    KINGS MOUNTAIN   NC   28086          5            05/20/02         00
    0434079554                           05           07/01/02          0
    002305304050                         O            06/01/17
    0

1

    7727155          K15/G02             F           60,100.00         ZZ
                                         180         59,552.08          1
                                       7.500            557.13         89
                                       7.250            557.13
    COLUMBUS         OH   43207          5            05/21/02         11
    0434069100                           05           07/01/02         12
    028505303276                         O            06/01/17
    0

    7727183          E22/G02             F           58,000.00         ZZ
                                         180         38,876.94          1
                                       6.875            517.28         73
                                       6.625            517.28
    HATTIESBURG      MS   39401          2            05/21/02         00
    0413895251                           05           07/01/02          0
    0413895251                           O            06/01/17
    0

    7727251          E22/G02             F          103,600.00         ZZ
                                         180        102,570.54          1
                                       6.500            902.47         85
                                       6.250            902.47
    HOUSTON          TX   77080          2            05/22/02         04
    0414026997                           05           07/01/02          6
    0414026997                           O            06/01/17
    0

    7727309          E22/G02             F          113,500.00         ZZ
                                         180        112,384.15          1
                                       6.625            996.52         72
                                       6.375            996.52
    SPRING           TX   77338          5            05/20/02         00
    0414060665                           03           07/01/02          0
    0414060665                           O            06/01/17
    0

    7727351          E22/G02             F           89,200.00         ZZ
                                         180         87,555.16          1
                                       7.125            808.00         69
                                       6.875            808.00
    FLOWER MOUND     TX   75028          5            05/22/02         00
    0414073171                           05           07/01/02          0
    0414073171                           O            06/01/17
    0

    7727369          E22/G02             F          100,000.00         ZZ
                                         180         99,027.32          1
                                       6.750            884.91         70
                                       6.500            884.91
1

    HOUSTON          TX   77062          5            05/28/02         00
    0414085050                           03           07/01/02          0
    0414085050                           N            06/01/17
    0

    7727509          P29/G02             F           27,000.00         ZZ
                                         180         26,742.96          1
                                       7.000            242.68         52
                                       6.750            242.68
    WATERLOO         IA   50702          2            05/24/02         00
    0434076782                           05           07/01/02          0
    8533080                              O            06/01/17
    0

    7727577          E82/G02             F           67,500.00         ZZ
                                         180         66,881.39          1
                                       7.500            625.73         75
                                       7.250            625.73
    KETTERING        OH   45420          5            05/23/02         00
    0400627071                           05           07/01/02          0
    0400627071                           N            06/01/17
    0

    7729725          E22/G02             F          100,000.00         ZZ
                                         180         99,047.97          1
                                       7.000            898.83         64
                                       6.750            898.83
    HOUSTON          TX   77082          5            05/21/02         00
    0413896457                           03           07/01/02          0
    0413896457                           O            06/01/17
    0

    7729767          E22/G02             F          106,400.00         ZZ
                                         180        105,331.42          1
                                       6.375            919.56         95
                                       6.125            919.56
    MONTAGUE         MI   49437          5            05/29/02         04
    0413997768                           05           07/01/02         25
    0413997768                           O            06/01/17
    0

    7729815          E22/G02             F           36,000.00         ZZ
                                         180         35,664.59          1
                                       7.250            328.63         90
                                       7.000            328.63
    FORREST CITY     AR   72335          5            05/23/02         04
    0414046862                           05           07/01/02         25
    0414046862                           O            06/01/17
    0
1

    7729869          E22/G02             F          179,000.00         ZZ
                                         180        177,277.47          1
                                       6.875          1,596.42         75
                                       6.625          1,596.42
    SOUND BEACH      NY   11789          5            05/23/02         00
    0414082354                           05           07/01/02          0
    0414082354                           O            06/01/17
    0

    7729943          E22/G02             F          250,000.00         ZZ
                                         180        247,409.83          1
                                       6.375          2,160.63         52
                                       6.125          2,160.63
    SAN BRUNO        CA   94066          5            05/22/02         00
    0414123422                           05           07/01/02          0
    0414123422                           O            06/01/17
    0

    7729963          E22/G02             F          132,000.00         ZZ
                                         180        130,743.35          1
                                       7.000          1,186.45         80
                                       6.750          1,186.45
    BURLESON         TX   76028          5            05/23/02         00
    0414134528                           05           07/01/02          0
    0414134528                           O            06/01/17
    0

    7729971          E22/G02             F           87,000.00         ZZ
                                         180         85,527.88          1
                                       6.750            769.87         53
                                       6.500            769.87
    LONDONDERRY      NH   03053          5            05/23/02         00
    0414140046                           05           07/01/02          0
    0414140046                           O            06/01/17
    0

    7729975          E22/G02             F           52,000.00         ZZ
                                         180         51,499.62          1
                                       6.875            463.76         80
                                       6.625            463.76
    MARIETTA         GA   30060          1            05/29/02         00
    0414142067                           05           07/01/02          0
    0414142067                           N            06/01/17
    0

    7730041          E22/G02             F           40,500.00         ZZ
                                         180         40,134.76          1
1

                                       7.625            378.32         75
                                       7.375            378.32
    AKRON            OH   44307          5            05/29/02         00
    0414192922                           05           07/01/02          0
    0414192922                           N            06/01/17
    0

    7730043          E22/G02             F           43,500.00         ZZ
                                         180         43,107.69          1
                                       7.625            406.35         75
                                       7.375            406.35
    AKRON            OH   44301          5            05/29/02         00
    0414193003                           05           07/01/02          0
    0414193003                           N            06/01/17
    0

    7730085          E82/G02             F          269,300.00         ZZ
                                         180        266,595.36          1
                                       6.375          2,327.43         75
                                       6.125          2,327.43
    DANA POINT       CA   92624          2            05/24/02         00
    0400633236                           05           07/01/02          0
    3035422                              O            06/01/17
    0

    7730101          E82/G02             F          132,400.00         ZZ
                                         180        130,464.58          1
                                       6.875          1,180.82         67
                                       6.625          1,180.82
    WYOMING          MI   49509          2            05/24/02         00
    0400619235                           05           07/01/02          0
    0400619235                           O            06/01/17
    0

    7730127          E82/G02             F          153,000.00         ZZ
                                         180        151,278.05          1
                                       6.500          1,332.79         75
                                       6.250          1,332.79
    INGLESIDE        IL   60041          2            05/24/02         00
    0400631784                           01           07/01/02          0
    1810845                              O            06/01/17
    0

    7730809          K15/G02             F          115,800.00         ZZ
                                         180        114,673.63          1
                                       6.750          1,024.73         71
                                       6.500          1,024.73
    SHIRLEY          NY   11967          2            05/23/02         00
    0434082319                           05           07/01/02          0
1

    020805303356                         O            06/01/17
    0

    7730925          K39/G02             F           30,000.00         ZZ
                                         180         29,634.18          1
                                       7.500            278.10         18
                                       7.250            278.10
    SURFSIDE BEACH   SC   29575          5            05/16/02         00
    0434084083                           05           06/21/02          0
    571260254                            O            05/21/17
    0

    7732067          A46/G02             F           82,950.00         ZZ
                                         180         82,134.47          1
                                       6.625            728.30         70
                                       6.375            728.30
    ALBUQUERQUE      NM   87112          1            05/28/02         00
    0434096251                           05           07/01/02          0
    0470061                              O            06/01/17
    0

    7732175          U05/G02             F          220,000.00         T
                                         180        217,837.08          1
                                       6.625          1,931.59         52
                                       6.375          1,931.59
    ROSEVILLE        CA   95661          1            05/08/02         00
    0434103255                           03           07/01/02          0
    3228614                              O            06/01/17
    0

    7733531          S25/G02             F           50,000.00         ZZ
                                         180         48,643.91          1
                                       6.375            432.13         79
                                       6.125            432.13
    SUMTER           SC   29154          5            03/05/02         00
    0434097218                           05           04/11/02          0
    2324296                              O            03/11/17
    0

    7733537          W02/G02             F           80,000.00         ZZ
                                         180         79,230.03          1
                                       6.875            713.49         52
                                       6.625            713.49
    STANWOOD         MI   49346          5            05/18/02         00
    0434109955                           05           07/01/02          0
    1001102613                           O            06/01/17
    0

1

    7733731          624/G02             F          130,000.00         ZZ
                                         180        128,708.21          1
                                       6.500          1,132.44         42
                                       6.250          1,132.44
    CHULA VISTA      CA   91910          2            05/21/02         00
    0434087912                           05           07/01/02          0
    100002247                            O            06/01/17
    0

    7733825          E22/G02             F           96,000.00         ZZ
                                         180         95,054.31          1
                                       7.250            876.35         80
                                       7.000            876.35
    BAYTOWN          TX   77520          5            05/24/02         00
    0413949769                           05           07/01/02          0
    0413949769                           O            06/01/17
    0

    7733837          E22/G02             F          303,000.00         ZZ
                                         180        300,052.77          3
                                       6.750          2,681.28         73
                                       6.500          2,681.28
    CHICAGO          IL   60625          2            05/24/02         00
    0413966904                           05           07/01/02          0
    0413966904                           O            06/01/17
    0

    7733839          E22/G02             F           46,125.00         ZZ
                                         120         45,342.44          1
                                       7.500            547.51         90
                                       7.250            547.51
    BEAVER           UT   84713          1            05/21/02         04
    0413969635                           01           07/01/02         25
    0413969635                           N            06/01/12
    0

    7733855          E22/G02             F          116,000.00         ZZ
                                         180        114,895.66          1
                                       7.000          1,042.64         80
                                       6.750          1,042.64
    HOUSTON          TX   77071          5            05/24/02         00
    0413993940                           03           07/01/02          0
    0413993940                           O            06/01/17
    0

    7733877          E22/G02             F           84,600.00         ZZ
                                         180         83,837.05          1
                                       7.625            790.27         75
                                       7.375            790.27
1

    GARLAND          TX   75043          5            05/24/02         00
    0414018747                           05           07/01/02          0
    0414018747                           O            06/01/17
    0

    7733921          E22/G02             F           36,000.00         ZZ
                                         180         35,631.82          1
                                       7.000            323.58         90
                                       6.750            323.58
    CACHE            OK   73527          5            05/24/02         04
    0414055848                           05           07/01/02         12
    0414055848                           O            06/01/17
    0

    7733933          E22/G02             F           33,000.00         ZZ
                                         180         32,685.84          2
                                       7.000            296.61         39
                                       6.750            296.61
    MADERA           CA   93638          5            05/21/02         00
    0414064949                           05           07/01/02          0
    0414064949                           O            06/01/17
    0

    7733947          E22/G02             F          212,600.00         ZZ
                                         180        201,907.76          1
                                       6.750          1,881.32         54
                                       6.500          1,881.32
    GURNEE           IL   60031          2            05/24/02         00
    0414070177                           05           07/01/02          0
    0414070177                           O            06/01/17
    0

    7734003          E22/G02             F           93,000.00         ZZ
                                         180         92,095.40          1
                                       6.750            822.97         52
                                       6.500            822.97
    BELLAIRE         TX   77401          2            05/24/02         00
    0414091215                           05           07/01/02          0
    0414091215                           O            06/01/17
    0

    7734039          E22/G02             F           50,000.00         ZZ
                                         180         49,508.42          1
                                       6.625            439.00         56
                                       6.375            439.00
    SEABROOK         TX   77586          1            05/30/02         00
    0414118000                           05           07/01/02          0
    0414118000                           O            06/01/17
    0
1

    7734051          E22/G02             F           73,000.00         ZZ
                                         180         71,896.39          1
                                       6.875            651.05         50
                                       6.625            651.05
    BOYNTON BEACH    FL   33437          1            05/30/02         00
    0414125575                           09           07/01/02          0
    0414125575                           O            06/01/17
    0

    7734077          E22/G02             F           45,300.00         ZZ
                                         180         44,840.01          1
                                       7.500            419.94         63
                                       7.250            419.94
    MESQUITE         TX   75149          5            05/31/02         00
    0414137570                           05           07/01/02          0
    0414137570                           N            06/01/17
    0

    7734137          E22/G02             F          142,000.00         ZZ
                                         180        140,691.24          1
                                       7.375          1,306.29         88
                                       7.125          1,306.29
    DES PLAINES      IL   60016          2            05/24/02         11
    0414164798                           09           07/01/02         30
    0414164798                           O            06/01/17
    0

    7734333          E82/G02             F           81,400.00         ZZ
                                         180         80,616.65          1
                                       6.875            725.97         76
                                       6.625            725.97
    AUSTIN           TX   78701          2            05/29/02         00
    0400632451                           01           07/01/02          0
    1844475                              O            06/01/17
    0

    7734621          E45/G02             F           47,200.00         ZZ
                                         180         46,618.20          1
                                       7.375            434.20         80
                                       7.125            434.20
    LUTZ             FL   33549          1            04/29/02         00
    0434097598                           08           06/01/02          0
    236302                               N            05/01/17
    0

    7734693          E45/G02             F           27,550.00         ZZ
                                         180         26,968.35          1
1

                                       7.750            259.32         95
                                       7.500            259.32
    MANCHESTER       TN   37355          2            04/22/02         11
    0434103909                           05           06/01/02         30
    232221                               O            05/01/17
    0

    7734731          E45/G02             F          100,000.00         ZZ
                                         180         98,767.35          1
                                       7.375            919.92         35
                                       7.125            919.92
    ORMOND BEACH     FL   32174          1            04/26/02         00
    0434093720                           05           06/01/02          0
    231314                               O            05/01/17
    0

    7734735          E45/G02             F          171,000.00         ZZ
                                         180        168,671.84          1
                                       6.875          1,525.07         28
                                       6.625          1,525.07
    MUNDELEIN        IL   60060          2            04/12/02         00
    0434110524                           03           06/01/02          0
    223983                               O            05/01/17
    0

    7734743          E45/G02             F          119,000.00         ZZ
                                         180        117,517.23          1
                                       7.250          1,086.31         79
                                       7.000          1,086.31
    FONTANA          CA   92336          5            04/26/02         00
    0434099545                           05           06/01/02          0
    221237                               O            05/01/17
    0

    7734773          E45/G02             F          182,000.00         ZZ
                                         180        179,707.75          1
                                       7.125          1,648.61         73
                                       6.875          1,648.61
    AUSTELL          GA   30106          5            04/15/02         00
    0434092490                           05           06/01/02          0
    231682                               O            05/01/17
    0

    7734775          E45/G02             F          132,000.00         ZZ
                                         180        130,037.14          1
                                       7.000          1,186.45         90
                                       6.750          1,186.45
    ROUND LAKE BEAC  IL   60073          2            05/02/02         11
    0434099529                           05           06/01/02         12
1

    228250                               O            05/01/17
    0

    7734833          405/405             F          472,000.00         ZZ
                                         180        467,408.93          1
                                       6.750          4,176.78         79
                                       6.250          4,176.78
    PACIFICA         CA   94044          5            05/02/02         00
    0018439893                           05           07/01/02          0
    0018439893                           O            06/01/17
    0

    7735733          E45/G02             F           55,250.00         ZZ
                                         180         54,561.56          1
                                       7.250            504.36         65
                                       7.000            504.36
    ACWORTH          GA   30101          5            05/01/02         00
    0434099503                           09           06/01/02          0
    232591                               O            05/01/17
    0

    7736017          N74/G02             F           72,000.00         ZZ
                                         180         71,307.12          1
                                       6.875            642.14         85
                                       6.625            642.14
    AUGUSTA          GA   30904          5            05/24/02         10
    0434105300                           05           07/01/02         12
    0030228010                           O            06/01/17
    0

    7736071          758/G02             F          100,000.00         ZZ
                                         180         99,058.19          1
                                       7.125            905.83         23
                                       6.875            905.83
    AUSTIN           TX   78746          5            05/21/02         00
    0434088472                           05           07/01/02          0
    501566                               O            06/01/17
    0

    7736453          T29/G02             F           56,000.00         ZZ
                                         180         55,489.43          1
                                       7.500            519.13         37
                                       7.250            519.13
    SAN ANTONIO      TX   78248          5            05/17/02         00
    0434098026                           03           07/01/02          0
    1450231                              O            06/01/17
    0

1

    7736631          964/G02             F          150,000.00         ZZ
                                         180        148,540.99          1
                                       6.750          1,327.36         68
                                       6.500          1,327.36
    HOUSTON          TX   77041          1            05/28/02         00
    0434139895                           03           07/01/02          0
    211065                               O            06/01/17
    0

    7736755          E22/G02             F          153,500.00         ZZ
                                         180        152,038.66          1
                                       7.000          1,379.70         88
                                       6.750          1,379.70
    SOMERVILLE       AL   35670          2            05/13/02         10
    0414007609                           05           07/01/02         12
    0414007609                           O            06/01/17
    0

    7736861          E22/G02             F          105,000.00         ZZ
                                         180        104,011.11          1
                                       7.125            951.12         59
                                       6.875            951.12
    ALBUQUERQUE      NM   87110          1            05/31/02         00
    0414085985                           05           07/01/02          0
    0414085985                           O            06/01/17
    0

    7736977          E22/G02             F          180,000.00         ZZ
                                         180        178,249.17          1
                                       6.750          1,592.84         80
                                       6.500          1,592.84
    MIAMI            FL   33196          1            05/31/02         00
    0414145532                           05           07/01/02          0
    0414145532                           O            06/01/17
    0

    7737059          E22/G02             F           37,200.00         ZZ
                                         180         36,845.87          1
                                       7.000            334.36         80
                                       6.750            334.36
    MACON            GA   31204          2            05/31/02         00
    0414179846                           05           07/01/02          0
    0414179846                           N            06/01/17
    0

    7737463          E47/G02             F          281,000.00         ZZ
                                         180        276,729.10          1
                                       6.625          2,467.16         53
                                       6.375          2,467.16
1

    ORLAND PARK      IL   60462          5            05/20/02         00
    0434255014                           05           07/01/02          0
    7360513716                           O            06/01/17
    0

    7737469          624/G02             F          157,500.00         ZZ
                                         180        155,851.56          1
                                       6.625          1,382.84         75
                                       6.375          1,382.84
    STOCKTON         CA   95209          5            05/22/02         00
    0434106514                           05           07/01/02          0
    1000002364                           O            06/01/17
    0

    7741697          601/G02             F          168,500.00         ZZ
                                         180        166,308.52          1
                                       6.750          1,491.08         79
                                       6.500          1,491.08
    SMITHFIELD       RI   02828          5            04/29/02         00
    0434185377                           05           06/01/02          0
    61351466                             O            05/01/17
    0

    7741735          601/G02             F          122,000.00         ZZ
                                         180        120,800.56          1
                                       6.625          1,071.16         80
                                       6.375          1,071.16
    TAMPA            FL   33615          2            05/15/02         00
    0434097754                           05           07/01/02          0
    61127577                             O            06/01/17
    0

    7741755          601/G02             F          156,000.00         ZZ
                                         180        154,448.50          1
                                       6.875          1,391.30         56
                                       6.625          1,391.30
    CAPE CORAL       FL   33904          5            05/15/02         00
    0434122180                           05           07/01/02          0
    61494795                             O            06/01/17
    0

    7741771          601/G02             F           52,500.00         ZZ
                                         180         52,000.17          1
                                       7.000            471.89         75
                                       6.750            471.89
    JACKSONVILLE     FL   32222          5            05/13/02         00
    0434188041                           05           07/01/02          0
    61480760                             O            06/01/17
    0
1

    7742317          144/144             F          150,000.00         ZZ
                                         180        147,824.30          1
                                       6.500          1,306.66         48
                                       6.250          1,306.66
    WOODSTOCK        NY   12498          5            05/28/02         00
    02VALENTIP                           05           07/01/02          0
    02VALENTIP                           O            06/01/17
    0

    7742325          E84/G02             F          211,500.00         ZZ
                                         180        209,479.83          1
                                       7.250          1,930.70         90
                                       7.000          1,930.70
    ALEXANDRIA       VA   22310          1            05/15/02         14
    0434107413                           05           07/01/02         17
    65222535                             O            06/01/17
    0

    7742331          144/144             F          100,500.00         ZZ
                                         180         99,532.89          1
                                       6.875            896.31         73
                                       6.625            896.31
    NEVERSINK        NY   12765          2            05/28/02         00
    02HUPPKEL                            05           07/01/02          0
    02HUPPKEL                            O            06/01/17
    0

    7742415          E84/G02             F           40,000.00         ZZ
                                         180         39,639.27          1
                                       7.625            373.65         76
                                       7.375            373.65
    MIAMI BEACH      FL   33139          5            05/24/02         00
    0434271250                           01           07/01/02          0
    15404744                             N            06/01/17
    0

    7742545          E45/G02             F          208,000.00         ZZ
                                         180        205,352.04          1
                                       7.000          1,869.56         80
                                       6.750          1,869.56
    OCALA            FL   34471          5            04/18/02         00
    0434111100                           05           06/01/02          0
    231728                               O            05/01/17
    0

    7743717          E22/G02             F           50,000.00         ZZ
                                         180         49,180.28          1
1

                                       6.875            445.93         20
                                       6.625            445.93
    LEVITTOWN        NY   11756          5            05/09/02         00
    0414049627                           05           07/01/02          0
    0414049627                           O            06/01/17
    0

    7743873          E22/G02             F           67,000.00         ZZ
                                         180         66,348.31          1
                                       6.750            592.89         79
                                       6.500            592.89
    JOLIET           IL   60436          5            05/29/02         00
    0414165837                           05           07/01/02          0
    0414165837                           O            06/01/17
    0

    7744073          E82/G02             F          102,500.00         ZZ
                                         180        101,492.30          1
                                       6.625            899.94         47
                                       6.375            899.94
    ATLANTA          GA   30324          2            05/31/02         00
    0400604328                           05           07/01/02          0
    1756224                              O            06/01/17
    0

    7745491          514/G02             F           98,500.00         ZZ
                                         180         96,245.08          1
                                       6.750            871.64         63
                                       6.500            871.64
    PLANO            TX   75075          2            03/30/02         00
    0434107256                           05           05/01/02          0
    807365                               O            04/01/17
    0

    7745509          514/G02             F          100,500.00         ZZ
                                         180         98,878.88          1
                                       6.875            896.31         73
                                       6.625            896.31
    BYHALIA          MS   38611          5            03/22/02         00
    0434107645                           05           05/01/02          0
    900665                               O            04/01/17
    0

    7745657          E45/G02             F          133,600.00         ZZ
                                         180        131,770.83          1
                                       7.500          1,238.49         80
                                       7.250          1,238.49
    PARKVILLE        MD   21234          1            04/24/02         00
    0434115903                           03           06/01/02          0
1

    235315                               O            05/01/17
    0

    7745663          U05/G02             F           84,000.00         ZZ
                                         180         83,217.39          1
                                       7.250            766.80         80
                                       7.000            766.80
    MESQUITE         TX   75150          5            05/21/02         00
    0434107074                           05           07/01/02          0
    3228246                              O            06/01/17
    0

    7746433          W02/G02             F           73,920.00         ZZ
                                         180         72,908.66          1
                                       6.875            659.26         80
                                       6.625            659.26
    PACE, FL         FL   32571          5            05/24/02         00
    0434097457                           05           07/01/02          0
    1                                    N            06/01/17
    0

    7747995          W02/G02             F           56,000.00         ZZ
                                         180         55,461.10          1
                                       6.875            499.44         80
                                       6.625            499.44
    MILTON           FL   32583          5            05/24/02         00
    0434141818                           05           07/01/02          0
    1000890194                           N            06/01/17
    0

    7748259          E22/G02             F          127,500.00         ZZ
                                         180        126,246.51          1
                                       6.625          1,119.44         75
                                       6.375          1,119.44
    MEGGETT          SC   29449          5            06/04/02         00
    0414007989                           05           07/01/02          0
    0414007989                           N            06/01/17
    0

    7748315          E22/G02             F          396,000.00         ZZ
                                         180        390,090.16          1
                                       6.625          3,476.86         56
                                       6.375          3,476.86
    MORGAN HILL      CA   95037          5            05/28/02         00
    0414101410                           05           07/01/02          0
    0414101410                           O            06/01/17
    0

1

    7748323          E22/G02             F          128,000.00         ZZ
                                         180        126,664.34          1
                                       6.125          1,088.80         80
                                       5.875          1,088.80
    SALEM            OR   97305          5            05/24/02         00
    0414106005                           05           07/01/02          0
    0414106005                           O            06/01/17
    0

    7748409          E22/G02             F           95,200.00         ZZ
                                         180         94,264.05          1
                                       6.625            835.85         80
                                       6.375            835.85
    GRAND JUNCTION   CO   81504          2            05/30/02         00
    0414181149                           05           07/01/02          0
    0414181149                           O            06/01/17
    0

    7748439          E22/G02             F          102,000.00         ZZ
                                         180        101,014.24          2
                                       6.875            909.69         40
                                       6.625            909.69
    GARDNERVILLE     NV   89410          1            05/30/02         00
    0414200600                           05           07/01/02          0
    0414200600                           N            06/01/17
    0

    7749109          225/G02             F          585,000.00         ZZ
                                         180        577,391.74          1
                                       6.750          5,176.72         75
                                       6.500          5,176.72
    HOLLYWOOD        FL   33019          5            04/18/02         00
    0434110235                           05           06/01/02          0
    006576960                            O            05/01/17
    0

    7749111          225/G02             F          592,500.00         ZZ
                                         180        584,628.59          1
                                       6.500          5,161.31         74
                                       6.250          5,161.31
    ORMOND BEACH     FL   32174          5            04/29/02         00
    0434110300                           05           06/01/02          0
    006576977                            O            05/01/17
    0

    7749139          225/G02             F          410,250.00         ZZ
                                         180        404,914.46          1
                                       6.750          3,630.34         75
                                       6.500          3,630.34
1

    MANSFIELD        MA   02048          5            04/16/02         00
    0434110276                           05           06/01/02          0
    007360717                            O            05/01/17
    0

    7749299          225/G02             F          500,000.00         ZZ
                                         180        489,335.77          1
                                       6.500          4,355.54         55
                                       6.250          4,355.54
    SKILLMAN         NJ   08558          2            04/19/02         00
    0434151908                           03           06/01/02          0
    006575328                            O            05/01/17
    0

    7749343          U05/G02             F          158,400.00         ZZ
                                         180        156,842.71          1
                                       6.625          1,390.74         62
                                       6.375          1,390.74
    SUGAR LAND       TX   77479          2            05/15/02         00
    0434108049                           03           07/01/02          0
    3225346                              O            06/01/17
    0

    7750459          N74/G02             F           72,800.00         ZZ
                                         180         72,329.26          1
                                       6.750            644.21         80
                                       6.500            644.21
    DANVILLE         VA   24540          5            05/30/02         00
    0434165668                           05           08/01/02          0
    0030240010                           O            07/01/17
    0

    7750637          K39/G02             F           87,500.00         ZZ
                                         180         86,702.24          1
                                       7.500            811.14         34
                                       7.250            811.14
    DOVER            NH   03820          5            05/15/02         00
    0434107272                           05           07/01/02          0
    001341695                            O            06/01/17
    0

    7750659          967/G02             F           58,500.00         ZZ
                                         180         57,932.57          1
                                       7.250            534.02         75
                                       7.000            534.02
    TACOMA           WA   98444          5            05/30/02         00
    0434106910                           05           07/01/02          0
    8914632                              N            06/01/17
    0
1

    7750693          N74/G02             F          106,000.00         ZZ
                                         180        104,979.95          1
                                       6.875            945.37         80
                                       6.625            945.37
    SPRING           TX   77386          5            05/23/02         00
    0434109005                           05           07/01/02          0
    0030213010                           O            06/01/17
    0

    7751011          W02/G02             F          164,000.00         ZZ
                                         180        162,404.78          1
                                       6.750          1,451.26         80
                                       6.500          1,451.26
    PACE             FL   32571          5            05/23/02         00
    0434141370                           05           07/01/02          0
    1001166148                           O            06/01/17
    0

    7751091          G34/G02             F          297,000.00         ZZ
                                         180        293,619.67          1
                                       6.500          2,587.19         58
                                       6.250          2,587.19
    SAN DIEGO        CA   92131          2            05/23/02         00
    0434119244                           03           07/01/02          0
    44222558106                          O            06/01/17
    0

    7751141          E82/G02             F           87,200.00         ZZ
                                         180         86,648.17          3
                                       7.000            783.78         67
                                       6.750            783.78
    HAVERHILL        MA   01832          2            06/06/02         00
    0400637831                           05           08/01/02          0
    1984317                              N            07/01/17
    0

    7751155          E82/G02             F           84,800.00         ZZ
                                         180         84,257.53          1
                                       6.875            756.29         80
                                       6.625            756.29
    MISSOURI CITY    TX   77489          2            06/03/02         00
    0400632253                           03           08/01/02          0
    3872881                              O            07/01/17
    0

    7751305          E22/G02             F          120,000.00         ZZ
                                         180        119,232.35          1
1

                                       6.875          1,070.23         43
                                       6.625          1,070.23
    HASBROUCK HEIGH  NJ   07604          1            06/05/02         00
    0413919481                           05           08/01/02          0
    0413919481                           O            07/01/17
    0

    7751363          E22/G02             F          102,400.00         ZZ
                                         180        101,403.97          1
                                       6.750            906.15         80
                                       6.500            906.15
    CONYERS          GA   30094          2            05/31/02         00
    0414077768                           05           07/01/02          0
    0414077768                           O            06/01/17
    0

    7751365          E22/G02             F          327,000.00         ZZ
                                         180        323,750.66          1
                                       6.500          2,848.52         85
                                       6.250          2,848.52
    MANASSAS         VA   20109          2            05/31/02         01
    0414078220                           03           07/01/02         12
    0414078220                           O            06/01/17
    0

    7751369          E22/G02             F          124,000.00         ZZ
                                         180        122,767.84          1
                                       6.500          1,080.17         80
                                       6.250          1,080.17
    CARROLLTON       TX   75006          5            05/31/02         00
    0414083279                           05           07/01/02          0
    0414083279                           O            06/01/17
    0

    7751377          E22/G02             F          360,000.00         ZZ
                                         180        356,384.46          1
                                       6.375          3,111.30         77
                                       6.125          3,111.30
    SHINGLE SPRINGS  CA   95682          1            05/23/02         00
    0414088237                           03           07/01/02          0
    0414088237                           O            06/01/17
    0

    7751409          E22/G02             F          129,000.00         ZZ
                                         180        127,745.26          1
                                       6.750          1,141.53         78
                                       6.500          1,141.53
    MIAMI            FL   33175          2            05/31/02         00
    0414116012                           05           07/01/02          0
1

    0414116012                           O            06/01/17
    0

    7751425          E22/G02             F           56,000.00         ZZ
                                         180         55,478.26          1
                                       7.250            511.20         80
                                       7.000            511.20
    LONDON           KY   40741          5            05/31/02         00
    0414130682                           05           07/01/02          0
    0414130682                           O            06/01/17
    0

    7751485          E22/G02             F          117,000.00         ZZ
                                         180        115,861.98          1
                                       6.750          1,035.34         87
                                       6.500          1,035.34
    TULSA            OK   74133          2            05/31/02         10
    0414171991                           05           07/01/02         30
    0414171991                           O            06/01/17
    0

    7751501          E22/G02             F          210,000.00         ZZ
                                         180        207,913.25          1
                                       6.500          1,829.33         34
                                       6.250          1,829.33
    SAN FRANCISCO    CA   94118          2            05/23/02         00
    0414179119                           01           07/01/02          0
    0414179119                           O            06/01/17
    0

    7751527          E22/G02             F           65,000.00         ZZ
                                         180         64,367.77          1
                                       6.750            575.19         62
                                       6.500            575.19
    LAKELAND         FL   33810          5            05/31/02         00
    0414190686                           05           07/01/02          0
    0414190686                           O            06/01/17
    0

    7752091          H19/G02             F          148,500.00         ZZ
                                         180        147,055.54          4
                                       6.750          1,314.10         86
                                       6.500          1,314.10
    WARRENSBURG      MO   64093          2            05/24/02         10
    0434108825                           05           07/01/02         20
    0002347698                           N            06/01/17
    0

1

    7752533          Q87/G02             F           54,000.00         ZZ
                                         120         52,724.08          1
                                       6.750            620.05         36
                                       6.500            620.05
    STEELVILLE       MO   65565          5            05/15/02         00
    0434115549                           05           06/20/02          0
    CARI01                               O            05/20/12
    0

    7752541          Q73/G02             F           61,800.00         ZZ
                                         180         61,123.61          1
                                       7.250            564.15         35
                                       7.000            564.15
    MONROE           LA   71202          2            05/23/02         00
    0434166682                           05           07/01/02          0
    2932419                              O            06/01/17
    0

    7752575          A21/G02             F          245,000.00         ZZ
                                         180        242,616.93          1
                                       6.750          2,168.03         35
                                       6.500          2,168.03
    COLONIA WOODBRI  NJ   07067          2            05/31/02         00
    0434113601                           05           07/01/02          0
    0100132881                           O            06/01/17
    0

    7752590          Q14/G02             F           29,355.00         ZZ
                                         180         28,809.24          1
                                       7.750            276.31         95
                                       7.500            276.31
    ERIE             IL   61250          1            02/22/02         01
    0433730785                           05           04/01/02         30
    0205179                              O            03/01/17
    0

    7753345          601/G02             F          115,800.00         ZZ
                                         180        114,685.64          1
                                       6.875          1,032.77         80
                                       6.625          1,032.77
    WAUKEGAN         IL   60087          2            05/17/02         00
    0434126710                           05           07/01/02          0
    6143252                              O            06/01/17
    0

    7754009          U05/G02             F          148,000.00         ZZ
                                         180        146,560.43          1
                                       6.750          1,309.67         74
                                       6.500          1,309.67
1

    SANTA FE SPRING  CA   90670          2            05/17/02         00
    0434117008                           05           07/01/02          0
    3230551                              O            06/01/17
    0

    7754393          420/G02             F          226,400.00         ZZ
                                         180        224,174.17          1
                                       6.625          1,987.78         80
                                       6.375          1,987.78
    SANTA ROSA       CA   95409          2            05/21/02         00
    0434112777                           05           07/01/02          0
    72000624                             O            06/01/17
    0

    7755217          L96/G02             F          100,000.00         ZZ
                                         180         99,360.29          1
                                       6.875            891.86         53
                                       6.625            891.86
    CULVER CITY      CA   90230          2            06/01/02         00
    0434131009                           01           08/01/02          0
    569122                               N            07/01/17
    0

    7755489          L76/G02             F          115,000.00         ZZ
                                         180        114,256.37          1
                                       6.750          1,017.65         49
                                       6.500          1,017.65
    PILLAGER         MN   56473          5            05/30/02         00
    0434140257                           05           08/01/02          0
    9506670                              O            07/01/17
    0

    7755529          N47/G02             F          198,500.00         ZZ
                                         180        196,506.42          1
                                       6.375          1,715.54         50
                                       6.125          1,715.54
    SEASIDE          CA   93955          2            05/24/02         00
    0434124764                           05           07/01/02          0
    20120651                             O            06/01/17
    0

    7756105          E22/G02             F           64,300.00         ZZ
                                         180         63,893.08          1
                                       7.000            577.95         76
                                       6.750            577.95
    DALLAS           TX   75228          2            06/06/02         00
    0414069112                           05           08/01/02          0
    0414069112                           N            07/01/17
    0
1

    7756197          E22/G02             F          169,600.00         ZZ
                                         180        166,962.22          1
                                       6.875          1,512.58         80
                                       6.625          1,512.58
    SUGARLAND        TX   77478          5            05/29/02         00
    0414177196                           03           07/01/02          0
    0414177196                           O            06/01/17
    0

    7756211          E22/G02             F           79,800.00         ZZ
                                         180         79,267.13          1
                                       6.375            689.67         95
                                       6.125            689.67
    MEMPHIS          TN   38134          2            05/31/02         01
    0414189761                           05           08/01/02         30
    0414189761                           O            07/01/17
    0

    7756227          E22/G02             F          142,400.00         ZZ
                                         180        141,044.34          1
                                       7.000          1,279.93         80
                                       6.750          1,279.93
    MIRAMAR          FL   33027          1            06/06/02         00
    0414195644                           03           07/01/02          0
    0414195644                           O            06/01/17
    0

    7756295          E82/G02             F          110,200.00         ZZ
                                         180        109,479.71          1
                                       6.625            967.55         95
                                       6.375            967.55
    LOCUST GROVE     VA   22508          2            06/05/02         04
    0400636890                           05           08/01/02         25
    0400636890                           O            07/01/17
    0

    7756299          E82/G02             F           68,000.00         ZZ
                                         180         67,565.00          1
                                       6.875            606.46         76
                                       6.625            606.46
    KEY LARGO        FL   33037          2            06/05/02         00
    0400621108                           01           08/01/02          0
    1828185                              O            07/01/17
    0

    7756309          E82/G02             F           80,000.00         ZZ
                                         180         79,477.10          1
1

                                       6.625            702.40         62
                                       6.375            702.40
    PASADENA         TX   77505          2            06/05/02         00
    0400598157                           05           08/01/02          0
    1533144                              O            07/01/17
    0

    7756755          950/G02             F           75,000.00         ZZ
                                         180         74,301.23          1
                                       7.250            684.65         75
                                       7.000            684.65
    KELSO            WA   98626          5            05/17/02         00
    0434122735                           05           07/01/02          0
    EJ204024                             N            06/01/17
    0

    7756761          H93/G02             F          460,000.00         T
                                         180        455,525.69          1
                                       6.750          4,070.58         80
                                       6.500          4,070.58
    LONGBOAT KEY     FL   34228          1            05/31/02         00
    0434145975                           05           07/01/02          0
    2002001253                           O            06/01/17
    0

    7756765          950/G02             F           40,500.00         ZZ
                                         180         40,122.66          1
                                       7.250            369.71         75
                                       7.000            369.71
    KELSO            WA   98626          5            05/17/02         00
    0434118337                           05           07/01/02          0
    EJ204025                             N            06/01/17
    0

    7756973          E45/G02             F          117,000.00         ZZ
                                         180        115,603.89          1
                                       7.750          1,101.29         90
                                       7.500          1,101.29
    OVERLAND PARK    KS   66202          1            04/22/02         11
    0434200242                           05           06/01/02         25
    224031                               O            05/01/17
    0

    7756985          405/405             F          610,000.00         ZZ
                                         180        604,002.83          1
                                       6.625          5,355.77         74
                                       6.000          5,355.77
    LONG BEACH       CA   90815          5            05/09/02         00
    0018401547                           03           07/01/02          0
1

    0018401547                           O            06/01/17
    0

    7756999          405/405             F          525,000.00         ZZ
                                         180        517,876.20          1
                                       6.250          4,501.47         74
                                       6.000          4,501.47
    SAN RAMON        CA   94583          2            04/26/02         00
    0018448100                           03           06/01/02          0
    0018448100                           O            05/01/17
    0

    7758051          W93/G02             F          142,400.00         ZZ
                                         180        141,058.84          1
                                       7.125          1,289.91         80
                                       6.875          1,289.91
    CARSON           CA   90810          2            05/14/02         00
    0434114187                           05           07/01/02          0
    67382696                             O            06/01/17
    0

    7758057          W93/G02             F          320,400.00         ZZ
                                         180        317,283.54          1
                                       6.750          2,835.25         80
                                       6.500          2,835.25
    PASO ROBLES      CA   93446          1            05/10/02         00
    0434189189                           05           07/01/02          0
    74288630                             O            06/01/17
    0

    7759249          M27/G02             F          198,500.00         ZZ
                                         180        196,610.26          1
                                       7.000          1,784.17         87
                                       6.750          1,784.17
    WAKE FOREST      NC   27587          2            05/30/02         01
    0434112678                           05           07/01/02         12
    600772062                            O            06/01/17
    0

    7759251          M27/G02             F           80,750.00         ZZ
                                         180         79,720.65          1
                                       6.875            720.17         71
                                       6.625            720.17
    ROANOKE          VA   24015          2            05/29/02         00
    0434118725                           05           07/01/02          0
    60770559                             O            06/01/17
    0

1

    7759307          E22/G02             F          192,000.00         ZZ
                                         180        190,112.37          1
                                       6.625          1,685.75         80
                                       6.375          1,685.75
    CYPRESS          TX   77429          5            06/03/02         00
    0414060335                           03           07/01/02          0
    0414060335                           O            06/01/17
    0

    7759343          E22/G02             F          100,000.00         ZZ
                                         180         99,339.33          1
                                       6.500            871.11         73
                                       6.250            871.11
    PORTLAND         OR   97266          2            05/31/02         00
    0414109215                           05           08/01/02          0
    0414109215                           O            07/01/17
    0

    7759353          E22/G02             F           92,000.00         ZZ
                                         180         91,114.66          1
                                       6.875            820.51         84
                                       6.625            820.51
    ANNISTON         AL   36206          1            06/05/02         10
    0414115824                           05           07/01/02          6
    0414115824                           O            06/01/17
    0

    7759469          E22/G02             F          195,000.00         ZZ
                                         180        193,082.87          1
                                       6.625          1,712.09         70
                                       6.375          1,712.09
    DALLAS           TX   75248          5            06/03/02         00
    0414184028                           05           07/01/02          0
    0414184028                           O            06/01/17
    0

    7759687          E82/G02             F          106,300.00         ZZ
                                         180        105,092.49          1
                                       6.750            940.66         33
                                       6.500            940.66
    PIPE CREEK       TX   78063          2            06/06/02         00
    0400619623                           05           08/01/02          0
    0400619623                           O            07/01/17
    0

    7760645          196/G02             F           64,000.00         ZZ
                                         180         63,176.47          1
                                       6.875            570.79         73
                                       6.625            570.79
1

    ABBEVILLE        LA   70510          2            04/25/02         00
    0434188645                           05           06/01/02          0
    1442387                              O            05/01/17
    0

    7760653          196/G02             F          170,000.00         ZZ
                                         180        163,410.02          1
                                       7.250          1,551.87         67
                                       7.000          1,551.87
    RINGGOLD         GA   30736          2            08/31/01         00
    0434190187                           05           10/01/01          0
    1445135                              O            09/01/16
    0

    7760691          196/G02             F          130,000.00         ZZ
                                         180        128,748.98          2
                                       6.875          1,159.42         79
                                       6.625          1,159.42
    RANCHO CORDOVA   CA   95670          5            05/01/02         00
    0434190146                           05           07/01/02          0
    1513090                              O            06/01/17
    0

    7760703          196/G02             F           71,600.00         ZZ
                                         180         70,770.37          1
                                       6.750            633.60         80
                                       6.500            633.60
    LAMPASAS         TX   76550          1            05/17/02         00
    0434186425                           05           07/01/02          0
    1534444                              O            06/01/17
    0

    7760707          196/G02             F           80,000.00         ZZ
                                         180         78,981.51          1
                                       7.000            719.07         31
                                       6.750            719.07
    CENTERVILLE      UT   84014          5            04/29/02         00
    0434147716                           05           06/01/02          0
    1534549                              O            05/01/17
    0

    7760715          196/G02             F          289,000.00         ZZ
                                         180        286,248.64          1
                                       7.000          2,597.62         89
                                       6.750          2,597.62
    FARMINGTON       CT   06032          2            05/02/02         10
    0434190336                           05           07/01/02         25
    1534815                              O            06/01/17
    0
1

    7760719          196/G02             F           53,200.00         ZZ
                                         180         52,714.98          2
                                       7.500            493.17         95
                                       7.250            493.17
    GRAND RAPIDS     MI   49503          1            05/28/02         11
    0434188298                           05           07/01/02         30
    1534969                              O            06/01/17
    0

    7760727          196/G02             F          294,000.00         ZZ
                                         180        291,231.06          1
                                       7.125          2,663.15         80
                                       6.875          2,663.15
    NEW MILFORD      CT   06776          1            05/28/02         00
    0434183042                           05           07/01/02          0
    1535154                              O            06/01/17
    0

    7760755          196/G02             F          289,600.00         ZZ
                                         180        286,691.50          1
                                       6.375          2,502.87         80
                                       6.125          2,502.87
    GLENDALE         CA   91214          1            05/02/02         00
    0434247292                           05           07/01/02          0
    1536740                              O            06/01/17
    0

    7760767          196/G02             F           49,000.00         ZZ
                                         180         48,528.46          1
                                       6.875            437.01         47
                                       6.625            437.01
    BALTIMORE        MD   21227          5            05/31/02         00
    0434180055                           05           07/01/02          0
    1537104                              N            06/01/17
    0

    7760803          196/G02             F          260,000.00         ZZ
                                         180        257,416.41          1
                                       6.500          2,264.88         80
                                       6.250          2,264.88
    CHULA VISTA      CA   91911          5            05/22/02         00
    0434188751                           05           07/01/02          0
    1538982                              O            06/01/17
    0

    7760815          196/G02             F           80,000.00         ZZ
                                         180         79,238.36          1
1

                                       7.000            719.07         70
                                       6.750            719.07
    DURHAM           NC   27704          5            05/24/02         00
    0434189056                           05           07/01/02          0
    1540967                              N            06/01/17
    0

    7761923          025/G02             F          580,000.00         ZZ
                                         180        572,294.63          1
                                       6.500          5,052.43         73
                                       6.250          5,052.43
    LAS VEGAS        NV   89113          5            04/12/02         00
    0434187704                           03           06/01/02          0
    0131014490                           O            05/01/17
    0

    7763213          U05/G02             F           95,000.00         ZZ
                                         180         94,056.00          1
                                       6.500            827.55         62
                                       6.250            827.55
    VACAVILLE        CA   95687          1            05/29/02         00
    0434141990                           01           07/01/02          0
    3233591                              N            06/01/17
    0

    7763319          A52/G02             F          126,450.00         ZZ
                                         180        125,632.33          1
                                       6.750          1,118.97         88
                                       6.500          1,118.97
    CAMDEN           AL   36726          2            05/29/02         26
    0434198123                           05           08/01/02         25
    18832                                O            07/01/17
    0

    7763371          E22/G02             F           69,000.00         ZZ
                                         180         68,529.24          1
                                       6.375            596.33         89
                                       6.125            596.33
    WILMER           AL   36587          2            06/05/02         01
    0414048132                           05           08/01/02         12
    0414048132                           O            07/01/17
    0

    7763487          E22/G02             F          170,000.00         ZZ
                                         180        168,912.51          1
                                       6.875          1,516.15         73
                                       6.625          1,516.15
    SPRING           TX   77379          5            06/05/02         00
    0414154096                           03           08/01/02          0
1

    0414154096                           O            07/01/17
    0

    7763547          E22/G02             F          236,000.00         ZZ
                                         180        233,874.46          1
                                       6.750          2,088.39         80
                                       6.500          2,088.39
    MELISSA          TX   75454          5            06/04/02         00
    0414198309                           03           08/01/02          0
    0414198309                           O            07/01/17
    0

    7763577          E22/G02             F           72,000.00         ZZ
                                         180         71,539.40          1
                                       6.875            642.14         80
                                       6.625            642.14
    DALLAS           TX   75208          5            06/05/02         00
    0414211623                           05           08/01/02          0
    0414211623                           O            07/01/17
    0

    7763653          E82/G02             F           92,500.00         ZZ
                                         180         91,895.41          1
                                       6.625            812.14         55
                                       6.375            812.14
    ROYAL OAK        MI   48073          2            06/11/02         00
    0400639076                           05           08/01/02          0
    1698251                              N            07/01/17
    0

    7763655          E82/G02             F           99,100.00         ZZ
                                         180         98,150.62          1
                                       6.625            870.09         42
                                       6.375            870.09
    PORTSMOUTH       NH   03801          2            06/11/02         00
    0400638797                           05           08/01/02          0
    1630212                              N            07/01/17
    0

    7763673          E82/G02             F          188,200.00         ZZ
                                         180        187,084.37          1
                                       7.750          1,771.48         67
                                       7.500          1,771.48
    COMMACK          NY   11725          2            06/05/02         00
    0400621462                           05           08/01/02          0
    0400621462                           O            07/01/17
    0

1

    7763675          E82/G02             F          159,000.00         ZZ
                                         180        157,785.35          2
                                       6.750          1,407.01         60
                                       6.500          1,407.01
    BUENA PARK       CA   90621          2            06/07/02         00
    0400633152                           05           08/01/02          0
    1913315                              N            07/01/17
    0

    7763677          E82/G02             F          178,800.00         ZZ
                                         180        177,656.21          1
                                       6.875          1,594.64         38
                                       6.625          1,594.64
    MARINA           CA   93933          2            06/05/02         00
    0400619888                           05           08/01/02          0
    0400619888                           O            07/01/17
    0

    7763681          E82/G02             F          102,750.00         ZZ
                                         180        102,078.41          1
                                       6.625            902.14         82
                                       6.375            902.14
    PENFIELD         NY   14526          2            06/07/02         04
    0400628798                           05           08/01/02          6
    3713206                              O            07/01/17
    0

    7764229          W68/G02             F          111,920.00         T
                                         180        110,843.00          1
                                       6.875            998.16         80
                                       6.625            998.16
    AUSTIN           TX   78705          1            05/31/02         00
    0434131876                           01           07/01/02          0
    26574                                O            06/01/17
    0

    7765039          K15/G02             F          116,500.00         ZZ
                                         180        115,317.48          1
                                       6.250            998.90         84
                                       6.000            998.90
    NEW PARIS        OH   45347          5            05/24/02         26
    0434154456                           05           07/01/02          6
    033705314499                         O            06/01/17
    0

    7765489          K79/G02             F          156,000.00         ZZ
                                         180        155,044.41          2
                                       7.375          1,435.08         51
                                       7.125          1,435.08
1

    PEABODY          MA   01960          2            06/07/02         00
    0434135471                           05           08/01/02          0
    14832                                N            07/01/17
    0

    7765615          U05/G02             F           81,200.00         ZZ
                                         180         80,435.27          1
                                       7.125            735.53         80
                                       6.875            735.53
    ABILENE          TX   79605          5            05/21/02         00
    0434164349                           05           07/01/02          0
    3229996                              O            06/01/17
    0

    7765811          H93/G02             F           60,000.00         ZZ
                                         180         59,346.93          1
                                       6.875            535.11         80
                                       6.625            535.11
    KANSAS CITY      KS   66106          5            05/24/02         00
    0434214243                           05           07/01/02          0
    2002001231                           O            06/01/17
    0

    7766011          601/G02             F          154,000.00         ZZ
                                         180        152,469.72          1
                                       6.500          1,341.51         70
                                       6.250          1,341.51
    LITTLETON        CO   80126          2            05/24/02         00
    0434138723                           05           07/01/02          0
    61495180                             O            06/01/17
    0

    7766015          601/G02             F           82,500.00         ZZ
                                         180         81,435.32          1
                                       6.500            718.66         55
                                       6.250            718.66
    KISSIMMEE        FL   34746          2            05/24/02         00
    0434131397                           05           07/01/02          0
    61438073                             O            06/01/17
    0

    7766253          E22/G02             F          140,000.00         ZZ
                                         180        139,104.41          1
                                       6.875          1,248.60         59
                                       6.625          1,248.60
    PORTLAND         OR   97232          2            06/03/02         00
    0413789827                           05           08/01/02          0
    0413789827                           N            07/01/17
    0
1

    7766307          E22/G02             F           87,400.00         ZZ
                                         180         86,858.77          1
                                       7.250            797.84         95
                                       7.000            797.84
    ONEONTA          AL   35121          5            06/06/02         04
    0414082693                           05           08/01/02         25
    0414082693                           O            07/01/17
    0

    7766335          E22/G02             F          139,800.00         ZZ
                                         180        138,876.39          1
                                       6.500          1,217.81         68
                                       6.250          1,217.81
    DALLAS           TX   75229          5            06/05/02         00
    0414125542                           05           08/01/02          0
    0414125542                           O            07/01/17
    0

    7766347          E22/G02             F           91,100.00         ZZ
                                         180         90,510.93          1
                                       6.750            806.15         70
                                       6.500            806.15
    SAN ANTONIO      TX   78222          5            06/06/02         00
    0414131276                           05           08/01/02          0
    0414131276                           O            07/01/17
    0

    7766351          E22/G02             F          330,000.00         ZZ
                                         180        327,796.36          1
                                       6.375          2,852.03         48
                                       6.125          2,852.03
    MIAMI            FL   33137          2            06/06/02         00
    0414132308                           03           08/01/02          0
    0414132308                           O            07/01/17
    0

    7766397          E22/G02             F          199,000.00         ZZ
                                         180        197,640.08          1
                                       7.000          1,788.67         80
                                       6.750          1,788.67
    OMAHA            NE   68164          5            06/06/02         00
    0414173575                           05           08/01/02          0
    0414173575                           O            07/01/17
    0

    7766415          E22/G02             F          160,000.00         ZZ
                                         180        158,954.20          1
1

                                       6.625          1,404.79         80
                                       6.375          1,404.79
    BARTLETT         IL   60103          5            06/06/02         00
    0414196345                           05           08/01/02          0
    0414196345                           O            07/01/17
    0

    7766479          E22/G02             F           72,000.00         T
                                         180         71,524.32          1
                                       6.500            627.20         80
                                       6.250            627.20
    SAVANNAH         GA   31419          1            06/11/02         00
    0414241109                           09           08/01/02          0
    0414241109                           O            07/01/17
    0

    7766671          E82/G02             F          182,900.00         ZZ
                                         180        181,717.31          4
                                       6.750          1,618.50         79
                                       6.500          1,618.50
    TACOMA           WA   98467          2            06/07/02         00
    0400630067                           05           08/01/02          0
    3880270                              O            07/01/17
    0

    7766677          E82/G02             F           41,900.00         ZZ
                                         180         41,640.53          1
                                       7.250            382.49         94
                                       7.000            382.49
    PIKE ROAD        AL   36064          2            06/07/02         10
    0400620282                           05           08/01/02         25
    0400620282                           O            07/01/17
    0

    7769717          477/G02             F          148,000.00         ZZ
                                         180        146,505.06          1
                                       6.875          1,319.94         93
                                       6.625          1,319.94
    FONTANA AREA     CA   92335          2            05/21/02         11
    0434141859                           05           07/01/02         30
    232342                               O            06/01/17
    0

    7769845          998/998             F          450,000.00         ZZ
                                         180        441,078.08          1
                                       6.625          3,950.97         75
                                       6.375          3,950.97
    OAK PARK         IL   60302          5            02/27/02         00
    3346297                              05           04/01/02          0
1

    3346297                              O            03/01/17
    0

    7769971          N74/G02             F          183,200.00         ZZ
                                         180        181,340.46          1
                                       6.250          1,570.80         60
                                       6.000          1,570.80
    ALEXANDRIA       VA   22302          2            06/06/02         00
    0434187266                           05           07/11/02          0
    0030294010                           O            06/11/17
    0

    7770971          U05/G02             F          120,000.00         ZZ
                                         180        118,881.95          1
                                       7.250          1,095.44         75
                                       7.000          1,095.44
    SALEM            OR   97301          5            05/16/02         00
    0434149746                           05           07/01/02          0
    3213097                              N            06/01/17
    0

    7771055          253/253             F           98,300.00         ZZ
                                         180         96,954.09          1
                                       6.500            856.30         74
                                       6.250            856.30
    HOUSTON          TX   77062          2            05/24/02         00
    999992                               05           07/01/02          0
    999992                               O            06/01/17
    0

    7771233          K15/G02             F          150,100.00         ZZ
                                         180        149,190.52          1
                                       7.500          1,391.45         95
                                       7.250          1,391.45
    PITTSFORD        NY   14534          5            06/05/02         26
    0434165122                           05           08/01/02         25
    027205500368                         O            07/01/17
    0

    7771255          W82/G02             F          112,000.00         ZZ
                                         180        110,978.90          1
                                       7.500          1,038.25         80
                                       7.250          1,038.25
    MARIETTA         GA   30066          5            05/25/02         00
    0434146288                           05           07/01/02          0
    910001957                            O            06/01/17
    0

1

    7771273          H58/G02             F          111,000.00         ZZ
                                         180        109,954.60          1
                                       7.125          1,005.47         36
                                       6.875          1,005.47
    OAKLAND          CA   94608          5            05/02/02         00
    0434184354                           05           07/01/02          0
    0000096245                           O            06/01/17
    0

    7771301          Q57/G02             F          135,200.00         ZZ
                                         180        133,926.68          1
                                       7.125          1,224.68         80
                                       6.875          1,224.68
    FORT MOHAVE      AZ   86426          1            05/29/02         00
    0434154415                           05           07/01/02          0
    43700305                             O            06/01/17
    0

    7771645          E22/G02             F           76,000.00         ZZ
                                         180         75,508.56          1
                                       6.750            672.53         73
                                       6.500            672.53
    SAN ANTONIO      TX   78232          5            06/05/02         00
    0414073379                           05           08/01/02          0
    0414073379                           O            07/01/17
    0

    7771691          E22/G02             F           56,000.00         ZZ
                                         180         55,660.68          1
                                       7.500            519.13         80
                                       7.250            519.13
    KAUFMAN          TX   75142          5            06/07/02         00
    0414145524                           05           08/01/02          0
    0414145524                           N            07/01/17
    0

    7771715          E22/G02             F           60,000.00         ZZ
                                         180         59,616.18          1
                                       6.875            535.11         67
                                       6.625            535.11
    HOMOSASSA        FL   34448          5            06/07/02         00
    0414156604                           05           08/01/02          0
    0414156604                           O            07/01/17
    0

    7771747          E22/G02             F          155,000.00         ZZ
                                         180        154,019.12          1
                                       7.000          1,393.18         67
                                       6.750          1,393.18
1

    ROCKWALL         TX   75032          5            06/03/02         00
    0414175448                           05           08/01/02          0
    0414175448                           O            07/01/17
    0

    7771765          E22/G02             F          128,000.00         ZZ
                                         180        127,198.71          1
                                       7.125          1,159.46         80
                                       6.875          1,159.46
    DEMOPOLIS        AL   36732          5            06/07/02         00
    0414183210                           05           08/01/02          0
    0414183210                           O            07/01/17
    0

    7771773          E22/G02             F          276,200.00         ZZ
                                         180        274,452.13          1
                                       7.000          2,482.56         85
                                       6.750          2,482.56
    BRIGHTON         MI   48116          2            06/07/02         04
    0414185744                           05           08/01/02          6
    0414185744                           O            07/01/17
    0

    7771777          E22/G02             F           50,400.00         ZZ
                                         180         49,431.92          1
                                       7.000            453.01         58
                                       6.750            453.01
    CIBOLO           TX   78108          5            06/07/02         00
    0414188912                           05           08/01/02          0
    0414188912                           O            07/01/17
    0

    7772029          E82/G02             F          118,000.00         ZZ
                                         180        116,943.43          4
                                       6.875          1,052.39         41
                                       6.625          1,052.39
    BARRINGTON       NH   03825          2            06/11/02         00
    0400638789                           05           08/01/02          0
    1673704                              N            07/01/17
    0

    7772039          E82/G02             F          112,600.00         ZZ
                                         180        111,887.43          1
                                       7.000          1,012.08         72
                                       6.750          1,012.08
    DEARBORN HEIGHT  MI   48127          2            06/13/02         00
    0400635223                           05           08/01/02          0
    0400635223                           N            07/01/17
    0
1

    7772043          E82/G02             F           84,700.00         ZZ
                                         180         84,181.15          3
                                       7.375            779.18         70
                                       7.125            779.18
    PORT ORANGE      FL   32127          2            06/14/02         00
    0400636239                           05           08/01/02          0
    1525167                              N            07/01/17
    0

    7772173          S27/G02             F           97,750.00         ZZ
                                         180         96,903.11          1
                                       6.500            851.51         85
                                       6.250            851.51
    PALM COAST       FL   32164          5            05/31/02         10
    0434161709                           05           08/01/02          6
    1010019924                           O            07/01/17
    0

    7772645          N74/G02             F           62,800.00         ZZ
                                         180         62,389.53          1
                                       6.625            551.38         80
                                       6.375            551.38
    HOUSTON          TX   77075          5            06/06/02         00
    0434190989                           05           08/01/02          0
    0030298010                           O            07/01/17
    0

    7773669          L21/G02             F           53,000.00         ZZ
                                         180         52,668.22          1
                                       7.125            480.09         34
                                       6.875            480.09
    MANASSAS         VA   20110          2            06/07/02         00
    0434190054                           05           08/01/02          0
    70301925                             N            07/01/17
    0

    7773747          U05/G02             F          194,000.00         ZZ
                                         180        192,092.70          2
                                       6.625          1,703.31         59
                                       6.375          1,703.31
    LONG BEACH       CA   90806          5            05/24/02         00
    0434184412                           05           07/01/02          0
    3231618                              O            06/01/17
    0

    7774185          U05/G02             F          130,000.00         ZZ
                                         180        128,708.21          1
1

                                       6.500          1,132.44         40
                                       6.250          1,132.44
    DACULA           GA   30019          5            05/31/02         00
    0434184719                           05           07/01/02          0
    3233433                              O            06/01/17
    0

    7774305          964/G02             F          105,500.00         ZZ
                                         180        104,484.76          1
                                       6.875            940.91         80
                                       6.625            940.91
    LAS VEGAS        NV   89102          5            05/22/02         00
    0434199683                           05           07/01/02          0
    206522                               O            06/01/17
    0

    7774307          964/G02             F          142,500.00         ZZ
                                         180        141,548.42          1
                                       6.375          1,231.56         44
                                       6.125          1,231.56
    TOLUCA LAKE      CA   91602          2            06/03/02         00
    0434189338                           01           08/01/02          0
    207797                               O            07/01/17
    0

    7774325          964/G02             F          256,000.00         ZZ
                                         180        253,767.23          1
                                       6.500          2,230.04         40
                                       6.250          2,230.04
    SUNNYVALE        CA   94087          2            05/30/02         00
    0434188777                           05           08/01/02          0
    211541                               O            07/01/17
    0

    7774341          964/G02             F          220,000.00         ZZ
                                         180        196,288.05          1
                                       6.375          1,901.35         42
                                       6.125          1,901.35
    SAN LEANDRO      CA   94579          2            05/24/02         00
    0434187738                           03           07/01/02          0
    212795                               O            06/01/17
    0

    7774363          964/G02             F           86,000.00         ZZ
                                         180         85,443.90          2
                                       6.750            761.02         56
                                       6.500            761.02
    PORTLAND         OR   97266          1            06/05/02         00
    0434199188                           05           08/01/02          0
1

    214857                               O            07/01/17
    0

    7774373          964/G02             F          130,000.00         ZZ
                                         180        128,940.05          1
                                       6.500          1,132.44         62
                                       6.250          1,132.44
    NORWALK          CA   90650          5            06/06/02         00
    0434196473                           05           08/01/02          0
    216057                               O            07/01/17
    0

    7774383          964/G02             F          292,000.00         ZZ
                                         180        288,734.51          1
                                       6.250          2,503.68         30
                                       6.000          2,503.68
    SAN JOSE         CA   95120          2            05/30/02         00
    0434188520                           05           07/01/02          0
    216843                               O            06/01/17
    0

    7774385          964/G02             F          156,000.00         ZZ
                                         180        154,947.11          1
                                       6.250          1,337.58         60
                                       6.000          1,337.58
    SAN JOSE         CA   95122          5            06/03/02         00
    0434192068                           01           08/01/02          0
    216940                               O            07/01/17
    0

    7774417          L76/G02             F          106,200.00         ZZ
                                         180        105,464.98          1
                                       6.875            947.15         90
                                       6.625            947.15
    NASHVILLE        MI   49073          5            05/31/02         11
    0434173316                           05           08/01/02         12
    9506665                              O            07/01/17
    0

    7775011          F89/G02             F          360,000.00         ZZ
                                         180        357,621.60          1
                                       6.500          3,135.99         69
                                       6.250          3,135.99
    TEMECULA         CA   92592          1            06/06/02         00
    0434186417                           05           08/01/02          0
    11621153                             O            07/01/17
    0

1

    7775087          144/144             F           72,175.00         ZZ
                                         120         71,321.33          2
                                       6.625            824.13         22
                                       6.375            824.13
    PORT CHESTER, T  NY   10573          2            06/05/02         00
    02PEREZC                             05           08/01/02          0
    02PEREZC                             O            07/01/12
    0

    7775781          964/G02             F          241,800.00         ZZ
                                         180        240,202.51          1
                                       6.500          2,106.34         46
                                       6.250          2,106.34
    ELIZABETH        CO   80107          2            06/05/02         00
    0434162384                           05           08/01/02          0
    201918                               O            07/01/17
    0

    7775789          964/G02             F          286,000.00         ZZ
                                         180        283,188.23          1
                                       6.625          2,511.06         50
                                       6.375          2,511.06
    SAN FRANCISCO    CA   94116          5            05/17/02         00
    0434185922                           05           07/01/02          0
    205139                               O            06/01/17
    0

    7775793          964/G02             F          220,000.00         ZZ
                                         180        217,753.11          1
                                       6.750          1,946.80         26
                                       6.500          1,946.80
    SOUTH SAN FRANC  CA   94080          2            05/14/02         00
    0434148326                           03           07/01/02          0
    207218                               O            06/01/17
    0

    7775801          964/G02             F          270,000.00         ZZ
                                         180        266,929.03          1
                                       5.875          2,260.22         54
                                       5.625          2,260.22
    DALY CITY        CA   94015          2            05/21/02         00
    0434151122                           05           07/01/02          0
    209739                               O            06/01/17
    0

    7775805          964/G02             F          300,000.00         ZZ
                                         180        297,018.92          1
                                       6.500          2,613.33         66
                                       6.250          2,613.33
1

    EL SOBRANTE      CA   94803          5            05/21/02         00
    0434135984                           05           07/01/02          0
    210276                               O            06/01/17
    0

    7775817          964/G02             F          135,000.00         ZZ
                                         180        133,644.18          1
                                       6.375          1,166.74         48
                                       6.125          1,166.74
    PORTLAND         OR   97201          5            05/08/02         00
    0434122339                           05           07/01/02          0
    211421                               O            06/01/17
    0

    7775851          964/G02             F          360,000.00         ZZ
                                         180        356,460.69          1
                                       6.625          3,160.78         75
                                       6.375          3,160.78
    LAKE FOREST      CA   92630          5            05/29/02         00
    0434152328                           05           07/01/02          0
    212689                               O            06/01/17
    0

    7775877          964/G02             F          142,000.00         ZZ
                                         180        141,041.59          1
                                       6.250          1,217.54         50
                                       6.000          1,217.54
    ALISO VIEJO      CA   92656          1            06/05/02         00
    0434149068                           01           08/01/02          0
    213460                               O            07/01/17
    0

    7775893          964/G02             F          127,300.00         ZZ
                                         180        126,074.99          2
                                       6.875          1,135.33         72
                                       6.625          1,135.33
    MESA             AZ   85205          2            05/31/02         00
    0434165858                           05           07/01/02          0
    214509                               O            06/01/17
    0

    7775895          964/G02             F           81,900.00         ZZ
                                         180         80,894.80          1
                                       6.625            719.08         70
                                       6.375            719.08
    WHITE CITY       OR   97503          1            05/31/02         00
    0434125621                           03           07/01/02          0
    214626                               N            06/01/17
    0
1

    7776185          E22/G02             F           65,000.00         ZZ
                                         180         64,579.70          1
                                       6.750            575.19         65
                                       6.500            575.19
    ATWATER          CA   95301          5            06/05/02         00
    0413572397                           05           08/01/02          0
    0413572397                           O            07/01/17
    0

    7776251          E22/G02             F           34,000.00         ZZ
                                         180         33,789.46          1
                                       7.250            310.37         35
                                       7.000            310.37
    MYRTLE BEACH     SC   29588          5            06/07/02         00
    0414170274                           05           08/01/02          0
    0414170274                           O            07/01/17
    0

    7776267          E22/G02             F          106,200.00         ZZ
                                         180        105,542.35          1
                                       7.250            969.46         89
                                       7.000            969.46
    BOAZ             AL   35956          5            06/06/02         10
    0414192229                           05           08/01/02         25
    0414192229                           O            07/01/17
    0

    7776497          E82/G02             F          126,000.00         ZZ
                                         180        125,167.55          1
                                       6.500          1,097.60         75
                                       6.250          1,097.60
    WARREN           MI   48093          2            06/07/02         00
    0400627568                           05           08/01/02          0
    2933189                              O            07/01/17
    0

    7776503          E82/G02             F           60,000.00         ZZ
                                         180         59,603.61          1
                                       6.500            522.66         80
                                       6.250            522.66
    BURLESON         TX   76028          2            06/11/02         00
    0400633491                           05           08/01/02          0
    0400633491                           O            07/01/17
    0

    7776507          E82/G02             F          199,900.00         ZZ
                                         180        198,621.23          4
1

                                       6.875          1,782.82         67
                                       6.625          1,782.82
    COLORADO SPRING  CO   80907          2            06/14/02         00
    0400641106                           05           08/01/02          0
    1873039                              N            07/01/17
    0

    7776509          E82/G02             F          198,000.00         ZZ
                                         180        196,733.40          4
                                       6.875          1,765.87         67
                                       6.625          1,765.87
    COLORADO SPRING  CO   80907          2            06/14/02         00
    0400641114                           05           08/01/02          0
    2827478                              N            07/01/17
    0

    7776577          F36/G02             F           41,000.00         ZZ
                                         180         40,737.73          1
                                       6.875            365.66         22
                                       6.625            365.66
    TACOMA           WA   98406          5            05/30/02         00
    0434187316                           05           08/01/02          0
    06504948                             O            07/01/17
    0

    7776977          E84/G02             F          125,650.00         ZZ
                                         180        123,287.32          1
                                       7.250          1,147.01         70
                                       7.000          1,147.01
    NORTH POTOMAC    MD   20878          2            03/01/02         00
    0434189742                           01           04/01/02          0
    66820040                             O            03/01/17
    0

    7777051          E57/G02             F          155,000.00         ZZ
                                         180        153,953.84          1
                                       6.250          1,329.01         63
                                       6.000          1,329.01
    MONTEBELLO       CA   90640          2            06/04/02         00
    0434172052                           05           08/01/02          0
    06007852                             O            07/01/17
    0

    7778067          A21/A21             F          648,000.00         ZZ
                                         180        645,888.10          1
                                       6.625          5,689.40         80
                                       6.375          5,689.40
    CRESSKILL        NJ   07626          1            07/31/02         00
    1                                    05           09/01/02          0
1

    1                                    O            08/01/17
    0

    7778389          G75/G75             F           86,400.00         ZZ
                                         180         85,577.45          1
                                       7.000            776.59         80
                                       6.750            776.59
    CULPEPER         VA   22701          1            05/20/02         00
    04682995                             05           07/01/02          0
    04682995                             N            06/01/17
    0

    7778401          964/G02             F          190,000.00         ZZ
                                         180        188,071.43          1
                                       6.250          1,629.10         38
                                       6.000          1,629.10
    WALNUT CREEK     CA   94598          5            05/16/02         00
    0434200127                           05           07/01/02          0
    211118                               O            06/01/17
    0

    7778949          U36/G02             F           95,200.00         ZZ
                                         180         94,274.02          1
                                       6.750            842.43         80
                                       6.500            842.43
    LAUREL           MD   20707          1            05/21/02         00
    0434201059                           07           07/01/02          0
    942401001                            N            06/01/17
    0

    7780237          E22/G02             F          275,000.00         ZZ
                                         180        273,163.63          1
                                       6.375          2,376.69         40
                                       6.125          2,376.69
    BELLAIRE         TX   77401          5            06/10/02         00
    0414141101                           05           08/01/02          0
    0414141101                           O            07/01/17
    0

    7780247          E22/G02             F           35,000.00         ZZ
                                         180         34,785.61          1
                                       7.375            321.97         74
                                       7.125            321.97
    OKLAHOMA CITY    OK   73159          5            06/14/02         00
    0414146167                           07           08/01/02          0
    0414146167                           N            07/01/17
    0

1

    7780273          E22/G02             F          119,750.00         ZZ
                                         120        118,333.60          1
                                       6.625          1,367.37         65
                                       6.375          1,367.37
    THE COLONY       TX   75056          2            06/10/02         00
    0414171447                           05           08/01/02          0
    0414171447                           O            07/01/12
    0

    7780289          E22/G02             F          106,900.00         ZZ
                                         180        106,093.21          1
                                       6.500            931.21         79
                                       6.250            931.21
    SAPULPA          OK   74014          2            06/10/02         00
    0414177774                           05           08/01/02          0
    0414177774                           O            07/01/17
    0

    7780321          E22/G02             F          107,400.00         ZZ
                                         180        106,734.93          1
                                       7.250            980.41         62
                                       7.000            980.41
    AUSTIN           TX   78729          5            06/10/02         00
    0414195552                           05           08/01/02          0
    0414195552                           O            07/01/17
    0

    7780359          E22/G02             F           71,750.00         ZZ
                                         180         71,291.01          1
                                       6.875            639.91         74
                                       6.625            639.91
    HOUSTON          TX   77014          5            06/10/02         00
    0414222760                           03           08/01/02          0
    0414222760                           O            07/01/17
    0

    7780377          E22/G02             F           87,750.00         ZZ
                                         180         87,206.60          1
                                       7.250            801.04         75
                                       7.000            801.04
    KALAMAZOO        MI   49024          5            06/14/02         00
    0414229732                           05           08/01/02          0
    0414229732                           N            07/01/17
    0

    7780539          E82/G02             F           68,600.00         ZZ
                                         180         68,170.55          1
                                       7.125            621.40         66
                                       6.875            621.40
1

    COOL RIDGE       WV   25825          2            06/10/02         00
    0400616009                           05           08/01/02          0
    0400616009                           O            07/01/17
    0

    7780543          E82/G02             F          165,200.00         ZZ
                                         180        164,120.21          1
                                       6.625          1,450.45         65
                                       6.375          1,450.45
    CORAL SPRINGS    FL   33065          5            06/12/02         00
    0400627451                           05           08/01/02          0
    0400627451                           O            07/01/17
    0

    7780549          E82/G02             F           71,300.00         ZZ
                                         180         70,848.80          1
                                       7.000            640.86         57
                                       6.750            640.86
    ORLANDO          FL   32824          2            06/17/02         00
    0400638540                           03           08/01/02          0
    0400638540                           N            07/01/17
    0

    7780551          E82/G02             F          268,000.00         ZZ
                                         180        266,267.02          1
                                       6.750          2,371.56         75
                                       6.500          2,371.56
    PLACENTIA        CA   92870          2            06/11/02         00
    0400633053                           05           08/01/02          0
    0400633053                           O            07/01/17
    0

    7780573          E82/G02             F           44,000.00         ZZ
                                         180         43,721.57          1
                                       7.000            395.48         79
                                       6.750            395.48
    FORT SMITH       AR   72904          5            06/07/02         00
    0400632196                           05           08/01/02          0
    0400632196                           O            07/01/17
    0

    7780776          E22/G02             F           54,150.00         ZZ
                                         180         53,098.81          1
                                       6.875            482.94         95
                                       6.625            482.94
    HOUSTON          TX   77057          1            02/07/02         04
    0413608126                           01           04/01/02         30
    0413608126                           O            03/01/17
    0
1

    7781136          U53/G02             F           62,500.00         ZZ
                                         180         61,299.48          1
                                       7.000            561.77         44
                                       6.750            561.77
    JACKSON          MS   39213          5            02/06/02         00
    0400535852                           05           04/01/02          0
    0400535852                           O            03/01/17
    0

    7781941          S27/G02             F          100,000.00         T
                                         180         99,367.16          1
                                       7.000            898.83         70
                                       6.750            898.83
    SAINT CLOUD      FL   34769          5            06/05/02         00
    0434181848                           05           08/01/02          0
    1200000051                           O            07/01/17
    0

    7781993          A21/G02             F          330,000.00         ZZ
                                         180        327,843.06          2
                                       6.625          2,897.38         79
                                       6.375          2,897.38
    ASTORIA          NY   11106          2            06/07/02         00
    0434194676                           05           08/01/02          0
    0100121543                           O            07/01/17
    0

    7782351          Q87/G02             F           47,600.00         ZZ
                                         180         47,161.30          1
                                       7.375            437.88         85
                                       7.125            437.88
    FYFFE            AL   35971          5            06/12/02         10
    0434178737                           05           07/17/02          6
    ROBI01                               O            06/17/17
    0

    7782375          P09/G02             F           77,600.00         ZZ
                                         180         76,845.20          1
                                       6.750            686.69         73
                                       6.500            686.69
    WESTERNPORT      MD   21562          5            06/01/02         00
    0434228235                           05           07/01/02          0
    R0205130                             O            06/01/17
    0

    7782591          964/G02             F          500,000.00         ZZ
                                         180        496,625.33          1
1

                                       6.250          4,287.12         80
                                       6.000          4,287.12
    RANCHO PALOS VE  CA   90275          5            06/05/02         00
    0434199592                           05           08/01/02          0
    212132                               O            07/01/17
    0

    7782619          964/G02             F          225,000.00         ZZ
                                         180        223,513.50          1
                                       6.500          1,959.99         56
                                       6.250          1,959.99
    LAKEWOOD         CO   80235          2            06/10/02         00
    0434221487                           03           08/01/02          0
    216875                               O            07/01/17
    0

    7782621          964/G02             F          140,000.00         ZZ
                                         180        138,968.32          1
                                       5.875          1,171.97         40
                                       5.625          1,171.97
    WILSONVILLE      OR   97070          1            06/11/02         00
    0434197638                           03           08/01/02          0
    217073                               O            07/01/17
    0

    7783109          964/G02             F           52,650.00         ZZ
                                         180         51,911.88          1
                                       6.750            465.90         60
                                       6.500            465.90
    HOUSTON          TX   77099          2            06/11/02         00
    0434224119                           03           08/01/02          0
    217107                               O            07/01/17
    0

    7783269          U87/G02             F          480,000.00         ZZ
                                         180        475,792.05          1
                                       6.375          4,148.40         80
                                       6.125          4,148.40
    WOODLAND HILLS   CA   91367          5            06/01/02         00
    0434195947                           03           08/01/02          0
    4578                                 O            07/01/17
    0

    7783373          975/G02             F          260,000.00         ZZ
                                         180        258,263.80          1
                                       6.375          2,247.05         79
                                       6.125          2,247.05
    CHINO HILLS      CA   91709          1            06/11/02         00
    0434184511                           05           08/01/02          0
1

    2022173                              O            07/01/17
    0

    7783865          E22/G02             F          388,000.00         ZZ
                                         180        385,463.94          1
                                       6.625          3,406.62         80
                                       6.375          3,406.62
    SAN ANTONIO      TX   78210          5            06/11/02         00
    0414044180                           05           08/01/02          0
    0414044180                           O            07/01/17
    0

    7783885          E22/G02             F           66,000.00         ZZ
                                         180         65,365.22          1
                                       6.875            588.62         53
                                       6.625            588.62
    BONNE TERRE      MO   63628          5            06/11/02         00
    0414085480                           05           08/01/02          0
    0414085480                           O            07/01/17
    0

    7783895          E22/G02             F          121,250.00         ZZ
                                         180        120,465.96          1
                                       6.750          1,072.95         79
                                       6.500          1,072.95
    EUGENE           OR   97404          2            06/11/02         00
    0414100594                           05           08/01/02          0
    0414100594                           O            07/01/17
    0

    7783901          E22/G02             F          168,480.00         ZZ
                                         180        167,366.91          1
                                       6.500          1,467.64         80
                                       6.250          1,467.64
    CROCKETT         TX   75835          5            06/10/02         00
    0414106492                           05           08/01/02          0
    0414106492                           O            07/01/17
    0

    7784047          E22/G02             F           90,000.00         ZZ
                                         180         89,424.27          1
                                       6.875            802.67         90
                                       6.625            802.67
    MIAMI            FL   33177          2            06/12/02         01
    0414203596                           05           08/01/02         30
    0414203596                           O            07/01/17
    0

1

    7784097          E22/G02             F           88,000.00         ZZ
                                         180         87,437.07          1
                                       6.875            784.83         80
                                       6.625            784.83
    DALLAS           TX   75252          1            06/17/02         00
    0414225987                           01           08/01/02          0
    0414225987                           N            07/01/17
    0

    7784185          E22/G02             F          164,000.00         ZZ
                                         180        162,907.15          2
                                       6.875          1,462.64         80
                                       6.625          1,462.64
    SACRAMENTO       CA   95825          1            06/11/02         00
    0414282913                           05           08/01/02          0
    0414282913                           N            07/01/17
    0

    7784583          738/G02             F           42,000.00         ZZ
                                         180         41,595.84          1
                                       6.875            374.58         60
                                       6.625            374.58
    MIAMI            FL   33183          1            05/28/02         00
    0434261327                           01           07/01/02          0
    40450559                             N            06/01/17
    0

    7784865          E82/G02             F          199,600.00         ZZ
                                         180        198,323.15          1
                                       6.875          1,780.14         77
                                       6.625          1,780.14
    PLANO            TX   75093          2            06/18/02         00
    0400641692                           03           08/01/02          0
    2790690                              N            07/01/17
    0

    7784867          E82/G02             F          176,250.00         ZZ
                                         180        175,122.54          1
                                       6.875          1,571.89         72
                                       6.625          1,571.89
    PLANO            TX   75025          2            06/18/02         00
    0400642278                           03           08/01/02          0
    2799289                              N            07/01/17
    0

    7784869          E82/G02             F          184,000.00         ZZ
                                         180        182,822.95          1
                                       6.875          1,641.01         72
                                       6.625          1,641.01
1

    PLANO            TX   75025          2            06/18/02         00
    0400641700                           03           08/01/02          0
    2792362                              N            07/01/17
    0

    7784871          E82/G02             F          191,500.00         ZZ
                                         180        190,274.98          1
                                       6.875          1,707.90         76
                                       6.625          1,707.90
    PLANO            TX   75025          2            06/18/02         00
    0400642260                           03           08/01/02          0
    2796053                              N            07/01/17
    0

    7784931          J40/G02             F          154,000.00         ZZ
                                         180        152,971.63          1
                                       6.375          1,330.95         74
                                       6.125          1,330.95
    TALKING ROCK     GA   30175          4            06/06/02         00
    0434193900                           05           08/01/02          0
    7719005                              O            07/01/17
    0

    7785093          K15/G02             F          143,900.00         ZZ
                                         180        143,028.10          1
                                       7.500          1,333.97         90
                                       7.250          1,333.97
    COLCHESTER       CT   06415          5            06/10/02         26
    0434187688                           05           08/01/02         12
    029705304929                         O            07/01/17
    0

    7785331          H22/G02             F          399,000.00         ZZ
                                         180        396,363.94          1
                                       6.500          3,475.72         43
                                       6.250          3,475.72
    MALBA            NY   11357          1            06/13/02         00
    0434191615                           05           08/01/02          0
    0204029                              O            07/01/17
    0

    7785343          Q87/G02             F           54,000.00         ZZ
                                         180         53,474.76          1
                                       6.750            477.85         79
                                       6.500            477.85
    PICAYUNE         MS   39466          5            06/14/02         00
    0434201075                           05           07/19/02          0
    BRJA04                               O            06/19/17
    0
1

    7785459          E47/G02             F          150,000.00         ZZ
                                         180        148,525.29          1
                                       6.625          1,316.99         45
                                       6.375          1,316.99
    ORLAND PARK      IL   60467          1            05/31/02         00
    0434186920                           05           07/01/02          0
    7360513747                           O            06/01/17
    0

    7787497          286/286             F          400,000.00         ZZ
                                         180        389,586.97          1
                                       6.875          3,567.42         73
                                       6.625          3,567.42
    TORRANCE         CA   90505          5            12/17/01         00
    703178                               05           02/01/02          0
    703178                               O            01/01/17
    0

    7787501          286/286             F          137,000.00         ZZ
                                         180        135,667.42          1
                                       6.750          1,212.33         70
                                       6.500          1,212.33
    GETTYSBURG       PA   17325          5            05/02/02         00
    1271809                              05           07/01/02          0
    1271809                              O            06/01/17
    0

    7787503          286/286             F          457,500.00         ZZ
                                         180        440,077.31          1
                                       6.250          3,922.71         75
                                       6.000          3,922.71
    COLUMBUS         TX   78934          2            11/28/01         00
    1295193                              05           01/01/02          0
    1295193                              O            12/01/16
    0

    7787505          286/286             F          428,000.00         ZZ
                                         180        423,792.15          1
                                       6.625          3,757.82         80
                                       6.375          3,757.82
    AUSTIN           TX   78733          1            05/29/02         00
    1266210                              03           07/01/02          0
    1266210                              O            06/01/17
    0

    7787507          286/286             F           56,250.00         ZZ
                                         180         53,339.69          1
1

                                       6.625            493.88         74
                                       6.375            493.88
    WHITEWATER       MO   63785          5            11/14/01         00
    595303                               05           01/01/02          0
    595303                               O            12/01/16
    0

    7787509          286/286             F          202,500.00         ZZ
                                         180        200,509.14          1
                                       6.625          1,777.94         75
                                       6.375          1,777.94
    SAN DIEGO        CA   92126          5            05/13/02         00
    791776                               05           07/01/02          0
    791776                               O            06/01/17
    0

    7787511          286/286             F          257,250.00         ZZ
                                         180        254,720.87          1
                                       6.625          2,258.64         75
                                       6.375          2,258.64
    MISSION VIEJO    CA   92691          5            05/08/02         00
    794901                               05           07/01/02          0
    794901                               O            06/01/17
    0

    7787513          286/286             F          219,000.00         ZZ
                                         180        216,143.04          1
                                       6.750          1,937.95         75
                                       6.500          1,937.95
    SACRAMENTO       CA   95827          5            05/28/02         00
    793299                               05           07/01/02          0
    793299                               O            06/01/17
    0

    7787581          286/286             F          610,000.00         ZZ
                                         180        603,677.92          1
                                       6.625          5,355.77         43
                                       6.375          5,355.77
    LOS ALTOS        CA   94024          5            05/09/02         00
    1289644                              05           07/01/02          0
    1289644                              O            06/01/17
    0

    7787595          286/286             F          364,000.00         ZZ
                                         180        360,344.26          1
                                       6.375          3,145.88         80
                                       6.125          3,145.88
    SEATTLE          WA   98199          5            05/02/02         00
    1287886                              05           07/01/02          0
1

    1287886                              O            06/01/17
    0

    7787619          286/286             F          335,000.00         T
                                         180        321,599.71          1
                                       6.875          2,987.72         88
                                       6.625          2,987.72
    CHESTERTON       IN   46304          2            08/13/01         14
    513089                               05           10/01/01         25
    513089                               O            09/01/16
    0

    7787645          286/286             F          649,000.00         ZZ
                                         180        641,852.32          1
                                       6.500          5,653.49         30
                                       6.250          5,653.49
    WOODSIDE         CA   94062          5            05/03/02         00
    793220                               05           07/01/02          0
    793220                               O            06/01/17
    0

    7787709          477/G02             F          127,500.00         ZZ
                                         180        126,273.08          1
                                       6.875          1,137.11         48
                                       6.625          1,137.11
    SAN JOSE         CA   95132          5            05/22/02         00
    0434211462                           01           07/01/02          0
    232308                               O            06/01/17
    0

    7788293          822/G02             F          135,200.00         ZZ
                                         180        134,335.11          1
                                       6.875          1,205.79         80
                                       6.625          1,205.79
    KERNERSVILLE     NC   27284          5            06/04/02         00
    0434190716                           05           08/01/02          0
    0126099871                           O            07/01/17
    0

    7788335          588/G02             F          375,250.00         ZZ
                                         180        371,753.82          1
                                       7.250          3,425.52         95
                                       7.000          3,425.52
    SILVER SPRING    MD   20906          1            05/31/02         01
    0434237012                           05           07/01/02         25
    1066584                              O            06/01/17
    0

1

    7788625          E22/G02             F          109,000.00         ZZ
                                         180        106,971.37          1
                                       6.125            927.18         68
                                       5.875            927.18
    DOUGLASSVILLE    PA   19518          2            05/31/02         00
    0414086728                           05           08/01/02          0
    0414086728                           O            07/01/17
    0

    7788641          E22/G02             F           87,000.00         ZZ
                                         180         86,330.81          1
                                       6.625            763.85         67
                                       6.375            763.85
    DELTONA          FL   32738          2            06/13/02         00
    0414106377                           05           08/01/02          0
    0414106377                           O            07/01/17
    0

    7788677          E22/G02             F          123,800.00         ZZ
                                         180        119,121.55          1
                                       6.250          1,061.49         52
                                       6.000          1,061.49
    CANYON LAKE      TX   78133          2            06/06/02         00
    0414179283                           03           08/01/02          0
    0414179283                           O            07/01/17
    0

    7788709          E22/G02             F           72,800.00         ZZ
                                         180         72,313.87          1
                                       6.375            629.17         80
                                       6.125            629.17
    CADIZ            KY   42211          2            06/13/02         00
    0414203273                           05           08/01/02          0
    0414203273                           O            07/01/17
    0

    7788753          E22/G02             F           92,720.00         ZZ
                                         180         92,107.43          1
                                       6.500            807.69         80
                                       6.250            807.69
    KALISPELL        MT   59901          1            06/18/02         00
    0414240671                           09           08/01/02          0
    0414240671                           O            07/01/17
    0

    7788763          E22/G02             F          114,000.00         ZZ
                                         180        113,278.58          1
                                       7.000          1,024.66         85
                                       6.750          1,024.66
1

    O'NEILL          NE   68763          5            06/13/02         04
    0414250357                           05           08/01/02          6
    0414250357                           O            07/01/17
    0

    7788799          E22/G02             F          138,000.00         ZZ
                                         180        137,098.01          1
                                       6.625          1,211.63         76
                                       6.375          1,211.63
    AURORA           CO   80017          5            06/13/02         00
    0414272021                           05           08/01/02          0
    0414272021                           O            07/01/17
    0

    7788803          E22/G02             F          101,000.00         ZZ
                                         180        100,381.32          2
                                       7.375            929.12         75
                                       7.125            929.12
    RIVER RIDGE      LA   70123          5            06/18/02         00
    0414279125                           05           08/01/02          0
    0414279125                           N            07/01/17
    0

    7788805          E22/G02             F           90,000.00         ZZ
                                         180         89,084.14          2
                                       6.875            802.67         90
                                       6.625            802.67
    NEW ORLEANS      LA   70114          1            06/18/02         04
    0414281790                           05           08/01/02         12
    0414281790                           O            07/01/17
    0

    7788815          E22/G02             F          100,000.00         ZZ
                                         180         98,340.86          1
                                       6.625            877.99         53
                                       6.375            877.99
    ROCKWALL         TX   75087          1            06/18/02         00
    0414327403                           05           08/01/02          0
    0414327403                           O            07/01/17
    0

    7788893          U05/G02             F          110,000.00         ZZ
                                         180        109,288.71          1
                                       6.750            973.40         67
                                       6.500            973.40
    CARROLLTON       TX   75006          5            06/04/02         00
    0434189403                           05           08/01/02          0
    3234504                              O            07/01/17
    0
1

    7789099          E82/G02             F           86,600.00         ZZ
                                         180         86,046.01          1
                                       6.875            772.35         73
                                       6.625            772.35
    MONROE TOWNSHIP  NJ   08831          2            06/14/02         00
    0400635918                           01           08/01/02          0
    1845133                              O            07/01/17
    0

    7789103          E82/G02             F           45,800.00         ZZ
                                         180         45,516.38          1
                                       7.250            418.09         62
                                       7.000            418.09
    PONTIAC          MI   48340          2            06/18/02         00
    0400638177                           05           08/01/02          0
    1680651                              N            07/01/17
    0

    7789127          J95/G02             F          399,950.00         ZZ
                                         180        396,101.23          1
                                       6.875          3,566.98         50
                                       6.625          3,566.98
    ST AUGUSTINE     FL   32080          2            05/27/02         00
    0434222873                           05           07/01/02          0
    0028697084                           O            06/01/17
    0

    7789129          J95/G02             F          622,499.00         ZZ
                                         180        612,109.40          1
                                       7.500          5,770.64         69
                                       7.250          5,770.64
    FORT MYERS       FL   33908          5            03/22/02         00
    0434215380                           01           05/01/02          0
    0028832160                           O            04/01/17
    0

    7789131          J95/G02             F          300,000.00         ZZ
                                         180        296,939.59          1
                                       6.875          2,675.57         78
                                       6.625          2,675.57
    SILVER SPRING    MD   20904          5            05/20/02         00
    0434222881                           05           07/01/02          0
    0028931756                           O            06/01/17
    0

    7789133          J95/G02             F          112,000.00         ZZ
                                         180        110,933.73          1
1

                                       7.000          1,006.69         70
                                       6.750          1,006.69
    PORTLAND         OR   97213          5            05/06/02         00
    0434208310                           05           07/01/02          0
    0028974319                           N            06/01/17
    0

    7789135          J95/G02             F           79,500.00         ZZ
                                         180         78,718.40          1
                                       6.625            698.01         67
                                       6.375            698.01
    MERCER           PA   16137          2            05/24/02         00
    0434222907                           03           07/01/02          0
    0029027679                           O            06/01/17
    0

    7789137          J95/G02             F          328,000.00         ZZ
                                         180        324,740.69          1
                                       6.500          2,857.24         80
                                       6.250          2,857.24
    SAN MARCOS       CA   92078          5            05/02/02         00
    0434222899                           05           07/01/02          0
    0029035995                           O            06/01/17
    0

    7789139          J95/G02             F           46,550.00         T
                                         180         45,969.97          1
                                       7.250            424.94         80
                                       7.000            424.94
    LONGWOOD         FL   32078          1            04/30/02         00
    0434222022                           01           06/01/02          0
    0029080702                           O            05/01/17
    0

    7789141          J95/G02             F           73,500.00         ZZ
                                         180         72,785.07          1
                                       6.750            650.41         80
                                       6.500            650.41
    NORTH HUNTINGDO  PA   15642          1            05/29/02         00
    0434208161                           05           07/01/02          0
    0029141835                           N            06/01/17
    0

    7789143          J95/G02             F          250,000.00         ZZ
                                         180        247,594.22          1
                                       6.875          2,229.64         56
                                       6.625          2,229.64
    CROWNSVILLE      MD   21032          5            05/24/02         00
    0434208435                           05           07/01/02          0
1

    0029283959                           O            06/01/17
    0

    7789171          144/144             F          236,000.00         ZZ
                                         180        234,440.83          1
                                       6.500          2,055.81         75
                                       6.250          2,055.81
    WALLKILL         NY   10941          2            06/04/02         00
    160657858                            05           08/01/02          0
    160657858                            O            07/01/17
    0

    7789181          K15/G02             F          137,000.00         ZZ
                                         180        136,123.61          1
                                       6.875          1,221.84         75
                                       6.625          1,221.84
    WILTON           NH   03086          5            06/11/02         00
    0434201463                           05           08/01/02          0
    003330005500688                      O            07/01/17
    0

    7789221          K15/G02             F           55,000.00         ZZ
                                         180         54,666.74          1
                                       7.500            509.86         63
                                       7.250            509.86
    PORT CLINTON     OH   43452          5            06/11/02         00
    0434199014                           05           08/01/02          0
    028705500320                         O            07/01/17
    0

    7790067          F96/G02             F          120,000.00         ZZ
                                         180        119,280.80          2
                                       7.625          1,120.96         72
                                       7.375          1,120.96
    CITY OF NEWARK   NJ   07103          5            06/07/02         00
    0434190401                           05           08/01/02          0
    0108705                              N            07/01/17
    0

    7790383          J40/G02             F          110,000.00         ZZ
                                         180        108,918.55          1
                                       6.625            965.79         71
                                       6.375            965.79
    MADISON          MS   39110          1            05/22/02         00
    0434198313                           05           07/01/02          0
    7750925                              O            06/01/17
    0

1

    7790417          822/G02             F          200,000.00         ZZ
                                         180        197,149.56          1
                                       6.750          1,769.82         80
                                       6.500          1,769.82
    SWARTHMORE       PA   19081          5            05/24/02         00
    0434187621                           05           07/01/02          0
    5456000090                           O            06/01/17
    0

    7790479          X19/G02             F          126,000.00         ZZ
                                         120        124,549.76          1
                                       7.125          1,471.10         45
                                       6.875          1,471.10
    MAHOPAC          NY   10541          5            06/17/02         00
    0434199204                           05           08/01/02          0
    22050604                             O            07/01/12
    0

    7790539          K39/G02             F          112,000.00         ZZ
                                         180        110,947.42          1
                                       7.150          1,016.11         68
                                       6.900          1,016.11
    HANOVER          MD   21076          2            06/06/02         00
    0434188009                           05           07/11/02          0
    216688596                            O            06/11/17
    0

    7790653          883/G02             F          151,200.00         ZZ
                                         180        150,211.72          1
                                       6.625          1,327.53         80
                                       6.375          1,327.53
    NAPLES           FL   34112          1            06/12/02         00
    0434210902                           05           08/01/02          0
    02017360                             O            07/01/17
    0

    7790713          642/G02             F           70,000.00         ZZ
                                         180         69,552.20          1
                                       6.875            624.30         79
                                       6.625            624.30
    WILMINGTON       DE   19805          5            06/13/02         00
    0434192829                           07           08/01/02          0
    05171802                             O            07/01/17
    0

    7790895          K39/G02             F           72,000.00         ZZ
                                         180         71,492.34          1
                                       7.125            652.20         90
                                       6.875            652.20
1

    CAYCE            SC   29033          5            06/05/02         10
    0434198115                           05           08/05/02         12
    248587955                            O            07/05/17
    0

    7791551          E84/G02             F          508,000.00         ZZ
                                         180        503,005.64          1
                                       6.625          4,460.21         80
                                       6.375          4,460.21
    SANDY            UT   84092          5            05/20/02         00
    0434270708                           05           07/01/02          0
    1101002738                           O            06/01/17
    0

    7791561          116/116             F          114,400.00         ZZ
                                         180        113,238.77          1
                                       6.250            980.90         80
                                       6.000            980.90
    HOUSTON          TX   77042          1            05/28/02         00
    091021969                            05           07/01/02          0
    091021969                            O            06/01/17
    0

    7791565          N74/G02             F          112,700.00         ZZ
                                         180        111,939.34          1
                                       6.250            966.32         73
                                       6.000            966.32
    MIDLOTHIAN       VA   23114          2            06/13/02         00
    0434208179                           05           08/01/02          0
    0030316010                           O            07/01/17
    0

    7791631          K15/G02             F          108,000.00         ZZ
                                         180        107,331.21          1
                                       7.250            985.89         78
                                       7.000            985.89
    EPSOM            NH   03234          5            06/11/02         00
    0434207163                           05           08/01/02          0
    033605500352                         O            07/01/17
    0

    7791707          X16/G02             F           37,500.00         ZZ
                                         180         37,260.10          1
                                       6.875            334.45         74
                                       6.625            334.45
    LONDON           OH   43140          2            06/11/02         00
    0434195285                           05           08/01/02          0
    0010068214                           N            07/01/17
    0
1

    7791757          E22/G02             F          115,000.00         ZZ
                                         180        114,256.37          1
                                       6.750          1,017.65         57
                                       6.500          1,017.65
    BOCA RATON       FL   33433          2            06/14/02         00
    0414112219                           05           08/01/02          0
    0414112219                           O            07/01/17
    0

    7791801          E22/G02             F           98,500.00         ZZ
                                         180         97,835.19          1
                                       6.250            844.56         47
                                       6.000            844.56
    WESTERVILLE      OH   43082          5            06/14/02         00
    0414160374                           05           08/01/02          0
    0414160374                           O            07/01/17
    0

    7791853          E22/G02             F           82,500.00         ZZ
                                         180         81,965.69          1
                                       6.875            735.78         69
                                       6.625            735.78
    MIAMI            FL   33189          1            06/19/02         00
    0414206375                           05           08/01/02          0
    0414206375                           O            07/01/17
    0

    7792115          E82/G02             F           99,600.00         ZZ
                                         180         98,927.77          1
                                       6.250            853.99         78
                                       6.000            853.99
    HINESVILLE       GA   31313          2            06/17/02         00
    0400642377                           05           08/01/02          0
    1863094                              O            07/01/17
    0

    7793051          W99/G02             F           67,000.00         ZZ
                                         180         66,594.04          3
                                       7.500            621.10         61
                                       7.250            621.10
    AUGUSTA          GA   30904          5            06/07/02         00
    0434192134                           05           08/01/02          0
    130411002                            N            07/01/17
    0

    7793105          E86/G02             F           31,500.00         ZZ
                                         180         31,405.91          1
1

                                       7.625            294.25         70
                                       7.375            294.25
    MOUNT POCONO     PA   18344          1            07/22/02         00
    0434334355                           01           09/01/02          0
    1                                    N            08/01/17
    0

    7793377          E86/G02             F           31,500.00         ZZ
                                         180         31,405.91          1
                                       7.625            294.25         70
                                       7.375            294.25
    MOUNT POCONO     PA   18344          1            07/22/02         00
    0434355699                           01           09/01/02          0
    1                                    N            08/01/17
    0

    7793391          E86/G02             F           31,500.00         ZZ
                                         180         31,405.91          1
                                       7.625            294.25         70
                                       7.375            294.25
    MOUNT POCONO     PA   18344          1            07/22/02         00
    0434355400                           01           09/01/02          0
    192350                               N            08/01/17
    0

    7793393          E45/G02             F           39,000.00         ZZ
                                         180         38,624.72          1
                                       6.875            347.82         75
                                       6.625            347.82
    DEWY ROSE        GA   30635          5            05/09/02         00
    0434203980                           05           07/01/02          0
    219060                               N            06/01/17
    0

    7793413          E86/G02             F           31,500.00         ZZ
                                         180         31,405.91          1
                                       7.625            294.25         70
                                       7.375            294.25
    MOUNT POCONO     PA   18344          1            07/22/02         00
    0434334827                           01           09/01/02          0
    1                                    N            08/01/17
    0

    7793425          E86/G02             F           31,500.00         ZZ
                                         180         31,405.91          1
                                       7.625            294.25         70
                                       7.375            294.25
    MOUNT POCONO     PA   18344          1            07/22/02         00
    0434352886                           01           09/01/02          0
1

    205818                               N            08/01/17
    0

    7793428          601/G02             F          102,150.00         T
                                         180        100,145.93          1
                                       6.750            903.94         56
                                       6.500            903.94
    HOUSTON          TX   77069          2            02/14/02         00
    0433782901                           05           04/01/02          0
    61175246                             O            03/01/17
    0

    7793431          737/G02             F          145,500.00         ZZ
                                         180        144,548.98          2
                                       6.625          1,277.48         73
                                       6.375          1,277.48
    CICERO           IL   60804          2            06/07/02         00
    0434199709                           05           08/01/02          0
    2064175                              O            07/01/17
    0

    7793439          E45/G02             F          268,000.00         ZZ
                                         180        265,365.19          1
                                       6.625          2,353.02         80
                                       6.375          2,353.02
    SANTA ANA        CA   92706          1            05/02/02         00
    0434194510                           05           07/01/02          0
    229819                               O            06/01/17
    0

    7793509          W39/G02             F           97,500.00         ZZ
                                         180         96,909.23          1
                                       7.500            903.84         75
                                       7.250            903.84
    MESQUITE         TX   75150          5            06/14/02         00
    0434250551                           05           08/01/02          0
    PNI01512                             N            07/01/17
    0

    7793515          E45/G02             F           63,300.00         ZZ
                                         180         62,710.25          1
                                       7.250            577.84         25
                                       7.000            577.84
    BROOMFIELD       CO   80020          5            05/10/02         00
    0434187472                           05           07/01/02          0
    233344                               O            06/01/17
    0

1

    7793523          E45/G02             F           98,000.00         ZZ
                                         120         95,633.52          1
                                       6.375          1,106.55         70
                                       6.125          1,106.55
    LAVONIA          GA   30553          5            05/03/02         00
    0434195335                           05           06/01/02          0
    240971                               O            05/01/12
    0

    7793543          W39/G02             F           75,000.00         ZZ
                                         180         74,545.56          1
                                       7.500            695.26         75
                                       7.250            695.26
    MESQUITE         TX   75149          5            06/14/02         00
    0434250478                           05           08/01/02          0
    PNI01414                             N            07/01/17
    0

    7794299          E45/G02             F           63,500.00         ZZ
                                         120         62,241.61          1
                                       6.875            733.20         27
                                       6.625            733.20
    GERMANTOWN       MD   20874          2            05/07/02         00
    0434204095                           05           07/01/02          0
    235348                               O            06/01/12
    0

    7794699          U05/G02             F          168,700.00         ZZ
                                         180        167,609.14          2
                                       6.750          1,492.84         70
                                       6.500          1,492.84
    LONG BEACH       CA   90805          5            06/07/02         00
    0434199154                           05           08/01/02          0
    3234737                              N            07/01/17
    0

    7794893          K15/G02             F           85,000.00         ZZ
                                         180         84,199.41          1
                                       7.125            769.96         58
                                       6.875            769.96
    HUDSON           NH   03051          5            05/25/02         00
    0434464343                           01           07/01/02          0
    032005306436                         O            06/01/17
    0

    7795477          E22/G02             F           69,000.00         ZZ
                                         180         68,572.71          1
                                       7.250            629.88         74
                                       7.000            629.88
1

    OMAHA            NE   68108          2            06/20/02         00
    0414248716                           05           08/01/02          0
    0414248716                           N            07/01/17
    0

    7795677          E82/G02             F          135,000.00         ZZ
                                         180        134,117.61          1
                                       6.625          1,185.29         75
                                       6.375          1,185.29
    BOZEMAN          MT   59718          2            06/17/02         00
    0400635249                           05           08/01/02          0
    2949253                              O            07/01/17
    0

    7795685          E82/G02             F          297,100.00         ZZ
                                         180        295,116.05          1
                                       6.375          2,567.69         75
                                       6.125          2,567.69
    REDONDO BEACH    CA   90277          2            06/15/02         00
    0400641684                           05           08/01/02          0
    0400641684                           O            07/01/17
    0

    7795689          E82/G02             F          190,100.00         ZZ
                                         180        188,844.07          1
                                       6.500          1,655.98         71
                                       6.250          1,655.98
    DUMFRIES         VA   22026          2            06/17/02         00
    0400638060                           03           08/01/02          0
    0400638060                           O            07/01/17
    0

    7795691          E82/G02             F          589,800.00         ZZ
                                         180        584,983.40          1
                                       6.625          5,178.41         79
                                       6.375          5,178.41
    PHOENIX          AZ   85310          2            06/19/02         00
    0400636692                           03           08/01/02          0
    4831731                              O            07/01/17
    0

    7795903          696/G02             F          392,000.00         ZZ
                                         180        388,512.59          1
                                       6.750          3,468.85         80
                                       6.500          3,468.85
    SILVER SPRING    MD   20904          1            06/20/02         00
    0434184396                           05           08/01/02          0
    32202045                             O            07/01/17
    0
1

    7796821          926/926             F          492,000.00         ZZ
                                         180        488,784.19          1
                                       6.625          4,319.73         80
                                       6.375          4,319.73
    HILTON HEAD ISL  SC   29926          5            06/13/02         00
    020610582                            03           08/01/02          0
    020610582                            O            07/01/17
    0

    7798101          E84/G02             F          630,000.00         ZZ
                                         180        625,882.20          1
                                       6.625          5,531.36         70
                                       6.375          5,531.36
    ROCKVILLE        MD   20854          2            06/07/02         00
    0434219333                           05           08/01/02          0
    70403667                             N            07/01/17
    0

    7798611          H93/G02             F          368,000.00         ZZ
                                         180        364,420.53          1
                                       6.750          3,256.47         74
                                       6.500          3,256.47
    SAINT JOSEPH     MO   64505          5            05/31/02         00
    0434191938                           05           07/01/02          0
    2002001212                           O            06/01/17
    0

    7798669          E86/G02             F          143,000.00         ZZ
                                         180        141,696.24          3
                                       7.500          1,325.63         65
                                       7.250          1,325.63
    LONG BEACH       CA   90804          2            05/31/02         00
    0434198842                           05           07/01/02          0
    1                                    N            06/01/17
    0

    7798859          E22/G02             F           71,200.00         ZZ
                                         120         70,363.55          1
                                       6.750            817.55         80
                                       6.500            817.55
    SARALAND         AL   36571          5            06/17/02         00
    0414230847                           05           08/01/02          0
    0414230847                           O            07/01/12
    0

    7798901          E22/G02             F          148,000.00         ZZ
                                         180        147,032.64          1
1

                                       6.625          1,299.43         60
                                       6.375          1,299.43
    SOUTH JORDAN     UT   84095          5            06/14/02         00
    0414253823                           05           08/01/02          0
    0414253823                           O            07/01/17
    0

    7798907          E22/G02             F           75,000.00         ZZ
                                         180         74,504.50          1
                                       6.500            653.33         57
                                       6.250            653.33
    NAPLES           FL   34113          2            06/17/02         00
    0414258988                           05           08/01/02          0
    0414258988                           O            07/01/17
    0

    7798929          E22/G02             F          152,000.00         ZZ
                                         180        151,017.12          1
                                       6.750          1,345.06         78
                                       6.500          1,345.06
    DENVER           CO   80221          5            06/17/02         00
    0414274787                           05           08/01/02          0
    0414274787                           O            07/01/17
    0

    7798957          E22/G02             F           98,400.00         ZZ
                                         180         97,742.92          1
                                       6.375            850.42         80
                                       6.125            850.42
    DALLAS           TX   75228          5            06/17/02         00
    0414288639                           05           08/01/02          0
    0414288639                           O            07/01/17
    0

    7799181          E82/G02             F           35,000.00         ZZ
                                         180         34,787.94          1
                                       7.500            324.45         43
                                       7.250            324.45
    SPENCER          OK   73084          5            06/12/02         00
    0400633772                           05           08/01/02          0
    0400633772                           O            07/01/17
    0

    7799203          E82/G02             F          242,500.00         ZZ
                                         180        240,948.46          3
                                       6.875          2,162.75         69
                                       6.625          2,162.75
    TORRANCE         CA   90504          2            06/15/02         00
    0400640900                           05           08/01/02          0
1

    0400640900                           N            07/01/17
    0

    7800011          E45/G02             F          108,300.00         ZZ
                                         180        107,280.00          1
                                       7.125            981.02         95
                                       6.875            981.02
    RICHMOND         VA   23237          1            05/21/02         11
    0434211934                           05           07/01/02         30
    242950                               O            06/01/17
    0

    7800035          E45/G02             F           84,000.00         ZZ
                                         180         83,182.96          1
                                       6.750            743.32         80
                                       6.500            743.32
    MIAMI            FL   33179          1            05/29/02         00
    0434228474                           01           07/01/02          0
    233542                               O            06/01/17
    0

    7800217          N47/G02             F          235,000.00         ZZ
                                         180        233,430.74          1
                                       6.375          2,030.99         80
                                       6.125          2,030.99
    WILMINGTON       NC   28412          5            06/12/02         00
    0434196218                           05           08/01/02          0
    40121107                             O            07/01/17
    0

    7800383          E86/G02             F          280,000.00         ZZ
                                         180        278,097.81          1
                                       7.500          2,595.63         70
                                       7.250          2,595.63
    NYACK            NY   10960          5            06/10/02         00
    0434330205                           05           08/01/02          0
    0000191572                           N            07/01/17
    0

    7800419          K39/G02             F           79,200.00         ZZ
                                         180         78,234.20          1
                                       7.500            734.20         80
                                       7.250            734.20
    JONESBORO        GA   30236          5            05/09/02         00
    0434195715                           05           06/14/02          0
    420821047                            O            05/14/17
    0

1

    7800531          E45/G02             F          126,000.00         ZZ
                                         180        124,235.03          1
                                       7.375          1,159.10         74
                                       7.125          1,159.10
    REMINGTON        VA   22734          5            05/10/02         00
    0434211363                           05           07/01/02          0
    233406                               O            06/01/17
    0

    7800891          W39/G02             F          112,000.00         ZZ
                                         180        111,275.77          1
                                       6.750            991.10         63
                                       6.500            991.10
    MANDEVILLE       LA   70471          2            06/19/02         00
    0434201828                           05           08/01/02          0
    MH021632                             N            07/01/17
    0

    7800905          E45/G02             F          126,000.00         ZZ
                                         180        125,176.45          1
                                       6.625          1,106.27         70
                                       6.375          1,106.27
    ANNANDALE        VA   22003          1            06/10/02         00
    0434211843                           01           08/01/02          0
    249689                               N            07/01/17
    0

    7801461          E45/G02             F          412,000.00         ZZ
                                         180        409,248.79          1
                                       6.375          3,560.71         80
                                       6.125          3,560.71
    MEMPHIS          TN   38125          5            05/31/02         00
    0434211819                           05           08/01/02          0
    233431                               O            07/01/17
    0

    7801497          E45/G02             F           93,200.00         ZZ
                                         180         91,346.02          1
                                       6.750            824.74         80
                                       6.500            824.74
    LEHIGH ACRES     FL   33971          2            05/29/02         00
    0434212130                           05           07/01/02          0
    245029                               O            06/01/17
    0

    7801973          P21/G02             F          111,000.00         ZZ
                                         180        110,242.82          1
                                       6.125            944.19         74
                                       5.875            944.19
1

    VERO BEACH       FL   32967          5            06/24/02         00
    0434215885                           05           08/01/02          0
    0205050                              O            07/01/17
    0

    7802033          E22/G02             F           80,000.00         ZZ
                                         180         79,515.27          1
                                       7.500            741.61         23
                                       7.250            741.61
    MORRO BAY        CA   93442          5            06/17/02         00
    0413898784                           05           08/01/02          0
    0413898784                           N            07/01/17
    0

    7802073          E22/G02             F          142,500.00         ZZ
                                         180        141,627.11          1
                                       7.375          1,310.89         61
                                       7.125          1,310.89
    LEWISVILLE       TX   75067          2            06/18/02         00
    0414112029                           03           08/01/02          0
    0414112029                           O            07/01/17
    0

    7802091          E22/G02             F           68,000.00         ZZ
                                         180         67,560.29          1
                                       6.750            601.74         80
                                       6.500            601.74
    HOUSTON          TX   77040          5            06/17/02         00
    0414144550                           03           08/01/02          0
    0414144550                           O            07/01/17
    0

    7802131          E22/G02             F           75,000.00         ZZ
                                         120         73,658.43          1
                                       6.875            865.99         75
                                       6.625            865.99
    CEDAR HILL       TX   75137          2            06/19/02         00
    0414181594                           05           08/01/02          0
    0414181594                           O            07/01/12
    0

    7802153          E22/G02             F           48,000.00         ZZ
                                         180         47,686.26          1
                                       6.625            421.44         86
                                       6.375            421.44
    DEL CITY         OK   73115          2            06/18/02         04
    0414201897                           05           08/01/02         25
    0414201897                           O            07/01/17
    0
1

    7802343          E22/G02             F           85,000.00         ZZ
                                         180         84,334.40          1
                                       6.875            758.08         79
                                       6.625            758.08
    MARLBOROUGH      MA   01752          5            06/18/02         00
    0414288845                           01           08/01/02          0
    0414288845                           O            07/01/17
    0

    7802381          E22/G02             F           80,800.00         ZZ
                                         180         80,277.51          1
                                       6.750            715.01         80
                                       6.500            715.01
    MESQUITE         TX   75150          5            06/18/02         00
    0414312306                           05           08/01/02          0
    0414312306                           O            07/01/17
    0

    7802543          E82/G02             F          107,700.00         ZZ
                                         180        107,011.03          1
                                       6.875            960.53         78
                                       6.625            960.53
    KNOXVILLE        TN   37924          2            06/20/02         00
    0400624383                           05           08/01/02          0
    0400624383                           O            07/01/17
    0

    7802549          E82/G02             F          133,000.00         ZZ
                                         180        132,149.19          1
                                       6.875          1,186.17         52
                                       6.625          1,186.17
    DETROIT          MI   48221          2            06/19/02         00
    0400633129                           05           08/01/02          0
    0400633129                           O            07/01/17
    0

    7802551          E82/G02             F          180,600.00         ZZ
                                         180        178,952.51          1
                                       6.375          1,560.84         59
                                       6.125          1,560.84
    SMYRNA           GA   30080          2            06/20/02         00
    0400641296                           03           08/01/02          0
    1639965                              O            07/01/17
    0

    7802555          E82/G02             F           68,000.00         ZZ
                                         180         67,533.41          1
1

                                       6.750            601.74         49
                                       6.500            601.74
    STOCKTON         CA   95204          2            06/18/02         00
    0400635322                           05           08/01/02          0
    0400635322                           O            07/01/17
    0

    7802573          E82/G02             F           55,000.00         ZZ
                                         180         54,659.42          3
                                       7.250            502.07         44
                                       7.000            502.07
    CLIFTON          CO   81520          2            06/18/02         00
    0400638623                           05           08/01/02          0
    0400638623                           N            07/01/17
    0

    7802577          E82/G02             F          108,700.00         ZZ
                                         180        107,865.85          1
                                       6.250            932.02         54
                                       6.000            932.02
    BRONX            NY   10462          2            06/21/02         00
    0400636817                           05           08/01/02          0
    1585808                              O            07/01/17
    0

    7802583          E82/G02             F           64,800.00         ZZ
                                         180         63,767.99          1
                                       6.750            573.42         29
                                       6.500            573.42
    WILTON MANORS    FL   33311          2            06/19/02         00
    0400637864                           05           08/01/02          0
    1625409                              O            07/01/17
    0

    7803013          E84/G02             F           40,400.00         ZZ
                                         180         40,031.68          2
                                       7.500            374.51         90
                                       7.250            374.51
    FREEPORT         IL   61032          1            05/22/02         10
    0434319794                           05           07/01/02         25
    11505686                             N            06/01/17
    0

    7803145          K15/G02             F          105,300.00         ZZ
                                         180        104,626.40          1
                                       6.875            939.12         77
                                       6.625            939.12
    WARWICK          RI   02889          5            06/18/02         00
    0434207114                           05           08/01/02          0
1

    029705304971                         O            07/01/17
    0

    7803173          624/G02             F          300,000.00         ZZ
                                         180        298,080.90          1
                                       6.875          2,675.56         78
                                       6.625          2,675.56
    SAN JOSE         CA   95112          2            06/14/02         00
    0434204723                           05           08/01/02          0
    1000003129                           O            07/01/17
    0

    7803375          975/G02             F          100,000.00         ZZ
                                         180         99,339.33          2
                                       6.500            871.11         36
                                       6.250            871.11
    ALHAMBRA         CA   91803          1            06/06/02         00
    0434231973                           05           08/01/02          0
    2022151                              N            07/01/17
    0

    7803535          W02/G02             F          196,000.00         ZZ
                                         180        193,273.13          1
                                       6.250          1,680.55         90
                                       6.000          1,680.55
    JACKSONVILLE     FL   32218          5            05/23/02         14
    0434271235                           05           07/01/02         12
    1001100047                           O            06/01/17
    0

    7803753          Q87/G02             F           66,000.00         ZZ
                                         180         65,573.22          1
                                       6.750            584.04         75
                                       6.500            584.04
    MOBILE           AL   36617          5            06/21/02         00
    0434225009                           05           08/01/02          0
    TRCL02                               O            07/01/17
    0

    7804037          W02/G02             F           85,500.00         ZZ
                                         180         84,947.13          1
                                       6.750            756.60         95
                                       6.500            756.60
    JACKSONVILLE     FL   32205          2            06/12/02         12
    0434208914                           05           08/01/02         25
    1001224748                           O            07/01/17
    0

1

    7804099          W02/G02             F           55,000.00         ZZ
                                         180         54,640.51          1
                                       6.625            482.90         38
                                       6.375            482.90
    GREEN COVE SPRI  FL   32043          5            06/07/02         00
    0434207379                           05           08/01/02          0
    100118361                            O            07/01/17
    0

    7804225          738/G02             F           25,000.00         ZZ
                                         180         24,845.18          1
                                       7.250            228.22         22
                                       7.000            228.22
    OPA LOCKA        FL   33056          5            06/07/02         00
    0434214052                           05           08/01/02          0
    00404259790004                       O            07/01/17
    0

    7804661          K15/G02             F           48,400.00         ZZ
                                         180         48,104.08          1
                                       7.500            448.67         85
                                       7.250            448.67
    CANTON           IL   61520          5            06/20/02         11
    0434210084                           05           08/01/02          6
    029405314576                         O            07/01/17
    0

    7805099          E82/G02             F           62,900.00         ZZ
                                         180         62,497.63          1
                                       6.875            560.98         90
                                       6.625            560.98
    DEER PARK        TX   77536          1            06/26/02         04
    0400646634                           05           08/01/02         18
    0400646634                           N            07/01/17
    0

    7805115          E82/G02             F          123,600.00         T
                                         180        122,792.13          1
                                       6.625          1,085.20         68
                                       6.375          1,085.20
    ALGOMA           WI   54201          2            06/21/02         00
    0400644407                           05           08/01/02          0
    3533086                              O            07/01/17
    0

    7805133          E82/G02             F           52,000.00         ZZ
                                         180         51,677.99          1
                                       7.250            474.69         75
                                       7.000            474.69
1

    LOGANVILLE       GA   30052          2            06/20/02         00
    0400640660                           27           08/01/02          0
    4181681                              O            07/01/17
    0

    7805235          E22/G02             F          364,000.00         ZZ
                                         180        361,569.32          1
                                       6.375          3,145.87         80
                                       6.125          3,145.87
    SAN DIEGO        CA   92130          1            06/18/02         00
    0414208033                           05           08/01/02          0
    0414208033                           O            07/01/17
    0

    7805269          E22/G02             F          163,000.00         ZZ
                                         180        161,946.00          1
                                       6.750          1,442.40         85
                                       6.500          1,442.40
    FRESNO           CA   93722          5            06/14/02         04
    0414232132                           05           08/01/02          6
    0414232132                           O            07/01/17
    0

    7805341          E22/G02             F          118,300.00         ZZ
                                         180        117,501.56          1
                                       6.250          1,014.33         80
                                       6.000          1,014.33
    EDMOND           OK   73034          1            06/25/02         00
    0414284661                           03           08/01/02          0
    0414284661                           O            07/01/17
    0

    7805355          E22/G02             F          173,200.00         ZZ
                                         180        172,092.04          1
                                       6.875          1,544.69         74
                                       6.625          1,544.69
    WARRIOR          AL   35180          2            06/20/02         00
    0414288688                           05           08/01/02          0
    0414288688                           O            07/01/17
    0

    7805407          E22/G02             F          150,000.00         ZZ
                                         180        148,998.34          1
                                       6.375          1,296.38         53
                                       6.125          1,296.38
    MONTGOMERY TOWN  NJ   08540          1            06/25/02         00
    0414353326                           09           08/01/02          0
    0414353326                           O            07/01/17
    0
1

    7805751          964/G02             F          300,700.00         ZZ
                                         180        298,713.38          1
                                       6.500          2,619.42         64
                                       6.250          2,619.42
    SAN JOSE         CA   95136          2            06/07/02         00
    0434232138                           05           08/01/02          0
    208069                               O            07/01/17
    0

    7805753          964/G02             F          140,000.00         ZZ
                                         180        139,032.29          1
                                       6.750          1,238.87         78
                                       6.500          1,238.87
    ETHEL            WA   98542          5            06/12/02         00
    0434233656                           05           08/01/02          0
    208350                               O            07/01/17
    0

    7805761          964/G02             F          107,000.00         ZZ
                                         180        105,876.78          1
                                       6.250            917.44         72
                                       6.000            917.44
    HOUSTON          TX   77084          1            06/17/02         00
    0434235339                           03           08/01/02          0
    211043                               O            07/01/17
    0

    7805773          964/G02             F          100,000.00         ZZ
                                         180         99,339.33          1
                                       6.500            871.11         67
                                       6.250            871.11
    PEORIA           AZ   85381          5            06/14/02         00
    0434230843                           05           08/01/02          0
    212179                               O            07/01/17
    0

    7805775          964/G02             F          280,000.00         ZZ
                                         180        278,069.59          1
                                       6.000          2,362.80         48
                                       5.750          2,362.80
    TEMPLE CITY      CA   91780          2            06/11/02         00
    0434232963                           05           08/01/02          0
    212276                               O            07/01/17
    0

    7805779          964/G02             F           92,560.00         ZZ
                                         180         91,948.48          1
1

                                       6.500            806.30         62
                                       6.250            806.30
    TOMBALL          TX   77375          2            06/17/02         00
    0434245288                           03           08/01/02          0
    212743                               O            07/01/17
    0

    7805791          964/G02             F          150,000.00         ZZ
                                         180        149,030.06          1
                                       6.750          1,327.36         52
                                       6.500          1,327.36
    ARCADIA          CA   91006          2            06/10/02         00
    0434232088                           01           08/01/02          0
    214307                               O            07/01/17
    0

    7805801          964/G02             F          266,000.00         ZZ
                                         180        264,261.36          1
                                       6.625          2,335.47         70
                                       6.375          2,335.47
    LONGMONT         CO   80501          5            06/14/02         00
    0434244117                           05           08/01/02          0
    215309                               O            07/01/17
    0

    7805803          964/G02             F           52,000.00         ZZ
                                         180         51,667.37          1
                                       6.875            463.76         80
                                       6.625            463.76
    ANGEL FIRE       NM   87710          1            06/03/02         00
    0434228870                           01           08/01/02          0
    215326                               O            07/01/17
    0

    7805813          964/G02             F          440,000.00         ZZ
                                         180        437,061.82          1
                                       6.375          3,802.70         80
                                       6.125          3,802.70
    PARKER           CO   80134          5            06/18/02         00
    0434245122                           05           08/01/02          0
    215665                               O            07/01/17
    0

    7805819          964/G02             F          248,000.00         ZZ
                                         180        244,706.77          1
                                       6.375          2,143.34         73
                                       6.125          2,143.34
    TURLOCK          CA   95380          5            06/19/02         00
    0434225579                           05           08/01/02          0
1

    215784                               O            07/01/17
    0

    7805823          964/G02             F           53,000.00         ZZ
                                         180         52,456.17          1
                                       6.750            469.00         35
                                       6.500            469.00
    SAN DIEGO        CA   92115          2            06/14/02         00
    0434235644                           01           08/01/02          0
    215847                               O            07/01/17
    0

    7805845          964/G02             F          100,000.00         ZZ
                                         180         99,339.33          1
                                       6.500            871.11         69
                                       6.250            871.11
    CORONA           CA   92879          1            06/07/02         00
    0434232161                           01           08/01/02          0
    216944                               O            07/01/17
    0

    7805851          964/G02             F          215,000.00         ZZ
                                         180        213,548.89          1
                                       6.250          1,843.46         49
                                       6.000          1,843.46
    ARCADIA          CA   91006          2            06/18/02         00
    0434235867                           05           08/01/02          0
    217318                               O            07/01/17
    0

    7805881          964/G02             F          220,000.00         ZZ
                                         180        218,483.24          1
                                       6.000          1,856.49         35
                                       5.750          1,856.49
    MILLBRAE         CA   94030          2            06/04/02         00
    0434233045                           05           08/01/02          0
    217897                               O            07/01/17
    0

    7805887          964/G02             F          180,000.00         ZZ
                                         180        178,810.79          1
                                       6.500          1,568.00         53
                                       6.250          1,568.00
    FREMONT          CA   94555          5            06/17/02         00
    0434234217                           05           08/01/02          0
    218318                               O            07/01/17
    0

1

    7805893          964/G02             F           80,000.00         ZZ
                                         180         79,471.46          1
                                       6.500            696.89         70
                                       6.250            696.89
    EL MONTE         CA   91732          5            06/18/02         00
    0434229308                           01           08/01/02          0
    218512                               O            07/01/17
    0

    7805895          964/G02             F          300,000.00         ZZ
                                         180        298,017.99          1
                                       6.500          2,613.33         29
                                       6.250          2,613.33
    NEWPORT BEACH    CA   92657          2            06/07/02         00
    0434235495                           05           08/01/02          0
    218646                               O            07/01/17
    0

    7805943          964/G02             F          160,000.00         ZZ
                                         180        158,942.94          1
                                       6.500          1,393.77         46
                                       6.250          1,393.77
    TEMPLE CITY      CA   91780          2            06/14/02         00
    0434236626                           05           08/01/02          0
    220939                               O            07/01/17
    0

    7805955          964/G02             F           86,500.00         ZZ
                                         180         85,110.72          1
                                       6.375            747.58         58
                                       6.125            747.58
    DENVER           CO   80231          2            06/21/02         00
    0434234118                           01           08/01/02          0
    222254                               O            07/01/17
    0

    7805965          964/G02             F           50,000.00         ZZ
                                         180         49,662.12          1
                                       6.625            439.00         34
                                       6.375            439.00
    DENVER           CO   80219          5            06/18/02         00
    0434230991                           05           08/01/02          0
    223161                               O            07/01/17
    0

    7805975          964/G02             F           60,000.00         ZZ
                                         180         59,595.05          1
                                       6.250            514.45         80
                                       6.000            514.45
1

    HOUSTON          TX   77043          1            06/19/02         00
    0434232237                           09           08/01/02          0
    224399                               O            07/01/17
    0

    7806303          M27/G02             F          375,000.00         ZZ
                                         180        372,495.86          1
                                       6.375          3,240.94         60
                                       6.125          3,240.94
    ROANOKE          VA   24014          2            06/19/02         00
    0434206249                           05           08/01/02          0
    600778017                            O            07/01/17
    0

    7806309          964/G02             F           99,200.00         ZZ
                                         180         98,551.61          1
                                       6.625            870.97         80
                                       6.375            870.97
    HOUSTON          TX   77079          1            06/21/02         00
    0434232369                           09           08/01/02          0
    224274                               N            07/01/17
    0

    7806423          X44/G02             F           63,000.00         ZZ
                                         180         62,406.67          2
                                       7.125            570.67         66
                                       6.875            570.67
    BOROUGH OF DUNM  PA   18512          5            06/10/02         00
    0434232633                           05           07/01/02          0
    5711                                 N            06/01/17
    0

    7806533          883/G02             F           97,900.00         ZZ
                                         180         97,260.10          1
                                       6.625            859.56         90
                                       6.375            859.56
    MADISONVILLE     TN   37354          1            06/12/02         11
    0434219283                           05           08/01/02         25
    47001166                             O            07/01/17
    0

    7806909          N74/G02             F          175,000.00         ZZ
                                         180        173,843.83          1
                                       6.500          1,524.44         79
                                       6.250          1,524.44
    CHESTER          VA   23831          1            06/21/02         00
    0434213864                           05           08/01/02          0
    0030338010                           O            07/01/17
    0
1

    7806961          E45/G02             F          630,000.00         ZZ
                                         180        625,969.88          1
                                       6.875          5,618.68         58
                                       6.625          5,618.68
    MCLEAN           VA   22102          5            06/07/02         00
    0434228409                           05           08/01/02          0
    230120                               O            07/01/17
    0

    7807011          E45/G02             F           61,500.00         ZZ
                                         180         60,895.35          1
                                       6.625            539.97         77
                                       6.375            539.97
    FITZGERALD       GA   31750          2            05/15/02         00
    0434322590                           05           07/01/02          0
    235496                               O            06/01/17
    0

    7807305          964/G02             F          234,000.00         ZZ
                                         180        231,624.81          1
                                       6.250          2,006.37         67
                                       6.000          2,006.37
    SAN DIEGO        CA   92103          5            05/16/02         00
    0434228748                           05           07/01/02          0
    210126                               O            06/01/17
    0

    7807455          E45/G02             F          155,000.00         ZZ
                                         180        153,459.78          1
                                       6.500          1,350.22         49
                                       6.250          1,350.22
    SPRINGFIELD      VA   22153          2            05/28/02         00
    0434211207                           05           07/01/02          0
    237231                               O            06/01/17
    0

    7807489          E45/G02             F           75,000.00         ZZ
                                         180         74,246.76          1
                                       6.375            648.19         70
                                       6.125            648.19
    EASTANOLLEE      GA   30538          5            05/22/02         00
    0434207593                           05           07/01/02          0
    242679                               O            06/01/17
    0

    7807531          E45/G02             F          155,000.00         ZZ
                                         180        153,508.44          1
1

                                       6.875          1,382.37         74
                                       6.625          1,382.37
    MABLETON         GA   30126          5            05/14/02         00
    0434211215                           05           07/01/02          0
    238986                               O            06/01/17
    0

    7807697          964/G02             F           83,700.00         ZZ
                                         180         82,859.39          1
                                       6.375            723.38         69
                                       6.125            723.38
    HOUSTON          TX   77066          2            05/13/02         00
    0434230629                           03           07/01/02          0
    205642                               O            06/01/17
    0

    7807747          964/G02             F           96,000.00         ZZ
                                         180         93,846.24          1
                                       6.625            842.87         80
                                       6.375            842.87
    HOUSTON          TX   77064          2            05/20/02         00
    0434230587                           03           07/01/02          0
    210186                               O            06/01/17
    0

    7807851          L76/G02             F          139,000.00         ZZ
                                         180        138,053.66          1
                                       6.250          1,191.82         64
                                       6.000          1,191.82
    FARIBAULT        MN   55021          5            06/25/02         00
    0434211520                           05           08/01/02          0
    9506795                              O            07/01/17
    0

    7809447          E22/G02             F           38,050.00         ZZ
                                         180         37,152.58          1
                                       7.125            344.67         71
                                       6.875            344.67
    DAVIE            FL   33324          2            06/20/02         00
    0414061283                           27           08/01/02          0
    0414061283                           O            07/01/17
    0

    7809483          E22/G02             F          117,000.00         ZZ
                                         180        116,227.01          1
                                       6.500          1,019.20         57
                                       6.250          1,019.20
    BROKEN ARROW     OK   74012          2            06/21/02         00
    0414147967                           03           08/01/02          0
1

    0414147967                           O            07/01/17
    0

    7809507          E22/G02             F          108,000.00         ZZ
                                         180        107,301.64          1
                                       6.750            955.70         90
                                       6.500            955.70
    MIAMI            FL   33054          5            06/21/02         04
    0414174078                           05           08/01/02         12
    0414174078                           O            07/01/17
    0

    7809611          E22/G02             F          102,160.00         ZZ
                                         180        101,513.50          1
                                       7.000            918.24         80
                                       6.750            918.24
    KRUM             TX   76249          5            06/21/02         00
    0414260976                           05           08/01/02          0
    0414260976                           O            07/01/17
    0

    7809635          E22/G02             F          420,000.00         ZZ
                                         180        416,640.21          1
                                       6.625          3,687.57         78
                                       6.375          3,687.57
    ALLEN            TX   75013          5            06/21/02         00
    0414273409                           03           08/01/02          0
    0414273409                           O            07/01/17
    0

    7809951          X10/G02             F           61,600.00         ZZ
                                         180         61,218.55          1
                                       7.250            562.32         80
                                       7.000            562.32
    HOUSTON          TX   77065          1            06/24/02         00
    0434218657                           03           08/01/02          0
    50001616                             N            07/01/17
    0

    7811221          998/998             F          352,000.00         ZZ
                                         180        347,422.04          1
                                       6.750          3,114.88         80
                                       6.500          3,114.88
    AURORA           IL   60507          1            04/30/02         00
    3833998                              03           06/01/02          0
    3833998                              O            05/01/17
    0

1

    7811225          998/998             F          100,000.00         ZZ
                                         180         99,037.71          4
                                       6.875            891.85         54
                                       6.625            891.85
    METAIRIE         LA   70001          5            05/21/02         00
    4883969                              05           07/01/02          0
    4883969                              N            06/01/17
    0

    7812149          Q87/G02             F           35,000.00         ZZ
                                         180         34,673.92          1
                                       7.250            319.50         68
                                       7.000            319.50
    CODEN            AL   36523          5            06/25/02         00
    0434217741                           05           07/25/02          0
    BOAL03                               N            06/25/17
    0

    7813013          286/286             F          144,000.00         ZZ
                                         180        142,672.81          1
                                       7.375          1,324.69         80
                                       7.125          1,324.69
    PALOS HILLS      IL   60465          1            05/17/02         00
    1263842                              05           07/01/02          0
    1263842                              O            06/01/17
    0

    7813015          286/286             F           67,200.00         ZZ
                                         180         66,214.09          1
                                       7.500            622.96         80
                                       7.250            622.96
    WHITESTOWN       IN   46075          1            05/01/02         00
    1097863                              05           06/01/02          0
    1097863                              N            05/01/17
    0

    7813017          286/286             F           95,000.00         ZZ
                                         180         93,602.32          1
                                       7.500            880.67         71
                                       7.250            880.67
    ZIONSVILLE       IN   46077          5            05/01/02         00
    1097838                              05           06/01/02          0
    1097838                              N            05/01/17
    0

    7813019          286/286             F          100,000.00         ZZ
                                         180         99,058.16          1
                                       7.125            905.84         53
                                       6.875            905.84
1

    LOS LUNAS        NM   87031          5            05/06/02         00
    1289607                              05           07/01/02          0
    1289607                              O            06/01/17
    0

    7813021          286/286             F           73,500.00         ZZ
                                         180         72,829.88          1
                                       7.500            681.36         75
                                       7.250            681.36
    LAS VEGAS        NV   89117          5            05/15/02         00
    1289707                              05           07/01/02          0
    1289707                              N            06/01/17
    0

    7813023          286/286             F           85,500.00         ZZ
                                         180         84,720.48          1
                                       7.500            792.60         75
                                       7.250            792.60
    LAS VEGAS        NV   89117          5            05/15/02         00
    1289710                              05           07/01/02          0
    1289710                              N            06/01/17
    0

    7813025          286/286             F           85,500.00         ZZ
                                         180         84,720.48          1
                                       7.500            792.60         75
                                       7.250            792.60
    LAS VEGAS        NV   89117          5            05/15/02         00
    1289677                              05           07/01/02          0
    1289677                              N            06/01/17
    0

    7813027          286/286             F           99,000.00         ZZ
                                         180         98,097.38          1
                                       7.500            917.75         75
                                       7.250            917.75
    LAS VEGAS        NV   89147          5            05/15/02         00
    1289697                              05           07/01/02          0
    1289697                              N            06/01/17
    0

    7813029          286/286             F          145,000.00         ZZ
                                         180        143,604.65          1
                                       6.875          1,293.19         76
                                       6.625          1,293.19
    CONROE           TX   77385          1            05/30/02         00
    1268447                              03           07/01/02          0
    1268447                              O            06/01/17
    0
1

    7813031          286/286             F           83,200.00         ZZ
                                         180         81,729.21          2
                                       7.000            747.83         80
                                       6.750            747.83
    BRISTOL          CT   06010          5            04/12/02         00
    1066489                              05           06/01/02          0
    1066489                              O            05/01/17
    0

    7813033          286/286             F           96,000.00         ZZ
                                         180         94,140.42          1
                                       6.500            836.27         80
                                       6.250            836.27
    BELEN            NM   87002          2            05/13/02         00
    1305515                              05           07/01/02          0
    1305515                              O            06/01/17
    0

    7813035          286/286             F          140,000.00         ZZ
                                         180        138,695.21          3
                                       7.250          1,278.01         55
                                       7.000          1,278.01
    NEW BRUNSWICK    NJ   08901          5            05/22/02         00
    1285221                              05           07/01/02          0
    1285221                              N            06/01/17
    0

    7813037          286/286             F           63,000.00         ZZ
                                         180         62,609.86          2
                                       7.250            575.11         90
                                       7.000            575.11
    DAYTON           OH   45410          2            06/10/02         10
    1304039                              05           08/01/02         12
    1304039                              N            07/01/17
    0

    7813039          286/286             F           17,200.00         ZZ
                                         180         17,041.47          1
                                       7.375            158.23         80
                                       7.125            158.23
    WICHITA          KS   67213          1            05/30/02         00
    1301495                              05           07/01/02          0
    1301495                              O            06/01/17
    0

    7813041          286/286             F           40,800.00         ZZ
                                         180         40,307.82          1
1

                                       7.625            381.13         80
                                       7.375            381.13
    GLASTONBURY      CT   06033          1            04/30/02         00
    1097915                              01           06/01/02          0
    1097915                              N            05/01/17
    0

    7813043          286/286             F          153,000.00         ZZ
                                         180        151,209.58          1
                                       8.000          1,462.15         90
                                       7.750          1,462.15
    COYOTE           NM   87012          5            04/12/02         12
    1069370                              05           06/01/02         12
    1069370                              O            05/01/17
    0

    7813047          286/286             F           64,000.00         ZZ
                                         180         63,377.26          1
                                       6.750            566.35         78
                                       6.500            566.35
    STERLING HTS     MI   48307          2            05/17/02         00
    1086036                              01           07/01/02          0
    1086036                              O            06/01/17
    0

    7813049          286/286             F           48,750.00         ZZ
                                         180         48,282.27          1
                                       7.000            438.18         75
                                       6.750            438.18
    ELKHART          IN   46516          5            05/16/02         00
    1291229                              05           07/01/02          0
    1291229                              N            06/01/17
    0

    7813053          286/286             F           29,250.00         ZZ
                                         180         28,897.13          2
                                       7.625            273.24         67
                                       7.375            273.24
    BELLAIRE         OH   43906          5            04/30/02         00
    781208                               05           06/01/02          0
    781208                               N            05/01/17
    0

    7813055          286/286             F          275,000.00         ZZ
                                         180        196,942.35          1
                                       6.500          2,395.55         50
                                       6.250          2,395.55
    PARK RIDGE       IL   60068          1            05/24/02         00
    1307810                              05           07/01/02          0
1

    1307810                              O            06/01/17
    0

    7813057          286/286             F           60,000.00         ZZ
                                         180         59,401.91          1
                                       6.500            522.67         67
                                       6.250            522.67
    EL PASO          TX   79936          2            05/24/02         00
    1298501                              05           07/01/02          0
    1298501                              O            06/01/17
    0

    7813059          286/286             F          146,000.00         ZZ
                                         180        144,020.06          1
                                       6.500          1,271.82         58
                                       6.250          1,271.82
    NATIONAL CITY    CA   91950          2            05/09/02         00
    1293850                              05           07/01/02          0
    1293850                              N            06/01/17
    0

    7813063          286/286             F          129,500.00         ZZ
                                         180        128,644.43          1
                                       6.500          1,128.09         80
                                       6.250          1,128.09
    ORLANDO          FL   32826          1            06/13/02         00
    1291719                              03           08/01/02          0
    1291719                              N            07/01/17
    0

    7813065          286/286             F           33,000.00         ZZ
                                         180         32,497.24          1
                                       7.500            305.92         51
                                       7.250            305.92
    NEW HAVEN        CT   06510          2            05/10/02         00
    1072127                              01           07/01/02          0
    1072127                              N            06/01/17
    0

    7813067          286/286             F           44,200.00         ZZ
                                         180         43,603.75          1
                                       7.750            416.05         65
                                       7.500            416.05
    TORRINGTON       CT   06790          2            05/10/02         00
    1072051                              01           07/01/02          0
    1072051                              N            06/01/17
    0

1

    7813069          286/286             F           78,000.00         ZZ
                                         180         77,050.81          2
                                       7.625            728.63         65
                                       7.375            728.63
    SCAPPOOSE        OR   97056          5            05/02/02         00
    1268801                              05           07/01/02          0
    1268801                              N            06/01/17
    0

    7813071          286/286             F           77,000.00         ZZ
                                         180         76,009.19          1
                                       6.875            686.73         54
                                       6.625            686.73
    WILMINGTON       OH   45177          5            04/22/02         00
    1273782                              05           06/01/02          0
    1273782                              O            05/01/17
    0

    7813073          286/286             F           33,000.00         ZZ
                                         180         32,574.75          1
                                       6.625            289.74         60
                                       6.375            289.74
    INDIANAPOLIS     IN   46201          2            05/22/02         00
    1279057                              05           07/01/02          0
    1279057                              N            06/01/17
    0

    7813075          286/286             F           33,600.00         ZZ
                                         180         33,151.82          1
                                       6.625            295.01         60
                                       6.375            295.01
    INDIANAPOLIS     IN   46201          2            05/22/02         00
    1279072                              05           07/01/02          0
    1279072                              N            06/01/17
    0

    7813077          286/286             F           33,600.00         ZZ
                                         180         33,166.40          1
                                       6.625            295.01         60
                                       6.375            295.01
    INDIANAPOLIS     IN   46201          2            05/22/02         00
    1279071                              05           07/01/02          0
    1279071                              N            06/01/17
    0

    7813079          286/286             F           36,000.00         ZZ
                                         180         35,555.17          1
                                       6.625            316.08         60
                                       6.375            316.08
1

    INDIANAPOLIS     IN   46205          2            05/22/02         00
    1282733                              05           07/01/02          0
    1282733                              N            06/01/17
    0

    7813081          286/286             F           51,800.00         ZZ
                                         180         51,327.71          1
                                       7.500            480.20         80
                                       7.250            480.20
    COLUMBUS         OH   43227          1            05/11/02         00
    1280966                              05           07/01/02          0
    1280966                              N            06/01/17
    0

    7813083          286/286             F          100,000.00         ZZ
                                         180         99,068.29          1
                                       7.250            912.87         80
                                       7.000            912.87
    PARMA            OH   44134          1            05/06/02         00
    1267372                              05           07/01/02          0
    1267372                              N            06/01/17
    0

    7813085          286/286             F          618,600.00         ZZ
                                         180        612,889.18          1
                                       7.375          5,690.65         75
                                       7.125          5,690.65
    DUBLIN           CA   94568          5            05/23/02         00
    1260543                              03           07/01/02          0
    1260543                              O            06/01/17
    0

    7813087          286/286             F           58,332.00         ZZ
                                         180         57,671.97          1
                                       7.375            536.61         44
                                       7.125            536.61
    NORCROSS         GA   30078          2            05/30/02         00
    1322492                              05           07/01/02          0
    1322492                              N            06/01/17
    0

    7813091          286/286             F          206,400.00         ZZ
                                         180        204,258.65          1
                                       6.500          1,797.97         80
                                       6.250          1,797.97
    MIAMI            FL   33186          5            05/24/02         00
    1312436                              05           07/01/02          0
    1312436                              O            06/01/17
    0
1

    7813093          286/286             F           50,000.00         ZZ
                                         180         49,523.98          1
                                       7.000            449.42         80
                                       6.750            449.42
    MIAMI            FL   33176          1            05/24/02         00
    1312466                              01           07/01/02          0
    1312466                              N            06/01/17
    0

    7813095          286/286             F           94,000.00         ZZ
                                         180         92,791.97          1
                                       6.875            838.35         62
                                       6.625            838.35
    WALTERBORO       SC   29488          5            05/23/02         00
    1310972                              05           07/01/02          0
    1310972                              O            06/01/17
    0

    7813097          286/286             F           61,000.00         ZZ
                                         180         60,223.41          1
                                       7.000            548.29         68
                                       6.750            548.29
    CLEVELAND        OH   44111          5            04/18/02         00
    1065204                              05           06/01/02          0
    1065204                              N            05/01/17
    0

    7813099          286/286             F           97,000.00         ZZ
                                         180         95,765.10          1
                                       7.000            871.87         63
                                       6.750            871.87
    BRUNSWICK        OH   44212          2            04/18/02         00
    1065195                              05           06/01/02          0
    1065195                              N            05/01/17
    0

    7813101          286/286             F           74,400.00         ZZ
                                         180         73,668.54          2
                                       6.625            653.23         80
                                       6.375            653.23
    FT LAUDERDALE    FL   33304          1            05/15/02         00
    1301399                              05           07/01/02          0
    1301399                              N            06/01/17
    0

    7813103          286/286             F           63,400.00         ZZ
                                         180         62,789.89          1
1

                                       6.875            565.44         49
                                       6.625            565.44
    SWEET HOME       OR   97386          5            05/29/02         00
    1297438                              05           07/01/02          0
    1297438                              N            06/01/17
    0

    7813107          286/286             F           77,000.00         ZZ
                                         180         76,282.58          3
                                       7.250            702.91         70
                                       7.000            702.91
    NEW HAVEN        CT   06513          1            05/15/02         00
    1268881                              05           07/01/02          0
    1268881                              N            06/01/17
    0

    7813109          286/286             F           32,150.00         ZZ
                                         180         31,837.27          1
                                       6.750            284.50         52
                                       6.500            284.50
    TOLEDO           OH   43608          1            05/15/02         00
    1292335                              05           07/01/02          0
    1292335                              N            06/01/17
    0

    7813111          286/286             F           70,000.00         ZZ
                                         180         69,361.80          1
                                       7.500            648.91         70
                                       7.250            648.91
    CLEVELAND        OH   44105          1            05/02/02         00
    1091329                              05           07/01/02          0
    1091329                              N            06/01/17
    0

    7813113          286/286             F           45,000.00         ZZ
                                         180         44,564.29          3
                                       7.375            413.97         36
                                       7.125            413.97
    PHOENIX          AZ   85015          5            05/15/02         00
    1282434                              05           07/01/02          0
    1282434                              N            06/01/17
    0

    7813115          286/286             F          130,050.00         ZZ
                                         180        128,358.60          3
                                       6.750          1,150.83         85
                                       6.500          1,150.83
    SOUTH HADLEY     MA   01075          1            04/29/02         12
    1062064                              05           06/01/02         12
1

    1062064                              N            05/01/17
    0

    7813117          286/286             F           28,000.00         ZZ
                                         180         27,755.61          1
                                       8.000            267.59         59
                                       7.750            267.59
    PETERSBURG       VA   23803          2            05/09/02         00
    1097916                              05           07/01/02          0
    1097916                              N            06/01/17
    0

    7813121          286/286             F           79,800.00         ZZ
                                         180         79,032.08          1
                                       6.875            711.70         61
                                       6.625            711.70
    LARGO            FL   33778          2            05/10/02         00
    1294721                              05           07/01/02          0
    1294721                              O            06/01/17
    0

    7813123          286/286             F           35,750.00         ZZ
                                         180         35,408.11          1
                                       7.000            321.34         71
                                       6.750            321.34
    AKRON            OH   44314          5            05/22/02         00
    1271766                              05           07/01/02          0
    1271766                              N            06/01/17
    0

    7813125          286/286             F          108,000.00         ZZ
                                         180        106,668.70          1
                                       7.375            993.52         30
                                       7.125            993.52
    KAPOLEI          HI   96707          1            04/18/02         00
    1103823                              01           06/01/02          0
    1103823                              N            05/01/17
    0

    7813127          286/286             F          432,000.00         ZZ
                                         180        429,295.60          1
                                       7.125          3,913.20         80
                                       6.875          3,913.20
    MUNDELEIN        IL   60060          5            05/29/02         00
    1269822                              05           08/01/02          0
    1269822                              O            07/01/17
    0

1

    7813129          286/286             F           88,000.00         ZZ
                                         180         86,867.62          1
                                       6.875            784.84         80
                                       6.625            784.84
    LAWRENCE         MA   01843          5            04/24/02         00
    1008399                              01           06/01/02          0
    1008399                              O            05/01/17
    0

    7813131          286/286             F          225,000.00         ZZ
                                         180        222,857.94          3
                                       7.000          2,022.37         90
                                       6.750          2,022.37
    MIAMI            FL   33133          1            05/17/02         21
    1308818                              05           07/01/02         12
    1308818                              N            06/01/17
    0

    7813133          286/286             F          228,000.00         ZZ
                                         180        225,378.89          1
                                       6.750          2,017.60         80
                                       6.500          2,017.60
    RHODODENDRON     OR   97049          5            05/22/02         00
    1278458                              05           07/01/02          0
    1278458                              O            06/01/17
    0

    7813135          286/286             F          360,000.00         ZZ
                                         180        356,535.69          1
                                       6.875          3,210.68         79
                                       6.625          3,210.68
    WOODLAND HILLS   CA   91364          5            05/02/02         00
    1264350                              05           07/01/02          0
    1264350                              O            06/01/17
    0

    7813139          286/286             F          225,000.00         T
                                         180        218,262.77          1
                                       7.375          2,069.83         75
                                       7.125          2,069.83
    DAVIS            IL   61019          5            05/20/02         00
    1294531                              05           07/01/02          0
    1294531                              O            06/01/17
    0

    7813141          286/286             F          360,000.00         ZZ
                                         180        355,562.38          1
                                       7.375          3,311.73         80
                                       7.125          3,311.73
1

    BATAVIA          IL   60510          2            04/26/02         00
    1261398                              05           06/01/02          0
    1261398                              O            05/01/17
    0

    7813143          286/286             F          105,000.00         ZZ
                                         180        103,677.51          1
                                       7.125            951.13         75
                                       6.875            951.13
    DUNSMUIR         CA   96025          5            04/23/02         00
    1268727                              05           06/01/02          0
    1268727                              O            05/01/17
    0

    7813145          286/286             F          120,000.00         ZZ
                                         180        118,536.67          1
                                       7.500          1,112.42         75
                                       7.250          1,112.42
    MT SHASTA        CA   96067          5            04/23/02         00
    1268731                              05           06/01/02          0
    1268731                              N            05/01/17
    0

    7813149          286/286             F           37,500.00         ZZ
                                         180         37,161.80          1
                                       7.625            350.30         80
                                       7.375            350.30
    HAYSVILLE        KS   67060          5            05/08/02         00
    991585                               05           07/01/02          0
    991585                               N            06/01/17
    0

    7813151          286/286             F           36,800.00         ZZ
                                         180         36,468.11          1
                                       7.625            343.76         80
                                       7.375            343.76
    WICHITA          KS   67213          5            05/08/02         00
    1005071                              05           07/01/02          0
    1005071                              N            06/01/17
    0

    7813153          286/286             F           42,000.00         ZZ
                                         180         41,621.22          2
                                       7.625            392.34         70
                                       7.375            392.34
    WICHITA          KS   67213          2            05/08/02         00
    1005062                              05           07/01/02          0
    1005062                              N            06/01/17
    0
1

    7813155          286/286             F          111,700.00         ZZ
                                         180        110,601.84          1
                                       6.625            980.72         84
                                       6.375            980.72
    KATY             TX   77494          1            05/20/02         10
    1316608                              03           07/01/02          6
    1316608                              O            06/01/17
    0

    7813157          286/286             F          131,000.00         ZZ
                                         180        126,363.19          1
                                       7.375          1,205.10         79
                                       7.125          1,205.10
    ST PAUL          MN   55104          2            04/18/02         00
    1004053                              05           06/01/02          0
    1004053                              N            05/01/17
    0

    7813159          286/286             F          416,000.00         ZZ
                                         180        410,589.65          1
                                       6.750          3,681.23         80
                                       6.500          3,681.23
    BORING           OR   97009          5            04/19/02         00
    1070390                              05           06/01/02          0
    1070390                              O            05/01/17
    0

    7813165          286/286             F          140,000.00         ZZ
                                         180        138,311.16          1
                                       7.625          1,307.79         85
                                       7.375          1,307.79
    TABERNACLE       NJ   08088          5            04/12/02         11
    1054372                              05           06/01/02          6
    1054372                              O            05/01/17
    0

    7813167          286/286             F          224,000.00         ZZ
                                         180        221,844.41          2
                                       6.875          1,997.76         70
                                       6.625          1,997.76
    DALLAS           TX   75205          1            05/23/02         00
    1290987                              05           07/01/02          0
    1290987                              N            06/01/17
    0

    7813169          286/286             F          104,000.00         ZZ
                                         180        102,758.99          1
1

                                       7.750            978.93         80
                                       7.500            978.93
    ELGIN            IL   60123          5            04/30/02         00
    790767                               05           06/01/02          0
    790767                               O            05/01/17
    0

    7813171          286/286             F           50,750.00         ZZ
                                         180         50,137.81          3
                                       7.625            474.07         70
                                       7.375            474.07
    STOCKTON         CA   95203          1            04/19/02         00
    745786                               05           06/01/02          0
    745786                               N            05/01/17
    0

    7813173          286/286             F           98,000.00         ZZ
                                         180         96,792.00          2
                                       7.375            901.52         35
                                       7.125            901.52
    LOS ANGELES      CA   90039          2            04/23/02         00
    713546                               05           06/01/02          0
    713546                               N            05/01/17
    0

    7813179          286/286             F           68,800.00         ZZ
                                         180         68,137.93          1
                                       6.875            613.60         80
                                       6.625            613.60
    RED BLUFF        CA   96080          2            05/22/02         00
    795051                               05           07/01/02          0
    795051                               N            06/01/17
    0

    7813181          286/286             F          125,550.00         ZZ
                                         180        124,405.36          4
                                       7.500          1,163.86         90
                                       7.250          1,163.86
    WASHINGTON       DC   20003          1            05/28/02         11
    815717                               05           07/01/02         20
    815717                               N            06/01/17
    0

    7813183          286/286             F          198,000.00         ZZ
                                         180        194,583.54          1
                                       6.375          1,711.22         80
                                       6.125          1,711.22
    GLENDALE         CA   91204          5            04/26/02         00
    758064                               05           06/01/02          0
1

    758064                               O            05/01/17
    0

    7813617          N74/G02             F          120,000.00         ZZ
                                         180        119,190.08          1
                                       6.250          1,028.91         85
                                       6.000          1,028.91
    GLEN ALLEN       VA   23060          2            06/21/02         10
    0434324091                           05           08/01/02         12
    30358010                             O            07/01/17
    0

    7813809          E22/G02             F           99,000.00         ZZ
                                         180         98,338.91          1
                                       6.375            855.61         90
                                       6.125            855.61
    SCOTTSBLUFF      NE   69361          1            06/27/02         01
    0414156208                           05           08/01/02         12
    0414156208                           O            07/01/17
    0

    7813901          E22/G02             F          106,200.00         ZZ
                                         180        105,520.64          1
                                       6.875            947.15         90
                                       6.625            947.15
    BATON ROUGE      LA   70808          1            06/27/02         04
    0414230995                           05           08/01/02         25
    0414230995                           N            07/01/17
    0

    7814023          E22/G02             F          190,000.00         ZZ
                                         180        186,165.82          4
                                       6.875          1,694.52         60
                                       6.625          1,694.52
    ALHAMBRA         CA   91801          2            06/24/02         00
    0414346551                           05           08/01/02          0
    0414346551                           N            07/01/17
    0

    7814303          E82/G02             F           70,000.00         ZZ
                                         180         69,561.80          1
                                       7.125            634.08         64
                                       6.875            634.08
    PHILADELPHIA     PA   19128          5            06/24/02         00
    0400636072                           05           08/01/02          0
    0400636072                           O            07/01/17
    0

1

    7814311          E82/G02             F          246,700.00         ZZ
                                         180        245,087.52          1
                                       6.625          2,166.01         73
                                       6.375          2,166.01
    OVERLAND PARK    KS   66213          2            06/24/02         00
    0400629036                           03           08/01/02          0
    0400629036                           O            07/01/17
    0

    7814323          E82/G02             F           87,500.00         ZZ
                                         180         86,940.26          2
                                       6.875            780.37         71
                                       6.625            780.37
    PORTLAND         OR   97217          2            06/25/02         00
    0400639480                           05           08/01/02          0
    1969001                              N            07/01/17
    0

    7814331          E82/G02             F          146,000.00         ZZ
                                         180        139,557.36          1
                                       6.625          1,281.87         73
                                       6.375          1,281.87
    CLERMONT         FL   34711          2            06/24/02         00
    0400649067                           03           08/01/02          0
    0400649067                           O            07/01/17
    0

    7814349          E82/G02             F          134,700.00         T
                                         180        133,829.00          1
                                       6.750          1,191.97         66
                                       6.500          1,191.97
    SOUTH LAKE TAHO  CA   96150          2            06/24/02         00
    0400626875                           05           08/01/02          0
    0400626875                           O            07/01/17
    0

    7814355          E82/G02             F           86,400.00         ZZ
                                         180         85,829.18          1
                                       6.500            752.64         90
                                       6.250            752.64
    ERIE             PA   16509          2            06/24/02         10
    0400644944                           05           08/01/02         12
    0400644944                           O            07/01/17
    0

    7814389          E82/G02             F          169,200.00         ZZ
                                         180        167,942.93          1
                                       6.500          1,473.91         61
                                       6.250          1,473.91
1

    AZLE             TX   76020          2            06/26/02         00
    0400638185                           03           08/01/02          0
    1939401                              O            07/01/17
    0

    7814393          E82/G02             F           93,450.00         ZZ
                                         180         92,632.07          1
                                       6.500            814.05         48
                                       6.250            814.05
    NEW MILFORD      CT   06776          2            06/24/02         00
    0400634200                           05           08/01/02          0
    0400634200                           O            07/01/17
    0

    7814395          E82/G02             F          125,800.00         ZZ
                                         180        124,557.81          1
                                       6.375          1,087.23         68
                                       6.125          1,087.23
    DOYLESTOWN       PA   18901          2            06/24/02         00
    0400645412                           05           08/01/02          0
    1623822                              O            07/01/17
    0

    7814413          E82/G02             F          121,800.00         ZZ
                                         180        120,995.31          1
                                       6.500          1,061.01         68
                                       6.250          1,061.01
    ALBUQUERQUE      NM   87114          5            06/24/02         00
    0400636825                           05           08/01/02          0
    0400636825                           O            07/01/17
    0

    7815779          U05/G02             F          115,500.00         ZZ
                                         180        114,745.08          2
                                       6.625          1,014.08         55
                                       6.375          1,014.08
    INGLEWOOD        CA   90304          2            06/10/02         00
    0434218517                           05           08/01/02          0
    3234157                              O            07/01/17
    0

    7815793          964/G02             F          550,000.00         ZZ
                                         180        546,366.34          1
                                       6.500          4,791.09         69
                                       6.250          4,791.09
    YORBA LINDA      CA   92887          2            06/17/02         00
    0434280012                           03           08/01/02          0
    172207                               O            07/01/17
    0
1

    7815909          964/G02             F          187,000.00         ZZ
                                         180        185,652.38          1
                                       6.625          1,641.85         59
                                       6.375          1,641.85
    SPRINGFIELD      MO   65802          2            06/21/02         00
    0434215745                           05           08/01/02          0
    221881                               O            07/01/17
    0

    7815913          964/G02             F          190,500.00         ZZ
                                         180        189,227.89          1
                                       6.375          1,646.40         64
                                       6.125          1,646.40
    ELIZABETH        CO   80107          2            06/24/02         00
    0434215687                           03           08/01/02          0
    223510                               O            07/01/17
    0

    7815925          964/G02             F          235,000.00         ZZ
                                         180        233,362.58          1
                                       5.875          1,967.23         64
                                       5.625          1,967.23
    ATASCADERO       CA   93422          5            06/18/02         00
    0434317988                           05           08/01/02          0
    220426                               O            07/01/17
    0

    7815935          964/G02             F          116,250.00         ZZ
                                         180        115,481.98          1
                                       6.500          1,012.66         75
                                       6.250          1,012.66
    LINCOLN          CA   95648          2            06/14/02         00
    0434317996                           05           08/01/02          0
    221926                               O            07/01/17
    0

    7816985          K39/G02             F           69,300.00         ZZ
                                         180         68,668.19          1
                                       7.500            642.42         90
                                       7.250            642.42
    PHILADELPHIA     PA   19120          5            06/17/02         10
    0434224424                           07           07/21/02         25
    177447429                            O            06/21/17
    0

    7817069          975/G02             F          120,000.00         ZZ
                                         180        118,476.19          1
1

                                       6.625          1,053.59         47
                                       6.375          1,053.59
    GARDEN GROVE     CA   92844          5            06/17/02         00
    0434231635                           05           08/01/02          0
    2022337                              N            07/01/17
    0

    7817211          642/G02             F          106,400.00         ZZ
                                         180        105,419.36          1
                                       6.875            948.93         76
                                       6.625            948.93
    SOUTH WEBER      UT   84405          5            06/24/02         00
    0434217279                           05           08/01/02          0
    06130402                             O            07/01/17
    0

    7817221          S27/G02             F          350,000.00         ZZ
                                         180        347,808.95          1
                                       7.125          3,170.41         70
                                       6.875          3,170.41
    ARLINGTON        VA   22205          5            06/19/02         00
    0434231684                           05           08/01/02          0
    1130009036                           O            07/01/17
    0

    7818100          E48/G02             F           92,900.00         ZZ
                                         180         91,096.54          1
                                       6.875            828.54         61
                                       6.625            828.54
    SPRING HILL      TN   37174          2            02/27/02         00
    0433810736                           05           04/01/02          0
    02022225                             O            03/01/17
    0

    7819423          B43/G02             F          281,200.00         ZZ
                                         180        279,401.16          1
                                       6.875          2,507.89         66
                                       6.625          2,507.89
    LAWRENCE         NJ   08648          5            06/18/02         00
    0434224457                           05           08/01/02          0
    27458                                O            07/01/17
    0

    7819493          K39/G02             F           78,000.00         ZZ
                                         180         77,234.84          1
                                       7.500            723.07         65
                                       7.250            723.07
    BROWNSVILLE      WI   53006          5            05/31/02         00
    0434224697                           05           07/05/02          0
1

    387700726                            O            06/05/17
    0

    7819657          Q30/G02             F           39,500.00         ZZ
                                         180         39,255.40          1
                                       7.250            360.58         79
                                       7.000            360.58
    TOBYHANNA        PA   18966          1            06/21/02         00
    0434247300                           05           08/01/02          0
    20102078                             N            07/01/17
    0

    7819965          E22/G02             F           50,000.00         ZZ
                                         180         49,676.69          1
                                       6.750            442.45         63
                                       6.500            442.45
    CROWLEY          TX   76036          5            06/24/02         00
    0414073692                           05           08/01/02          0
    0414073692                           O            07/01/17
    0

    7819983          E22/G02             F          268,000.00         ZZ
                                         180        266,210.38          1
                                       6.375          2,316.19         42
                                       6.125          2,316.19
    LA(WEST HILLS A  CA   91304          2            06/21/02         00
    0414090472                           05           08/01/02          0
    0414090472                           O            07/01/17
    0

    7820017          E22/G02             F           68,000.00         ZZ
                                         180         67,574.30          1
                                       7.125            615.97         80
                                       6.875            615.97
    JASPER           TX   75951          5            06/11/02         00
    0414134569                           05           08/01/02          0
    0414134569                           O            07/01/17
    0

    7820157          E22/G02             F           64,000.00         ZZ
                                         180         63,590.59          1
                                       6.875            570.79         80
                                       6.625            570.79
    HOUSTON          TX   77088          5            06/21/02         00
    0414223974                           03           08/01/02          0
    0414223974                           O            07/01/17
    0

1

    7820169          E22/G02             F          118,000.00         ZZ
                                         180        117,253.25          1
                                       7.000          1,060.62         72
                                       6.750          1,060.62
    RIVERSIDE        CA   92507          5            06/20/02         00
    0414226928                           05           08/01/02          0
    0414226928                           N            07/01/17
    0

    7820187          E22/G02             F          185,000.00         ZZ
                                         180        183,764.63          1
                                       6.375          1,598.86         56
                                       6.125          1,598.86
    FORT PIERCE      FL   34982          1            06/28/02         00
    0414234328                           03           08/01/02          0
    0414234328                           O            07/01/17
    0

    7820221          E22/G02             F          101,400.00         ZZ
                                         180        100,765.22          1
                                       7.125            918.51         66
                                       6.875            918.51
    ARLEY            AL   35541          2            06/24/02         00
    0414241141                           27           08/01/02          0
    0414241141                           O            07/01/17
    0

    7820239          E22/G02             F           99,000.00         ZZ
                                         180         98,380.25          1
                                       7.125            896.77         90
                                       6.875            896.77
    FT. LAUDERDALE   FL   33351          1            06/28/02         04
    0414251074                           05           08/01/02         20
    0414251074                           N            07/01/17
    0

    7820249          E22/G02             F          403,500.00         ZZ
                                         180        400,890.84          1
                                       6.750          3,570.61         75
                                       6.500          3,570.61
    MILTON           WA   98354          5            06/20/02         00
    0414254292                           05           08/01/02          0
    0414254292                           O            07/01/17
    0

    7820271          E22/G02             F          112,400.00         ZZ
                                         180        111,649.43          1
                                       6.375            971.42         76
                                       6.125            971.42
1

    MCKINNEY         TX   75070          2            06/24/02         00
    0414259556                           03           08/01/02          0
    0414259556                           O            07/01/17
    0

    7820281          E22/G02             F           80,625.00         ZZ
                                         180         80,103.65          1
                                       6.750            713.46         75
                                       6.500            713.46
    WINDSOR LOCKS    CT   06096          1            06/28/02         00
    0414261248                           05           08/01/02          0
    0414261248                           N            07/01/17
    0

    7820329          E22/G02             F           54,000.00         ZZ
                                         180         53,658.27          1
                                       7.000            485.37         70
                                       6.750            485.37
    COUNCIL BLUFFS   IA   51501          2            06/21/02         00
    0414278390                           05           08/01/02          0
    0414278390                           N            07/01/17
    0

    7820333          E22/G02             F           54,400.00         ZZ
                                         180         54,055.74          1
                                       7.000            488.96         80
                                       6.750            488.96
    COUNCIL BLUFFS   IA   51501          2            06/18/02         00
    0414279943                           05           08/01/02          0
    0414279943                           N            07/01/17
    0

    7820409          E22/G02             F          185,000.00         ZZ
                                         180        183,777.76          1
                                       6.500          1,611.55         41
                                       6.250          1,611.55
    SAN DIEGO        CA   92037          2            06/24/02         00
    0414305698                           01           08/01/02          0
    0414305698                           N            07/01/17
    0

    7820425          E22/G02             F           66,000.00         ZZ
                                         180         65,595.72          2
                                       7.375            607.15         75
                                       7.125            607.15
    TAMPA            FL   33615          5            06/28/02         00
    0414311803                           05           08/01/02          0
    0414311803                           N            07/01/17
    0
1

    7820475          E22/G02             F           75,000.00         ZZ
                                         180         74,535.56          4
                                       7.250            684.65         45
                                       7.000            684.65
    HIALEAH          FL   33010          5            06/28/02         00
    0414330522                           05           08/01/02          0
    0414330522                           N            07/01/17
    0

    7820477          E22/G02             F           75,000.00         ZZ
                                         180         74,535.56          4
                                       7.250            684.65         45
                                       7.000            684.65
    HIALEAH          FL   33010          5            06/28/02         00
    0414330571                           05           08/01/02          0
    0414330571                           N            07/01/17
    0

    7820541          E22/G02             F           65,000.00         ZZ
                                         180         64,601.84          1
                                       7.375            597.95         77
                                       7.125            597.95
    RIM FOREST       CA   92378          1            06/26/02         00
    0414348730                           05           08/01/02          0
    0414348730                           N            07/01/17
    0

    7820599          E22/G02             F           98,100.00         ZZ
                                         180         97,465.64          1
                                       6.750            868.10         74
                                       6.500            868.10
    SAN ANTONIO      TX   78259          2            06/28/02         00
    0414384669                           03           08/01/02          0
    0414384669                           N            07/01/17
    0

    7820659          E82/G02             F          102,700.00         ZZ
                                         180        102,368.89          1
                                       6.750            908.80         40
                                       6.500            908.80
    TARRYTOWN        NY   10591          2            06/27/02         00
    0400620571                           05           09/01/02          0
    1860066                              O            08/01/17
    0

    7820862          E45/G02             F           53,600.00         ZZ
                                         180         52,487.48          1
1

                                       6.750            474.31         80
                                       6.500            474.31
    FIVE POINTS      AL   36855          5            02/28/02         00
    0433827532                           05           04/01/02          0
    217718                               O            03/01/17
    0

    7822235          A52/G02             F           95,000.00         ZZ
                                         180         94,365.62          1
                                       6.375            821.04         71
                                       6.125            821.04
    DAHLONEGA        GA   30533          5            06/26/02         00
    0434223632                           05           08/01/02          0
    19484                                O            07/01/17
    0

    7822301          N74/G02             F           29,600.00         ZZ
                                         180         29,410.64          1
                                       6.875            263.99         46
                                       6.625            263.99
    SPRING           TX   77373          2            06/25/02         00
    0434251583                           03           08/01/02          0
    0030368010                           N            07/01/17
    0

    7822355          N74/G02             F          175,950.00         ZZ
                                         180        174,762.45          1
                                       6.250          1,508.64         90
                                       6.000          1,508.64
    CONWAY           AR   72034          2            06/26/02         01
    0434223566                           05           08/01/02         25
    5403490                              O            07/01/17
    0

    7822433          S25/G02             F          244,200.00         ZZ
                                         180        241,668.28          1
                                       6.000          2,060.70         56
                                       5.750          2,060.70
    CHAPEL HILL      NC   27516          5            06/20/02         00
    0434216099                           05           07/25/02          0
    237258019                            O            06/25/17
    0

    7823467          E22/G02             F          150,000.00         ZZ
                                         180        149,019.58          1
                                       6.625          1,316.99         68
                                       6.375          1,316.99
    FARMERS BRANCH   TX   75234          5            06/24/02         00
    0414197368                           05           08/01/02          0
1

    0414197368                           O            07/01/17
    0

    7823499          E22/G02             F          375,000.00         ZZ
                                         180        372,495.86          1
                                       6.375          3,240.94         75
                                       6.125          3,240.94
    WEST ORANGE      NJ   07052          2            06/25/02         00
    0414229013                           05           08/01/02          0
    0414229013                           O            07/01/17
    0

    7823515          E22/G02             F           96,000.00         ZZ
                                         180         95,372.53          1
                                       6.625            842.87         78
                                       6.375            842.87
    DENTON           TX   76201          5            06/25/02         00
    0414246462                           05           08/01/02          0
    0414246462                           O            07/01/17
    0

    7823517          E22/G02             F          240,000.00         ZZ
                                         180        238,362.83          1
                                       6.125          2,041.50         62
                                       5.875          2,041.50
    LA VERNE         CA   91750          2            06/21/02         00
    0414246603                           05           08/01/02          0
    0414246603                           O            07/01/17
    0

    7823521          E22/G02             F          140,000.00         ZZ
                                         180        139,065.12          1
                                       6.375          1,209.95         53
                                       6.125          1,209.95
    LA VERNE         CA   91750          2            06/22/02         00
    0414247650                           05           08/01/02          0
    0414247650                           N            07/01/17
    0

    7823523          E22/G02             F          240,000.00         ZZ
                                         180        238,362.83          1
                                       6.125          2,041.50         44
                                       5.875          2,041.50
    LA VERNE         CA   91750          2            06/22/02         00
    0414247684                           03           08/01/02          0
    0414247684                           O            07/01/17
    0

1

    7823547          E22/G02             F          120,000.00         ZZ
                                         180        118,947.05          1
                                       6.750          1,061.89         69
                                       6.500          1,061.89
    LEABURG          OR   97489          5            06/24/02         00
    0414257741                           05           08/01/02          0
    0414257741                           O            07/01/17
    0

    7823551          E22/G02             F          108,000.00         ZZ
                                         180        107,294.10          1
                                       6.625            948.23         80
                                       6.375            948.23
    LAS VEGAS        NV   89103          2            06/25/02         00
    0414263665                           05           08/01/02          0
    0414263665                           O            07/01/17
    0

    7823569          E22/G02             F          184,000.00         ZZ
                                         180        182,771.31          1
                                       6.375          1,590.22         80
                                       6.125          1,590.22
    TABERNASH        CO   80478          1            07/01/02         00
    0414274241                           05           08/01/02          0
    0414274241                           N            07/01/17
    0

    7823627          E22/G02             F          135,000.00         ZZ
                                         180        134,136.41          3
                                       6.875          1,204.00         47
                                       6.625          1,204.00
    UNION CITY       NJ   07087          5            06/25/02         00
    0414317032                           05           08/01/02          0
    0414317032                           O            07/01/17
    0

    7824053          E84/G02             F          181,850.00         ZZ
                                         180        180,699.19          1
                                       7.000          1,634.52         80
                                       6.750          1,634.52
    EASTON           MD   21601          1            06/18/02         00
    0434229597                           03           08/01/02          0
    70307571                             O            07/01/17
    0

    7824851          624/G02             F          382,500.00         ZZ
                                         180        379,972.95          1
                                       6.500          3,331.99         80
                                       6.250          3,331.99
1

    WALNUT           CA   91789          5            06/17/02         00
    0434223681                           05           08/01/02          0
    1000003027                           O            07/01/17
    0

    7824853          S25/G02             F           91,700.00         ZZ
                                         180         90,765.25          1
                                       6.200            783.76         60
                                       5.950            783.76
    COLUMBIA         SC   29212          5            06/05/02         00
    0434263554                           05           07/11/02          0
    092389066                            O            06/11/17
    0

    7824971          H93/G02             F          396,000.00         ZZ
                                         180        393,411.65          1
                                       6.625          3,476.86         80
                                       6.375          3,476.86
    PRAIRIE VILLAGE  KS   66207          5            06/25/02         00
    0434256939                           05           08/01/02          0
    2002001299                           O            07/01/17
    0

    7825011          X80/G02             F          420,000.00         ZZ
                                         180        417,225.21          1
                                       6.500          3,658.65         73
                                       6.250          3,658.65
    ORANGE           CA   92869          5            06/11/02         00
    0434279386                           05           08/01/02          0
    1410015717                           O            07/01/17
    0

    7825339          W02/G02             F          117,600.00         ZZ
                                         180        116,397.10          1
                                       6.125          1,000.34         80
                                       5.875          1,000.34
    DELTONA          FL   32738          5            06/20/02         00
    0434224762                           05           08/01/02          0
    1001189695                           O            07/01/17
    0

    7825375          W02/G02             F           74,400.00         ZZ
                                         180         73,903.16          1
                                       6.375            643.01         80
                                       6.125            643.01
    BOYNTON BEACH    FL   33435          5            06/24/02         00
    0434335840                           05           08/01/02          0
    1001215284                           O            07/01/17
    0
1

    7825661          K15/G02             F          161,000.00         ZZ
                                         180        160,003.00          1
                                       7.250          1,469.71         95
                                       7.000          1,469.71
    TWP OF LACEY     NJ   08734          5            06/24/02         26
    0434230553                           05           08/01/02         25
    011005303368                         O            07/01/17
    0

    7825711          K15/G02             F          115,900.00         ZZ
                                         180        114,117.89          3
                                       7.250          1,058.01         80
                                       7.000          1,058.01
    HILLSBORO        NH   03244          5            06/25/02         00
    0434230421                           05           08/01/02          0
    032005306446                         O            07/01/17
    0

    7825731          K15/G02             F          209,100.00         ZZ
                                         180        207,818.70          1
                                       7.375          1,923.56         89
                                       7.125          1,923.56
    NORTH LINDENHUR  NY   11757          5            06/25/02         26
    0434230140                           05           08/01/02         12
    021205500899                         O            07/01/17
    0

    7825745          K15/G02             F          137,000.00         ZZ
                                         180        136,094.88          1
                                       6.500          1,193.42         79
                                       6.250          1,193.42
    HAMPSTEAD        NH   03841          5            06/25/02         00
    0434253910                           05           08/01/02          0
    033605501072                         O            07/01/17
    0

    7825907          E22/G02             F          128,000.00         ZZ
                                         180        127,117.52          1
                                       6.000          1,080.14         80
                                       5.750          1,080.14
    ST.LOUIS         MO   63133          5            06/27/02         00
    0414092569                           05           08/01/02          0
    0414092569                           O            07/01/17
    0

    7825927          E22/G02             F           76,000.00         ZZ
                                         180         75,513.83          1
1

                                       6.875            677.81         80
                                       6.625            677.81
    HOUSTON          TX   77034          5            06/25/02         00
    0414173922                           05           08/01/02          0
    0414173922                           O            07/01/17
    0

    7825941          E22/G02             F          650,000.00         ZZ
                                         180        645,705.66          1
                                       6.500          5,662.20         80
                                       6.250          5,662.20
    DANVILLE         CA   94526          5            06/25/02         00
    0414189282                           03           08/01/02          0
    0414189282                           O            07/01/17
    0

    7826017          E22/G02             F          624,550.00         ZZ
                                         180        620,554.73          1
                                       6.875          5,570.08         70
                                       6.625          5,570.08
    DALLAS           TX   75225          5            06/27/02         00
    0414271361                           05           08/01/02          0
    0414271361                           O            07/01/17
    0

    7826069          E22/G02             F           85,800.00         ZZ
                                         180         85,280.12          1
                                       7.500            795.38         95
                                       7.250            795.38
    SCOTTSBORO       AL   35768          5            06/27/02         04
    0414311704                           05           08/01/02         30
    0414311704                           O            07/01/17
    0

    7826103          E22/G02             F           85,950.00         ZZ
                                         180         85,417.74          1
                                       7.250            784.61         90
                                       7.000            784.61
    WEST PALM BEACH  FL   33407          1            07/02/02         04
    0414330613                           09           08/01/02         20
    0414330613                           N            07/01/17
    0

    7826167          E22/G02             F          192,000.00         ZZ
                                         180        188,641.41          1
                                       6.250          1,646.25         80
                                       6.000          1,646.25
    DEERFIELD BEACH  FL   33441          1            07/02/02         00
    0414404780                           09           08/01/02          0
1

    0414404780                           O            07/01/17
    0

    7826253          E82/G02             F          101,500.00         ZZ
                                         180        100,829.43          2
                                       6.500            884.17         53
                                       6.250            884.17
    NASHUA           NH   03060          2            06/26/02         00
    0400598645                           05           08/01/02          0
    1635610                              O            07/01/17
    0

    7826531          601/G02             F          150,000.00         ZZ
                                         180        148,556.52          1
                                       6.875          1,337.79         57
                                       6.625          1,337.79
    HOPE TWP         NJ   07844          5            05/23/02         00
    0434272845                           05           07/01/02          0
    61358297                             O            06/01/17
    0

    7827299          601/G02             F          184,789.00         ZZ
                                         180        183,029.76          1
                                       7.000          1,660.94         79
                                       6.750          1,660.94
    LAKEWOOD         CO   80228          2            06/03/02         00
    0434238648                           05           07/01/02          0
    6153127                              O            06/01/17
    0

    7827355          405/405             F          464,000.00         ZZ
                                         180        461,095.28          1
                                       7.125          4,203.06         80
                                       6.375          4,203.06
    ROSLYN           NY   11576          1            06/27/02         00
    0018532457                           01           08/01/02          0
    0018532457                           O            07/01/17
    0

    7827457          601/G02             F          157,500.00         ZZ
                                         180        156,535.22          1
                                       7.375          1,448.88         77
                                       7.125          1,448.88
    ROSEVILLE        MN   55113          5            06/19/02         00
    0434232831                           05           08/01/02          0
    6153480                              O            07/01/17
    0

1

    7827571          601/G02             F          168,000.00         ZZ
                                         180        166,890.06          1
                                       6.500          1,463.47         75
                                       6.250          1,463.47
    MORRIS           MN   56267          2            06/05/02         00
    0434226387                           05           08/01/02          0
    61445227                             O            07/01/17
    0

    7827593          601/G02             F          153,500.00         ZZ
                                         180        152,528.59          1
                                       7.000          1,379.71         89
                                       6.750          1,379.71
    TAMPA            FL   33634          2            06/13/02         11
    0434226346                           03           08/01/02         12
    61549101                             O            07/01/17
    0

    7828093          601/G02             F          100,000.00         ZZ
                                         180         99,367.16          1
                                       7.000            898.83         80
                                       6.750            898.83
    SAVANNAH         GA   31410          1            06/07/02         00
    0434279261                           05           08/01/02          0
    61369377                             O            07/01/17
    0

    7828137          601/G02             F          120,000.00         ZZ
                                         180        119,224.02          1
                                       6.750          1,061.90         69
                                       6.500          1,061.90
    SAINT LOUIS      MO   63141          5            06/10/02         00
    0434228326                           05           08/01/02          0
    61454203                             O            07/01/17
    0

    7828159          601/G02             F           37,000.00         ZZ
                                         180         36,763.30          1
                                       6.875            329.99         62
                                       6.625            329.99
    CHATTANOOGA      TN   37410          5            06/12/02         00
    0434233151                           05           08/01/02          0
    6153765                              O            07/01/17
    0

    7828199          601/G02             F           76,400.00         ZZ
                                         180         75,921.72          1
                                       7.125            692.06         90
                                       6.875            692.06
1

    LINCOLN          NE   68522          2            06/21/02         11
    0434226569                           05           08/01/02         12
    6153567                              O            07/01/17
    0

    7828219          601/G02             F          144,000.00         ZZ
                                         180        143,038.41          1
                                       6.375          1,244.52         48
                                       6.125          1,244.52
    HAMPTON          NH   03842          2            06/07/02         00
    0434229761                           05           08/01/02          0
    6151188                              O            07/01/17
    0

    7828289          601/G02             F           88,725.00         ZZ
                                         180         88,157.42          1
                                       6.875            791.30         74
                                       6.625            791.30
    TALLAHASSEE      FL   32303          5            06/06/02         00
    0434279881                           05           08/01/02          0
    6148238                              O            07/01/17
    0

    7828365          461/G02             F          450,000.00         ZZ
                                         180        446,962.79          1
                                       6.250          3,858.41         75
                                       6.000          3,858.41
    LOS ANGELES      CA   90036          1            05/22/02         00
    0434241816                           05           08/01/02          0
    9031454952                           O            07/01/17
    0

    7829743          E22/G02             F           56,900.00         ZZ
                                         180         56,405.82          1
                                       7.375            523.44         75
                                       7.125            523.44
    LAWTON           OK   73501          2            06/20/02         00
    0414171843                           27           08/01/02          0
    0414171843                           O            07/01/17
    0

    7829791          E22/G02             F          200,000.00         ZZ
                                         180        198,673.94          1
                                       6.875          1,783.71         80
                                       6.625          1,783.71
    TRAVERSE CITY    MI   49686          2            06/28/02         00
    0414229070                           05           08/01/02          0
    0414229070                           O            07/01/17
    0
1

    7829817          E22/G02             F           53,000.00         ZZ
                                         180         52,332.68          1
                                       6.500            461.69         75
                                       6.250            461.69
    LAWTON           OK   73505          2            06/28/02         00
    0414251041                           05           08/01/02          0
    0414251041                           O            07/01/17
    0

    7829845          E22/G02             F           93,600.00         ZZ
                                         180         92,981.61          1
                                       6.500            815.36         80
                                       6.250            815.36
    CARROLLTON       TX   75006          5            06/28/02         00
    0414272872                           05           08/01/02          0
    0414272872                           O            07/01/17
    0

    7829855          E22/G02             F           72,000.00         ZZ
                                         180         71,549.27          1
                                       7.125            652.20         80
                                       6.875            652.20
    MILWAUKEE        WI   53207          1            06/19/02         00
    0414275057                           05           08/01/02          0
    0414275057                           O            07/01/17
    0

    7829857          E22/G02             F          106,250.00         ZZ
                                         180        105,570.30          1
                                       6.875            947.60         85
                                       6.625            947.60
    MIRAMAR          FL   33025          5            06/28/02         04
    0414276238                           05           08/01/02          6
    0414276238                           O            07/01/17
    0

    7829859          E22/G02             F          237,500.00         ZZ
                                         180        235,980.72          1
                                       6.875          2,118.15         67
                                       6.625          2,118.15
    MONROE           CT   06468          2            06/28/02         00
    0414276378                           05           08/01/02          0
    0414276378                           O            07/01/17
    0

    7829885          E22/G02             F          550,000.00         ZZ
                                         180        547,740.17          1
1

                                       6.875          4,905.20         50
                                       6.625          4,905.20
    KINNELON         NJ   07405          1            07/03/02         00
    0414291468                           05           09/01/02          0
    0414291468                           O            08/01/17
    0

    7830111          E82/G02             F          147,800.00         ZZ
                                         180        145,564.23          1
                                       6.625          1,297.67         44
                                       6.375          1,297.67
    HOWELL TOWNSHIP  NJ   07727          2            06/28/02         00
    0400642179                           05           09/01/02          0
    3235403                              O            08/01/17
    0

    7830121          E82/G02             F           49,500.00         ZZ
                                         180         49,092.86          2
                                       7.250            451.87         61
                                       7.000            451.87
    CHATTANOOGA      TN   37416          2            06/27/02         00
    0400645784                           05           08/01/02          0
    1566274                              N            07/01/17
    0

    7830715          E84/G02             F          168,000.00         ZZ
                                         180        166,913.65          1
                                       6.750          1,486.65         69
                                       6.500          1,486.65
    COLUMBIA         MD   21044          5            06/10/02         00
    0434259560                           05           08/01/02          0
    65020004                             O            07/01/17
    0

    7831137          H58/G02             F           33,250.00         ZZ
                                         180         33,044.10          1
                                       7.250            303.53         95
                                       7.000            303.53
    FRESNO           CA   93705          1            06/24/02         01
    0434280608                           01           08/01/02         30
    0000100550                           O            07/01/17
    0

    7831301          964/G02             F          275,000.00         ZZ
                                         180        273,163.63          1
                                       6.375          2,376.69         52
                                       6.125          2,376.69
    YORBA LINDA      CA   92886          5            06/03/02         00
    0434318853                           03           08/01/02          0
1

    209613                               O            07/01/17
    0

    7831319          964/G02             F          165,000.00         ZZ
                                         180        163,933.06          1
                                       6.750          1,460.10         75
                                       6.500          1,460.10
    LAS VEGAS        NV   89110          5            06/26/02         00
    0434317947                           03           08/01/02          0
    219140                               N            07/01/17
    0

    7831321          964/G02             F          101,250.00         ZZ
                                         180        100,588.20          1
                                       6.625            888.97         75
                                       6.375            888.97
    LAS VEGAS        NV   89117          5            06/26/02         00
    0434317921                           05           08/01/02          0
    219150                               N            07/01/17
    0

    7831341          964/G02             F          125,000.00         ZZ
                                         180        124,165.29          1
                                       6.375          1,080.31         68
                                       6.125          1,080.31
    BELLFLOWER       CA   90706          2            06/21/02         00
    0434318846                           05           08/01/02          0
    223167                               O            07/01/17
    0

    7831347          964/G02             F          581,250.00         ZZ
                                         180        577,326.95          1
                                       6.250          4,983.77         75
                                       6.000          4,983.77
    SEAL BEACH       CA   90743          1            06/26/02         00
    0434318150                           03           08/01/02          0
    225141                               O            07/01/17
    0

    7831539          W02/G02             F          118,275.00         ZZ
                                         180        117,542.57          1
                                       7.250          1,079.69         95
                                       7.000          1,079.69
    NEWBERN          TN   38059          5            06/24/02         12
    0434362265                           05           08/01/02         25
    1001140655                           O            07/01/17
    0

1

    7831905          W02/G02             F           61,000.00         ZZ
                                         180         59,992.14          1
                                       6.125            518.89         74
                                       5.875            518.89
    TALLAHASSEE      FL   32302          5            06/25/02         00
    0434466454                           05           08/01/02          0
    1                                    O            07/01/17
    0

    7832861          Q87/G02             F           64,800.00         ZZ
                                         180         64,394.34          1
                                       7.125            586.98         80
                                       6.875            586.98
    HEMPSTEAD        TX   77445          5            06/27/02         00
    0434274783                           05           08/02/02          0
    583377                               O            07/02/17
    0

    7833815          E22/G02             F          218,000.00         ZZ
                                         180        216,590.35          1
                                       6.750          1,929.10         68
                                       6.500          1,929.10
    CLOVIS           CA   93611          2            06/24/02         00
    0414281543                           05           08/01/02          0
    0414281543                           O            07/01/17
    0

    7833849          E22/G02             F          104,000.00         ZZ
                                         180        103,290.56          1
                                       6.125            884.65         71
                                       5.875            884.65
    HOUSTON          TX   77041          2            06/28/02         00
    0414309799                           03           08/01/02          0
    0414309799                           O            07/01/17
    0

    7834061          E82/G02             F          143,800.00         ZZ
                                         180        143,356.09          4
                                       7.250          1,312.70         72
                                       7.000          1,312.70
    COOPER CITY      FL   33328          2            07/03/02         00
    0400644191                           05           09/01/02          0
    1651971                              N            08/01/17
    0

    7834069          E82/G02             F          215,200.00         ZZ
                                         180        213,857.30          2
                                       7.250          1,964.48         76
                                       7.000          1,964.48
1

    LOS ANGELES      CA   91344          2            06/29/02         00
    0400639787                           05           08/01/02          0
    1863331                              N            07/01/17
    0

    7834139          K15/G02             F           60,800.00         ZZ
                                         180         60,612.31          1
                                       7.250            555.02         95
                                       7.000            555.02
    CARENCRO         LA   70520          5            06/28/02         26
    0434246930                           05           09/01/02         25
    000905501086                         O            08/01/17
    0

    7834287          U05/G02             F          120,000.00         ZZ
                                         180        119,215.66          1
                                       6.625          1,053.59         47
                                       6.375          1,053.59
    GRAND TERRACE    CA   92313          5            06/19/02         00
    0434257788                           05           08/01/02          0
    3236269                              O            07/01/17
    0

    7834297          Q14/G02             F           86,000.00         ZZ
                                         180         85,425.71          1
                                       6.375            743.26         71
                                       6.125            743.26
    WHEATLAND        IA   52777          5            06/28/02         00
    0434257747                           05           08/01/02          0
    0208102                              O            07/01/17
    0

    7834815          G51/G02             F           83,500.00         T
                                         180         82,971.59          1
                                       7.000            750.52         63
                                       6.750            750.52
    BRANDON          FL   33511          2            06/28/02         00
    0434252334                           05           08/01/02          0
    1                                    O            07/01/17
    0

    7836353          477/G02             F          492,000.00         ZZ
                                         180        488,749.52          1
                                       6.500          4,285.85         70
                                       6.250          4,285.85
    SAN JOSE         CA   95129          1            06/11/02         00
    0434261921                           05           08/01/02          0
    227005                               O            07/01/17
    0
1

    7837839          964/G02             F          150,000.00         ZZ
                                         180        149,009.00          1
                                       6.500          1,306.66         66
                                       6.250          1,306.66
    SOUTH LAKE TAHO  CA   96150          5            06/24/02         00
    0434252920                           05           08/01/02          0
    218167                               N            07/01/17
    0

    7838271          E22/G02             F          101,100.00         ZZ
                                         180         99,486.22          1
                                       6.250            866.85         57
                                       6.000            866.85
    PLANO            TX   75093          2            07/01/02         00
    0414267187                           05           08/01/02          0
    0414267187                           O            07/01/17
    0

    7838315          E22/G02             F          195,000.00         ZZ
                                         180        193,725.43          1
                                       6.625          1,712.09         80
                                       6.375          1,712.09
    PEMBROKE PINES   FL   33028          5            07/01/02         00
    0414299339                           03           08/01/02          0
    0414299339                           O            07/01/17
    0

    7838339          E22/G02             F          140,000.00         ZZ
                                         180        139,075.07          1
                                       6.500          1,219.55         64
                                       6.250          1,219.55
    THE WOODLANDS    TX   77382          5            06/28/02         00
    0414311282                           03           08/01/02          0
    0414311282                           O            07/01/17
    0

    7838409          E22/G02             F          121,500.00         ZZ
                                         180        120,679.95          1
                                       6.250          1,041.77         90
                                       6.000          1,041.77
    OKLAHOMA CITY    OK   73120          2            07/02/02         01
    0414350488                           05           08/01/02         25
    0414350488                           O            07/01/17
    0

    7838423          E22/G02             F          100,000.00         ZZ
                                         180         99,353.37          1
1

                                       6.750            884.91         26
                                       6.500            884.91
    COPPELL          TX   75019          5            06/28/02         00
    0414356436                           03           08/01/02          0
    0414356436                           O            07/01/17
    0

    7838443          E22/G02             F          153,500.00         ZZ
                                         180        153,005.10          1
                                       6.750          1,358.34         70
                                       6.500          1,358.34
    DENVER           CO   80221          5            07/02/02         00
    0414363952                           05           09/01/02          0
    0414363952                           O            08/01/17
    0

    7838577          K15/G02             F          150,000.00         ZZ
                                         180        148,976.77          2
                                       6.125          1,275.94         67
                                       5.875          1,275.94
    BRONX            NY   10472          5            06/22/02         00
    0434252599                           05           08/01/02          0
    020705303390                         O            07/01/17
    0

    7838611          K15/G02             F           82,400.00         ZZ
                                         180         81,928.54          1
                                       6.500            717.79         80
                                       6.250            717.79
    BATON ROUGE      LA   70816          5            07/01/02         00
    0434261160                           05           09/01/02          0
    000905501034                         O            08/01/17
    0

    7839175          E86/G02             F          170,000.00         ZZ
                                         180        168,947.25          1
                                       7.250          1,551.87         65
                                       7.000          1,551.87
    JAMAICA          NY   11436          5            06/19/02         00
    0434248670                           05           08/01/02          0
    0000193942                           O            07/01/17
    0

    7839979          U28/G02             F          168,000.00         ZZ
                                         180        166,925.29          1
                                       6.875          1,498.32         75
                                       6.625          1,498.32
    BARNESVILLE      GA   30204          5            06/28/02         00
    0434248696                           05           08/01/02          0
1

    1                                    O            07/01/17
    0

    7840253          738/G02             F          120,000.00         ZZ
                                         180        119,248.78          2
                                       7.125          1,087.00         80
                                       6.875          1,087.00
    MIAMI            FL   33144          2            06/24/02         00
    0434233144                           05           08/01/02          0
    40461043                             O            07/01/17
    0

    7840735          U28/G02             F          254,400.00         ZZ
                                         180        252,701.20          4
                                       6.375          2,198.65         80
                                       6.125          2,198.65
    NORCROSS         GA   30092          1            07/03/02         00
    0434248241                           05           08/01/02          0
    200003258                            O            07/01/17
    0

    7842659          E22/G02             F          437,500.00         ZZ
                                         180        436,104.65          1
                                       6.875          3,901.86         59
                                       6.625          3,901.86
    SAN JOSE         CA   95124          2            07/01/02         00
    0412974834                           05           09/01/02          0
    0412974834                           O            08/01/17
    0

    7842699          E22/G02             F          296,000.00         ZZ
                                         180        294,044.42          1
                                       6.500          2,578.48         83
                                       6.250          2,578.48
    KAHULUI          HI   96732          2            06/26/02         04
    0414227579                           03           08/01/02          6
    0414227579                           O            07/01/17
    0

    7842731          E22/G02             F          136,600.00         ZZ
                                         120        135,777.71          1
                                       6.250          1,533.75         61
                                       6.000          1,533.75
    WYLIE            TX   75098          5            07/03/02         00
    0414274373                           05           09/01/02          0
    0414274373                           O            08/01/12
    0

1

    7842833          E22/G02             F          106,500.00         ZZ
                                         180        106,156.63          2
                                       6.750            942.43         75
                                       6.500            942.43
    CHICAGO          IL   60632          5            07/03/02         00
    0414364968                           05           09/01/02          0
    0414364968                           O            08/01/17
    0

    7842847          E22/G02             F          125,000.00         ZZ
                                         120        124,262.79          1
                                       6.625          1,427.31         63
                                       6.375          1,427.31
    GRAND PRAIRIE    TX   75052          5            07/03/02         00
    0414377564                           05           09/01/02          0
    0414377564                           O            08/01/12
    0

    7842849          E22/G02             F           39,000.00         ZZ
                                         180         38,880.92          1
                                       7.375            358.77         75
                                       7.125            358.77
    DENISON          TX   75020          5            07/09/02         00
    0414378083                           05           09/01/02          0
    0414378083                           N            08/01/17
    0

    7843200          E45/G02             F           52,900.00         ZZ
                                         180         51,946.89          1
                                       7.750            497.93         63
                                       7.500            497.93
    CHICAGO          IL   60609          5            03/05/02         00
    0433827839                           05           04/01/02          0
    212882                               N            03/01/17
    0

    7843327          E82/G02             F           87,000.00         ZZ
                                         180         86,713.39          1
                                       6.500            757.86         36
                                       6.250            757.86
    MAIMI            FL   33133          2            07/03/02         00
    0400649174                           05           09/01/02          0
    1603189                              O            08/01/17
    0

    7843349          E82/G02             F          102,400.00         ZZ
                                         180        102,062.66          1
                                       6.500            892.01         80
                                       6.250            892.01
1

    PALM COAST       FL   32164          5            07/03/02         00
    0400648580                           05           09/01/02          0
    0400648580                           O            08/01/17
    0

    7843507          K15/G02             F           52,800.00         ZZ
                                         180         52,637.01          1
                                       7.250            481.99         80
                                       7.000            481.99
    WARREN           OH   44484          5            07/03/02         00
    0434266771                           05           09/01/02          0
    02870550760                          O            08/01/17
    0

    7843733          W82/G02             F           54,000.00         T
                                         180         53,639.40          1
                                       6.375            466.70         50
                                       6.125            466.70
    LAKE HAVASU CIT  AZ   86404          5            06/24/02         00
    0434233037                           05           08/01/02          0
    910002126                            O            07/01/17
    0

    7843755          952/G02             F          120,000.00         ZZ
                                         180        119,248.78          1
                                       7.125          1,087.00         80
                                       6.875          1,087.00
    RARITAN          NJ   08869          1            06/20/02         00
    0434291795                           07           08/01/02          0
    20026275                             N            07/01/17
    0

    7844373          X62/G02             F          108,000.00         ZZ
                                         180        107,309.13          1
                                       6.875            963.20         90
                                       6.625            963.20
    FRESNO           CA   93722          5            06/10/02         10
    0434329793                           05           08/01/02         25
    01205102                             O            07/01/17
    0

    7844993          S11/G02             F          128,000.00         ZZ
                                         180        122,110.05          1
                                       6.250          1,097.50         34
                                       6.000          1,097.50
    YORBA LINDA      CA   92887          5            06/14/02         00
    0434269742                           05           08/01/02          0
    10207289                             O            07/01/17
    0
1

    7845579          U36/G02             F          135,000.00         ZZ
                                         180        134,010.33          1
                                       6.500          1,175.99         43
                                       6.250          1,175.99
    GERMANTOWN       MD   20876          1            06/14/02         00
    0434256145                           03           08/01/02          0
    959901001                            O            07/01/17
    0

    7845667          E57/G02             F          151,200.00         ZZ
                                         180        150,211.72          1
                                       6.625          1,327.53         80
                                       6.375          1,327.53
    LYNWOOD          CA   90262          1            06/27/02         00
    0434289914                           05           08/01/02          0
    6008124                              N            07/01/17
    0

    7845669          253/253             F           47,600.00         ZZ
                                         180         47,292.20          1
                                       6.750            421.22         80
                                       6.500            421.22
    GUNNISON         CO   81230          1            06/25/02         00
    423230                               01           08/01/02          0
    423230                               O            07/01/17
    0

    7845677          W17/G02             F          160,000.00         ZZ
                                         180        159,449.83          2
                                       6.000          1,350.17         80
                                       5.750          1,350.17
    NORTH MIAMI BEA  FL   33180          2            06/28/02         00
    0434266946                           05           09/01/02          0
    020090                               N            08/01/17
    0

    7845757          E22/G02             F          105,000.00         ZZ
                                         180        104,661.48          1
                                       6.750            929.15         74
                                       6.500            929.15
    SPRINGVILLE      AL   35146          5            07/05/02         00
    0414288233                           05           09/01/02          0
    0414288233                           O            08/01/17
    0

    7845975          E82/G02             F           66,800.00         ZZ
                                         180         66,582.29          1
1

                                       6.625            586.50         66
                                       6.375            586.50
    HOUSTON          TX   77065          2            07/12/02         00
    0400652582                           03           09/01/02          0
    0400652582                           N            08/01/17
    0

    7845977          E82/G02             F          122,000.00         ZZ
                                         180        121,211.11          1
                                       6.750          1,079.59         70
                                       6.500          1,079.59
    LAS VEGAS        NV   89113          2            06/27/02         00
    0400647657                           05           08/01/02          0
    1612796                              N            07/01/17
    0

    7845985          E82/G02             F           63,000.00         ZZ
                                         180         62,794.67          1
                                       6.625            553.14         75
                                       6.375            553.14
    ROGERS           AR   72756          5            07/08/02         00
    0400646196                           05           09/01/02          0
    0400646196                           O            08/01/17
    0

    7845991          U05/G02             F          404,000.00         ZZ
                                         180        401,359.39          1
                                       6.625          3,547.09         80
                                       6.375          3,547.09
    SIMI VALLEY      CA   93063          5            06/27/02         00
    0434291787                           05           08/01/02          0
    3236548                              O            07/01/17
    0

    7846171          X27/G02             F          161,500.00         ZZ
                                         180        160,444.40          2
                                       6.625          1,417.96         74
                                       6.375          1,417.96
    GARDENA          CA   90247          2            06/24/02         00
    0434297743                           05           08/01/02          0
    10000072                             O            07/01/17
    0

    7846651          A21/G02             F          130,000.00         ZZ
                                         180        128,434.80          1
                                       6.500          1,132.44         39
                                       6.250          1,132.44
    DUMONT           NJ   07628          1            06/28/02         00
    0434255162                           05           08/01/02          0
1

    0100132781                           O            07/01/17
    0

    7847137          196/G02             F          594,300.00         ZZ
                                         180        590,498.22          1
                                       6.875          5,300.30         68
                                       6.625          5,300.30
    RYE              NY   10580          2            06/24/02         00
    0434321865                           05           08/01/02          0
    1313191                              O            07/01/17
    0

    7847147          196/G02             F          125,000.00         ZZ
                                         180        124,208.96          1
                                       7.000          1,123.54         68
                                       6.750          1,123.54
    JANESVILLE       WI   53546          1            06/13/02         00
    0434295648                           05           08/01/02          0
    1320431                              O            07/01/17
    0

    7847171          196/G02             F          126,900.00         ZZ
                                         180        126,139.44          3
                                       7.625          1,185.42         90
                                       7.375          1,185.42
    NEW BEDFORD      MA   02740          1            06/19/02         10
    0434296380                           05           08/01/02         25
    1321831                              N            07/01/17
    0

    7847189          196/G02             F           56,000.00         ZZ
                                         180         55,637.88          1
                                       6.750            495.55         80
                                       6.500            495.55
    HANFORD          CA   93230          2            06/25/02         00
    0434295556                           05           08/01/02          0
    1501638                              N            07/01/17
    0

    7847203          196/G02             F          128,000.00         ZZ
                                         180        126,459.88          3
                                       7.000          1,150.51         80
                                       6.750          1,150.51
    CALIMESA         CA   92320          2            06/11/02         00
    0434396818                           05           08/01/02          0
    1534219                              O            07/01/17
    0

1

    7847213          196/G02             F          117,000.00         T
                                         180        116,267.55          1
                                       7.125          1,059.83         69
                                       6.875          1,059.83
    WHITMORE         CA   96096          1            06/10/02         00
    0434324547                           05           08/01/02          0
    1536515                              O            07/01/17
    0

    7847219          196/G02             F          181,600.00         ZZ
                                         180        179,852.45          1
                                       6.875          1,619.61         48
                                       6.625          1,619.61
    WALLINGFORD      CT   06492          5            06/03/02         00
    0434321733                           05           07/01/02          0
    1537714                              O            06/01/17
    0

    7847265          196/G02             F          125,000.00         ZZ
                                         180        124,191.71          1
                                       6.750          1,106.14         52
                                       6.500          1,106.14
    ZEELAND          MI   49464          5            06/20/02         00
    0434296968                           05           08/01/02          0
    1540801                              O            07/01/17
    0

    7847281          196/G02             F          185,000.00         ZZ
                                         180        183,803.72          1
                                       6.750          1,637.09         89
                                       6.500          1,637.09
    PLAINFIELD       IL   60544          2            06/24/02         10
    0434320867                           03           08/01/02         12
    1541800                              O            07/01/17
    0

    7847353          196/G02             F          136,000.00         ZZ
                                         180        135,111.06          1
                                       6.625          1,194.08         80
                                       6.375          1,194.08
    POOLER           GA   31322          2            06/28/02         00
    0434326401                           05           08/01/02          0
    1544819                              N            07/01/17
    0

    7847725          W47/G02             F           30,000.00         ZZ
                                         180         29,723.49          1
                                       7.375            275.98         29
                                       7.125            275.98
1

    POYNETTE         WI   53955          5            06/20/02         00
    0434320693                           05           07/25/02          0
    WI020515                             O            06/25/17
    0

    7847763          E84/G02             F          148,000.00         ZZ
                                         180        147,063.40          1
                                       7.000          1,330.27         95
                                       6.750          1,330.27
    BERLIN           MD   21811          2            06/17/02         12
    0434320222                           05           08/01/02         25
    70406515                             O            07/01/17
    0

    7847765          738/G02             F           80,000.00         ZZ
                                         180         79,493.72          1
                                       7.000            719.07         80
                                       6.750            719.07
    SUNRISE          FL   33322          1            06/14/02         00
    0434258620                           05           08/01/02          0
    00404082130009                       O            07/01/17
    0

    7848041          624/G02             F          342,000.00         ZZ
                                         180        340,316.88          1
                                       6.375          2,955.74         69
                                       6.125          2,955.74
    SANTA ANA        CA   92706          2            06/27/02         00
    0434263471                           03           09/01/02          0
    1000003954                           O            08/01/17
    0

    7848139          U96/G02             F          650,000.00         ZZ
                                         180        647,764.93          1
                                       6.000          5,485.07         75
                                       5.750          5,485.07
    HONOLULU         HI   96816          2            07/06/02         00
    0434265633                           05           09/01/02          0
    11000074                             O            08/01/17
    0

    7849033          N74/G02             F           53,600.00         ZZ
                                         180         53,436.34          1
                                       7.375            493.08         80
                                       7.125            493.08
    EL PASO          TX   79904          5            07/08/02         00
    0434267670                           05           09/01/02          0
    0030419010                           O            08/01/17
    0
1

    7849093          477/G02             F          194,400.00         ZZ
                                         180        193,115.67          1
                                       6.500          1,693.43         80
                                       6.250          1,693.43
    CHULA VISTA      CA   91913          5            06/21/02         00
    0434266326                           03           08/01/02          0
    232914                               O            07/01/17
    0

    7849211          E82/G02             F          144,000.00         ZZ
                                         180        143,510.10          1
                                       6.125          1,224.90         72
                                       5.875          1,224.90
    HAYWARD          CA   94541          2            07/05/02         00
    0400651469                           09           09/01/02          0
    1927360                              O            08/01/17
    0

    7849227          E82/G02             F          117,000.00         ZZ
                                         180        116,618.69          2
                                       6.625          1,027.25         40
                                       6.375          1,027.25
    BROOKLYN         NY   11215          2            07/10/02         00
    0400631669                           05           09/01/02          0
    0400631669                           O            08/01/17
    0

    7849259          E82/G02             F          107,500.00         ZZ
                                         180        107,142.02          1
                                       6.375            929.07         62
                                       6.125            929.07
    HOLLYWOOD        FL   33021          2            07/09/02         00
    0400647442                           05           09/01/02          0
    1855116                              O            08/01/17
    0

    7849273          E82/G02             F           61,300.00         ZZ
                                         180         61,026.20          1
                                       6.875            546.71         73
                                       6.625            546.71
    ERIE             PA   16506          2            07/05/02         00
    0400626560                           05           09/01/02          0
    0400626560                           O            08/01/17
    0

    7849281          E82/G02             F          131,900.00         ZZ
                                         180        131,460.77          1
1

                                       6.375          1,139.95         58
                                       6.125          1,139.95
    HENDERSON        NV   89052          2            07/05/02         00
    0400647996                           05           09/01/02          0
    0400647996                           O            08/01/17
    0

    7849299          E82/G02             F          170,000.00         ZZ
                                         180        169,486.58          1
                                       7.500          1,575.92         42
                                       7.250          1,575.92
    SOUTHOLD         NY   11971          5            07/12/02         00
    0400639704                           05           09/01/02          0
    0400639704                           N            08/01/17
    0

    7849301          E82/G02             F           87,400.00         ZZ
                                         180         87,112.07          1
                                       6.500            761.35         80
                                       6.250            761.35
    SAGINAW          TX   76179          2            07/09/02         00
    0400643680                           05           09/01/02          0
    1683660                              O            08/01/17
    0

    7849415          A06/G02             F           35,000.00         ZZ
                                         180         34,787.92          2
                                       7.500            324.46         37
                                       7.250            324.46
    HAMTRAMACK       MI   48212          5            07/03/02         00
    0434281739                           05           08/01/02          0
    021000020201561                      N            07/01/17
    0

    7849777          M27/G02             F          568,000.00         ZZ
                                         180        564,247.42          1
                                       6.500          4,947.89         64
                                       6.250          4,947.89
    WILMINGTON       NC   28409          2            06/27/02         00
    0434265641                           03           08/01/02          0
    0100025038                           O            07/01/17
    0

    7851697          U05/G02             F          272,000.00         ZZ
                                         180        271,123.05          4
                                       6.750          2,406.95         80
                                       6.500          2,406.95
    SACRAMENTO       CA   95826          1            07/01/02         00
    0434290292                           05           09/01/02          0
1

    3237897                              O            08/01/17
    0

    7853737          N74/G02             F           95,200.00         ZZ
                                         180         94,886.38          1
                                       6.500            829.29         80
                                       6.250            829.29
    MARIETTA         GA   30062          5            07/09/02         00
    0434276200                           05           09/01/02          0
    30426010                             O            08/01/17
    0

    7853749          J40/G02             F           52,000.00         ZZ
                                         180         51,670.93          1
                                       7.000            467.39         62
                                       6.750            467.39
    WEST POINT       MS   39773          4            06/11/02         00
    0434319778                           05           08/01/02          0
    57449                                N            07/01/17
    0

    7853759          E22/G02             F           52,500.00         ZZ
                                         180         52,341.45          1
                                       7.500            486.68         75
                                       7.250            486.68
    COUNCIL BLUFFS   IA   51503          5            07/12/02         00
    0414030445                           05           09/01/02          0
    0414030445                           N            08/01/17
    0

    7853813          E22/G02             F           65,500.00         ZZ
                                         120         64,985.72          2
                                       6.250            735.43         55
                                       6.000            735.43
    FORT MYERS       FL   33912          2            07/08/02         00
    0414260661                           05           09/01/02          0
    0414260661                           O            08/01/12
    0

    7853955          E22/G02             F           42,750.00         ZZ
                                         180         42,619.46          1
                                       7.375            393.27         75
                                       7.125            393.27
    AKRON            OH   44301          5            07/12/02         00
    0414399402                           05           09/01/02          0
    0414399402                           N            08/01/17
    0

1

    7853957          E22/G02             F           42,750.00         ZZ
                                         180         42,619.46          1
                                       7.375            393.27         75
                                       7.125            393.27
    AKRON            OH   44320          5            07/12/02         00
    0414399485                           05           09/01/02          0
    0414399485                           N            08/01/17
    0

    7853965          E22/G02             F          181,000.00         ZZ
                                         180        180,403.72          1
                                       6.500          1,576.70         71
                                       6.250          1,576.70
    HOUSTON          TX   77056          1            07/12/02         00
    0414403428                           05           09/01/02          0
    0414403428                           O            08/01/17
    0

    7853969          E22/G02             F          190,000.00         ZZ
                                         180        189,380.77          1
                                       6.625          1,668.19         60
                                       6.375          1,668.19
    WEYMOUTH         MA   02190          5            07/08/02         00
    0414405514                           05           09/01/02          0
    0414405514                           O            08/01/17
    0

    7854095          M27/G02             F           64,000.00         ZZ
                                         180         63,791.41          1
                                       6.625            561.92         80
                                       6.375            561.92
    CONCORD          NC   28027          1            07/11/02         00
    0434278719                           05           09/01/02          0
    1                                    O            08/01/17
    0

    7854165          E82/G02             F          139,200.00         ZZ
                                         180        138,760.83          4
                                       7.000          1,251.17         47
                                       6.750          1,251.17
    JERSEY CITY      NJ   07307          2            07/15/02         00
    0400640876                           05           09/01/02          0
    0400640876                           N            08/01/17
    0

    7854315          N74/G02             F           62,985.00         ZZ
                                         180         62,784.12          1
                                       6.875            561.73         91
                                       6.625            561.73
1

    STONEVILLE       NC   27048          2            07/09/02         10
    0434322111                           05           09/01/02         30
    0030424010                           O            08/01/17
    0

    7854467          E46/G02             F           70,500.00         ZZ
                                         180         69,868.75          1
                                       7.375            648.55         89
                                       7.125            648.55
    UPPER GWYNEDD T  PA   19454          2            06/24/02         04
    0434323390                           05           08/01/02         25
    00512002                             O            07/01/17
    0

    7854741          G13/G02             F           89,300.00         ZZ
                                         180         88,654.84          1
                                       7.250            815.19         95
                                       7.000            815.19
    BRIGHTON         TN   38011          5            06/17/02         01
    0434288692                           05           08/01/02         30
    0084810                              O            07/01/17
    0

    7854781          G34/G02             F          119,500.00         ZZ
                                         180        119,097.78          1
                                       6.250          1,024.62         72
                                       6.000          1,024.62
    RENO             NV   89509          2            07/01/02         00
    0434268108                           05           09/01/02          0
    85204374                             O            08/01/17
    0

    7854817          A80/G02             F          160,000.00         ZZ
                                         180        159,467.20          1
                                       6.375          1,382.80         65
                                       6.125          1,382.80
    MIAMI            FL   33176          5            07/03/02         00
    0434294484                           05           09/01/02          0
    0254765                              O            08/01/17
    0

    7855265          601/G02             F          156,800.00         ZZ
                                         180        155,807.71          1
                                       7.000          1,409.37         75
                                       6.750          1,409.37
    BRADENTON        FL   34202          2            06/26/02         00
    0434416343                           05           08/01/02          0
    61558245                             O            07/01/17
    0
1

    7855271          601/G02             F          102,400.00         ZZ
                                         180        101,716.19          1
                                       6.375            885.00         80
                                       6.125            885.00
    STILLWATER       OK   74074          1            06/27/02         00
    0434319000                           05           08/01/02          0
    61598066                             O            07/01/17
    0

    7855297          601/G02             F           56,800.00         ZZ
                                         180         56,455.83          1
                                       7.500            526.55         80
                                       7.250            526.55
    BROKEN ARROW     OK   74012          5            07/02/02         00
    0434298030                           05           08/01/02          0
    61568812                             N            07/01/17
    0

    7855437          601/G02             F          115,000.00         ZZ
                                         180        114,240.22          1
                                       6.500          1,001.78         80
                                       6.250          1,001.78
    EDMOND           OK   73003          2            06/26/02         00
    0434295861                           05           08/01/02          0
    61573911                             O            07/01/17
    0

    7855683          601/G02             F          170,000.00         ZZ
                                         180        168,888.84          1
                                       6.625          1,492.59         54
                                       6.375          1,492.59
    DAWSONVILLE      GA   30534          5            06/26/02         00
    0434297776                           05           08/01/02          0
    61571683                             O            07/01/17
    0

    7855689          N74/G02             F           91,000.00         ZZ
                                         120         89,966.86          1
                                       7.375          1,074.26         88
                                       7.125          1,074.26
    RICHMOND         VA   23230          5            07/10/02         10
    0434321527                           05           08/15/02         25
    0030436010                           O            07/15/12
    0

    7855701          601/G02             F           24,000.00         ZZ
                                         180         23,851.37          1
1

                                       7.250            219.09         80
                                       7.000            219.09
    SAN ANTONIO      TX   78201          1            06/26/02         00
    0434313979                           05           08/01/02          0
    61592002                             N            07/01/17
    0

    7855755          601/G02             F           57,600.00         ZZ
                                         180         57,250.99          1
                                       7.500            533.96         80
                                       7.250            533.96
    BROKEN ARROW     OK   74012          5            07/02/02         00
    0434347043                           05           08/01/02          0
    61565701                             N            07/01/17
    0

    7855771          601/G02             F           33,200.00         ZZ
                                         180         32,987.61          1
                                       6.875            296.10         43
                                       6.625            296.10
    SOUTH PADRE ISL  TX   78597          2            06/27/02         00
    0434321683                           08           08/01/02          0
    61499893                             N            07/01/17
    0

    7855819          601/G02             F           58,000.00         ZZ
                                         180         57,636.90          1
                                       7.125            525.39         70
                                       6.875            525.39
    CLEARWATER       FL   33756          5            06/21/02         00
    0434277356                           05           08/01/02          0
    61522173                             O            07/01/17
    0

    7855837          601/G02             F          167,000.00         ZZ
                                         180        166,484.47          1
                                       7.250          1,524.49         80
                                       7.000          1,524.49
    SEVERN           MD   21144          2            07/02/02         00
    0434295580                           05           09/01/02          0
    61575502                             O            08/01/17
    0

    7855847          601/G02             F          130,000.00         ZZ
                                         180        129,063.14          1
                                       6.500          1,132.44         79
                                       6.250          1,132.44
    VILLA RICA       GA   30180          2            06/21/02         00
    0434335519                           05           08/01/02          0
1

    61555058                             O            07/01/17
    0

    7855859          601/G02             F           38,000.00         ZZ
                                         180         37,767.21          1
                                       7.375            349.58         48
                                       7.125            349.58
    CHATTANOOGA      TN   37415          5            06/28/02         00
    0434335436                           05           08/01/02          0
    61534525                             N            07/01/17
    0

    7855869          601/G02             F          130,000.00         ZZ
                                         180        129,095.58          1
                                       6.750          1,150.39         73
                                       6.500          1,150.39
    WARWICK          RI   02818          5            06/26/02         00
    0434326617                           01           08/01/02          0
    61566790                             O            07/01/17
    0

    7857341          E22/G02             F           78,000.00         ZZ
                                         180         77,751.23          1
                                       6.875            695.65         39
                                       6.625            695.65
    COPPEROPOLIS     CA   95228          5            07/02/02         00
    0414150805                           05           09/01/02          0
    0414150805                           O            08/01/17
    0

    7857421          E22/G02             F          101,750.00         ZZ
                                         180        101,407.52          1
                                       6.250            872.43         71
                                       6.000            872.43
    HOUSTON          TX   77035          2            07/09/02         00
    0414293035                           05           09/01/02          0
    0414293035                           N            08/01/17
    0

    7857423          E22/G02             F           48,500.00         ZZ
                                         180         48,345.32          1
                                       6.875            432.55         79
                                       6.625            432.55
    BIRMINGHAM       AL   35207          2            07/09/02         00
    0414295402                           05           09/01/02          0
    0414295402                           O            08/01/17
    0

1

    7857425          E22/G02             F          130,000.00         ZZ
                                         180        129,562.43          1
                                       6.250          1,114.65         45
                                       6.000          1,114.65
    MIAMI            FL   33165          5            07/10/02         00
    0414296756                           05           09/01/02          0
    0414296756                           O            08/01/17
    0

    7857625          E22/G02             F          100,000.00         T
                                         180         99,677.59          1
                                       6.750            884.91         72
                                       6.500            884.91
    SEATTLE          WA   98109          1            07/03/02         00
    0414418962                           08           09/01/02          0
    0414418962                           O            08/01/17
    0

    7858453          K15/G02             F           30,000.00         ZZ
                                         180         29,909.40          1
                                       7.500            278.10         25
                                       7.250            278.10
    LUDLOW           MA   01056          5            07/10/02         00
    0434295390                           05           09/01/02          0
    037905315687                         O            08/01/17
    0

    7858771          225/G02             F          453,750.00         ZZ
                                         180        449,192.90          1
                                       6.375          3,921.54         75
                                       6.125          3,921.54
    TAOS             NM   87571          5            05/22/02         00
    0434315701                           05           07/01/02          0
    007368359                            O            06/01/17
    0

    7858897          601/G02             F          124,000.00         ZZ
                                         180        123,189.49          1
                                       6.625          1,088.72         90
                                       6.375          1,088.72
    SALE CREEK       TN   37373          1            07/03/02         10
    0434282174                           05           08/01/02         12
    61605663                             O            07/01/17
    0

    7858977          624/G02             F          531,500.00         ZZ
                                         180        529,730.10          1
                                       6.375          4,593.49         69
                                       6.125          4,593.49
1

    PACIFICA         CA   94044          2            07/02/02         00
    0434317459                           03           09/01/02          0
    1000003749                           O            08/01/17
    0

    7859141          253/253             F           76,800.00         ZZ
                                         180         76,287.14          1
                                       6.375            663.74         80
                                       6.125            663.74
    FORT SMITH       AR   72903          2            06/25/02         00
    423663                               05           08/01/02          0
    423663                               O            07/01/17
    0

    7859225          N74/G02             F           53,500.00         ZZ
                                         180         52,839.77          1
                                       6.500            466.04         74
                                       6.250            466.04
    SPRING           TX   77373          2            07/11/02         00
    0434322350                           05           08/16/02          0
    0030431010                           O            07/16/17
    0

    7859315          W40/G02             F          127,400.00         ZZ
                                         180        126,993.68          1
                                       6.875          1,136.22         95
                                       6.625          1,136.22
    ST CLAIR SHORES  MI   48080          1            07/12/02         01
    0434321360                           05           09/01/02         30
    101005795                            O            08/01/17
    0

    7859831          X31/G02             F          210,000.00         ZZ
                                         180        209,308.17          1
                                       6.500          1,829.33         74
                                       6.250          1,829.33
    CARSON           CA   90745          5            06/27/02         00
    0434308466                           05           09/01/02          0
    40102717                             O            08/01/17
    0

    7860157          624/G02             F          123,000.00         ZZ
                                         180        122,590.41          1
                                       6.375          1,063.03         55
                                       6.125          1,063.03
    SUN VALLEY       CA   91352          5            07/03/02         00
    0434319067                           05           09/01/02          0
    1000004369                           O            08/01/17
    0
1

    7860159          624/G02             F          339,500.00         ZZ
                                         180        338,369.46          1
                                       6.375          2,934.13         70
                                       6.125          2,934.13
    DALY CITY        CA   94015          2            07/02/02         00
    0434320909                           05           09/01/02          0
    1000003876                           O            08/01/17
    0

    7860755          E22/G02             F           23,805.00         ZZ
                                         180         23,732.31          1
                                       7.375            218.99         90
                                       7.125            218.99
    OMAHA            NE   68111          1            07/16/02         01
    0414145904                           05           09/01/02         25
    0414145904                           N            08/01/17
    0

    7860779          E22/G02             F           52,000.00         ZZ
                                         180         51,842.95          1
                                       7.500            482.05         79
                                       7.250            482.05
    GRAND PRAIRIE    TX   75052          5            07/11/02         00
    0414258939                           05           09/01/02          0
    0414258939                           O            08/01/17
    0

    7860781          E22/G02             F           70,000.00         ZZ
                                         180         69,781.55          1
                                       7.125            634.08         93
                                       6.875            634.08
    MIDWEST CITY     OK   73110          5            07/11/02         04
    0414259119                           05           09/01/02         25
    0414259119                           O            08/01/17
    0

    7860793          E22/G02             F           55,650.00         ZZ
                                         180         55,177.84          1
                                       6.750            492.45         72
                                       6.500            492.45
    SAN ANTONIO      TX   78233          2            07/16/02         00
    0414294256                           05           09/01/02          0
    0414294256                           N            08/01/17
    0

    7860835          E22/G02             F          111,000.00         ZZ
                                         180        110,634.32          1
1

                                       6.500            966.93         80
                                       6.250            966.93
    LUTZ             FL   33558          5            07/11/02         00
    0414351924                           01           09/01/02          0
    0414351924                           O            08/01/17
    0

    7860843          E22/G02             F          132,000.00         ZZ
                                         180        131,579.00          1
                                       6.875          1,177.25         80
                                       6.625          1,177.25
    BOCA RATON       FL   33432          1            07/16/02         00
    0414356998                           01           09/01/02          0
    0414356998                           N            08/01/17
    0

    7860929          E22/G02             F           44,100.00         ZZ
                                         180         43,863.87          1
                                       7.250            402.57         90
                                       7.000            402.57
    FLORENCE         AL   35630          1            07/16/02         04
    0414419291                           05           09/01/02         25
    0414419291                           O            08/01/17
    0

    7861331          N74/G02             F           64,000.00         ZZ
                                         180         63,786.88          1
                                       6.375            553.12         80
                                       6.125            553.12
    BIG SPRING       TX   79720          5            07/12/02         00
    0434334736                           05           09/01/02          0
    0030439010                           O            08/01/17
    0

    7861741          E84/G02             F          164,000.00         ZZ
                                         180        162,950.89          1
                                       6.875          1,462.64         62
                                       6.625          1,462.64
    GAITHERSBURG     MD   20879          5            06/19/02         00
    0434347126                           05           08/01/02          0
    70406693                             O            07/01/17
    0

    7862361          E86/G02             F          127,500.00         ZZ
                                         180        127,114.94          1
                                       7.500          1,181.94         74
                                       7.250          1,181.94
    MASSAPEQUA       NY   11758          5            07/03/02         00
    0434314035                           05           09/01/02          0
1

    0000202692                           N            08/01/17
    0

    7862991          738/G02             F          600,000.00         ZZ
                                         180        596,035.99          1
                                       6.500          5,226.65         76
                                       6.250          5,226.65
    PARKLAND         FL   33067          5            06/19/02         00
    0434391652                           03           08/01/02          0
    40471907                             O            07/01/17
    0

    7863371          742/G02             F          150,000.00         ZZ
                                         180        149,521.60          1
                                       6.875          1,337.78         40
                                       6.625          1,337.78
    HOPEWELL JUNCTI  NY   12533          1            07/12/02         00
    0434314399                           05           09/01/02          0
    8906414                              O            08/01/17
    0

    7863381          U05/G02             F           68,900.00         T
                                         180         68,430.00          1
                                       6.125            586.08         78
                                       5.875            586.08
    MCALLEN          TX   78501          2            07/03/02         00
    0434321691                           05           08/01/02          0
    3240658                              O            07/01/17
    0

    7863431          L33/G02             F           31,500.00         ZZ
                                         180         31,400.62          1
                                       7.000            283.13         90
                                       6.750            283.13
    TULSA            OK   74115          1            07/17/02         04
    0434364667                           05           09/01/02         20
    440768                               N            08/01/17
    0

    7863487          E22/G02             F           71,500.00         ZZ
                                         180         71,269.48          1
                                       6.750            632.71         65
                                       6.500            632.71
    TAYLOR           MI   48180          5            07/12/02         00
    0414197897                           05           09/01/02          0
    0414197897                           O            08/01/17
    0

1

    7863507          E22/G02             F           79,800.00         ZZ
                                         180         79,537.11          1
                                       6.500            695.14         95
                                       6.250            695.14
    MORRISTOWN       TN   37814          5            07/12/02         04
    0414254920                           05           09/01/02         25
    0414254920                           O            08/01/17
    0

    7863511          E22/G02             F          250,000.00         ZZ
                                         180        248,167.50          1
                                       6.375          2,160.63         60
                                       6.125          2,160.63
    CORONA           CA   92882          2            07/08/02         00
    0414257568                           05           09/01/02          0
    0414257568                           O            08/01/17
    0

    7863529          E22/G02             F          584,000.00         ZZ
                                         180        582,034.32          1
                                       6.250          5,007.35         80
                                       6.000          5,007.35
    WEST HOLLYWOOD   CA   90048          2            07/09/02         00
    0414273789                           05           09/01/02          0
    0414273789                           O            08/01/17
    0

    7863585          E22/G02             F           69,000.00         T
                                         180         68,787.00          1
                                       7.250            629.88         74
                                       7.000            629.88
    BELGRADE         ME   04917          2            07/02/02         00
    0414336131                           05           09/01/02          0
    0414336131                           O            08/01/17
    0

    7863589          E22/G02             F           55,000.00         ZZ
                                         180         54,818.81          1
                                       6.500            479.11         68
                                       6.250            479.11
    HOUSTON          TX   77489          5            07/12/02         00
    0414340984                           03           09/01/02          0
    0414340984                           O            08/01/17
    0

    7863651          E22/G02             F          104,000.00         ZZ
                                         180        103,645.42          1
                                       6.500            905.95         80
                                       6.250            905.95
1

    HOUSTON          TX   77024          5            07/11/02         00
    0414378422                           09           09/01/02          0
    0414378422                           O            08/01/17
    0

    7863687          E22/G02             F          170,000.00         ZZ
                                         180        169,433.90          1
                                       6.375          1,469.23         57
                                       6.125          1,469.23
    HOUSTON          TX   77030          5            07/12/02         00
    0414409359                           05           09/01/02          0
    0414409359                           O            08/01/17
    0

    7863691          E22/G02             F          160,000.00         ZZ
                                         180        159,455.67          1
                                       6.125          1,361.00         67
                                       5.875          1,361.00
    MOBILE           AL   36609          5            07/12/02         00
    0414417956                           05           09/01/02          0
    0414417956                           O            08/01/17
    0

    7863865          E82/G02             F           92,500.00         ZZ
                                         180         92,191.98          1
                                       6.375            799.43         27
                                       6.125            799.43
    LITTLE COMPTON   RI   02837          5            07/09/02         00
    0400648614                           05           09/01/02          0
    0400648614                           O            08/01/17
    0

    7865221          A06/G02             F          232,000.00         ZZ
                                         180        231,193.71          1
                                       5.875          1,942.12         71
                                       5.625          1,942.12
    WEST BLOOMFIELD  MI   48322          2            07/11/02         00
    0434319265                           05           09/01/02          0
    021000020152913                      O            08/01/17
    0

    7866319          U05/G02             F          185,250.00         ZZ
                                         180        184,012.96          1
                                       6.375          1,601.02         75
                                       6.125          1,601.02
    WESTMINSTER      CO   80020          1            06/20/02         00
    0434316758                           05           08/01/02          0
    3237612                              N            07/01/17
    0
1

    7866915          E22/G02             F           58,400.00         ZZ
                                         180         58,219.72          1
                                       7.250            533.11         80
                                       7.000            533.11
    COUNCIL BLUFFS   IA   51503          2            07/18/02         00
    0414116491                           05           09/01/02          0
    0414116491                           N            08/01/17
    0

    7866947          E22/G02             F          101,700.00         ZZ
                                         180        101,389.47          1
                                       7.375            935.56         90
                                       7.125            935.56
    KATY             TX   77450          1            07/18/02         14
    0414320218                           03           09/01/02         12
    0414320218                           N            08/01/17
    0

    7866949          E22/G02             F          126,000.00         ZZ
                                         180        125,615.27          1
                                       7.375          1,159.10         90
                                       7.125          1,159.10
    KATY             TX   77449          1            07/18/02         04
    0414322313                           03           09/01/02         12
    0414322313                           N            08/01/17
    0

    7866951          E22/G02             F          108,000.00         ZZ
                                         180        107,670.23          1
                                       7.375            993.52         90
                                       7.125            993.52
    KATY             TX   77450          1            07/18/02         10
    0414322362                           03           09/01/02         12
    0414322362                           N            08/01/17
    0

    7866953          E22/G02             F           94,500.00         ZZ
                                         180         94,211.45          1
                                       7.375            869.33         90
                                       7.125            869.33
    KATY             TX   77449          1            07/18/02         14
    0414322446                           03           09/01/02         12
    0414322446                           N            08/01/17
    0

    7867073          E22/G02             F           75,000.00         ZZ
                                         180         74,750.25          1
1

                                       6.375            648.19         16
                                       6.125            648.19
    YORBA LINDA      CA   92887          1            07/17/02         00
    0414518837                           03           09/01/02          0
    0414518837                           O            08/01/17
    0

    7868067          N74/G02             F          108,000.00         ZZ
                                         180        107,644.20          1
                                       6.500            940.80         79
                                       6.250            940.80
    CORPUS CHRISTI   TX   78413          5            07/16/02         00
    0434416442                           05           09/01/02          0
    0030451010                           O            08/01/17
    0

    7868891          E86/G02             F          187,500.00         ZZ
                                         180        186,933.74          2
                                       7.500          1,738.14         75
                                       7.250          1,738.14
    COPIAGUE         NY   11726          5            07/12/02         00
    0434336855                           05           09/01/02          0
    0000202657                           N            08/01/17
    0

    7869099          U28/G02             F          300,000.00         ZZ
                                         180        298,979.38          1
                                       6.125          2,551.87         74
                                       5.875          2,551.87
    CARTERSVILLE     GA   30120          5            07/17/02         00
    0434335295                           05           09/01/02          0
    2000003625                           O            08/01/17
    0

    7869211          737/G02             F          128,250.00         ZZ
                                         180        127,862.67          1
                                       7.500          1,188.89         95
                                       7.250          1,188.89
    SACRAMENTO       CA   95815          5            07/08/02         12
    0434320974                           05           09/01/02         25
    2075064                              O            08/01/17
    0

    7869381          E86/G02             F          174,500.00         ZZ
                                         180        173,972.99          1
                                       7.500          1,617.64         73
                                       7.250          1,617.64
    COPIAGUE         NY   11726          5            07/03/02         00
    0434328530                           05           09/01/02          0
1

    0000202639                           N            08/01/17
    0

    7869697          738/G02             F           45,000.00         ZZ
                                         180         44,715.21          1
                                       7.000            404.48         90
                                       6.750            404.48
    COLUMBIA         SC   29203          1            06/28/02         12
    0434330742                           05           08/01/02         12
    40475767                             O            07/01/17
    0

    7871669          E84/G02             F          125,000.00         ZZ
                                         180        124,588.20          1
                                       6.500          1,088.88          6
                                       6.250          1,088.88
    WOODSIDE         CA   94062          5            07/03/02         00
    0434353314                           05           09/01/02          0
    3222075                              O            08/01/17
    0

    7872797          W68/G02             F          223,550.00         ZZ
                                         180        222,150.54          1
                                       7.125          2,024.99         69
                                       6.875          2,024.99
    DALLAS           TX   75287          5            06/24/02         00
    0434333753                           05           08/01/02          0
    26928                                O            07/01/17
    0

    7873025          K15/G02             F           60,800.00         ZZ
                                         180         60,616.38          1
                                       7.500            563.62         94
                                       7.250            563.62
    OPELOUSAS        LA   70570          5            07/08/02         26
    0434329892                           05           09/01/02         25
    000905501262                         O            08/01/17
    0

    7874127          N67/G02             F           75,200.00         ZZ
                                         180         74,759.10          1
                                       7.875            713.23         80
                                       7.625            713.23
    WEST PALM BEACH  FL   33415          5            06/24/02         00
    0434304101                           03           08/01/02          0
    3254000583A                          O            07/01/17
    0

1

    7874505          N67/G02             F          297,000.00         ZZ
                                         180        295,200.44          2
                                       7.500          2,753.22         68
                                       7.250          2,753.22
    RICHMOND HILL    NY   11418          5            06/18/02         00
    0434307765                           05           08/01/02          0
    3274001587A                          O            07/01/17
    0

    7874893          P01/G02             F           71,200.00         ZZ
                                         180         70,729.61          1
                                       6.500            620.23         78
                                       6.250            620.23
    NEW MILFORD      CT   06776          1            07/01/02         00
    0434330049                           01           08/01/02          0
    02001769                             O            07/01/17
    0

    7875127          E22/G02             F           68,000.00         ZZ
                                         180         67,783.12          1
                                       6.875            606.46         80
                                       6.625            606.46
    SAN ANTONIO      TX   78228          5            07/15/02         00
    0414116616                           05           09/01/02          0
    0414116616                           O            08/01/17
    0

    7875145          E22/G02             F          212,000.00         ZZ
                                         180        211,301.58          1
                                       6.500          1,846.75         80
                                       6.250          1,846.75
    NORWALK          CA   90650          1            07/15/02         00
    0414221515                           05           09/01/02          0
    0414221515                           N            08/01/17
    0

    7875237          E22/G02             F           40,000.00         ZZ
                                         180         39,873.80          1
                                       7.000            359.53         61
                                       6.750            359.53
    HOUSTON          TX   77045          5            07/16/02         00
    0414354217                           03           09/01/02          0
    0414354217                           O            08/01/17
    0

    7875339          E22/G02             F          101,055.00         ZZ
                                         180        100,739.62          1
                                       7.125            915.39         79
                                       6.875            915.39
1

    SHAWNEE MISSION  KS   66202          2            07/17/02         00
    0414415281                           05           09/01/02          0
    0414415281                           O            08/01/17
    0

    7875371          E22/G02             F          105,500.00         ZZ
                                         180        105,152.44          1
                                       6.500            919.02         61
                                       6.250            919.02
    SACHSE           TX   75048          1            07/22/02         00
    0414438127                           03           09/01/02          0
    0414438127                           N            08/01/17
    0

    7875397          E22/G02             F           85,500.00         ZZ
                                         180         85,227.30          1
                                       6.875            762.54         95
                                       6.625            762.54
    NORTH CHARLESTO  SC   29405          5            07/16/02         10
    0414456889                           05           09/01/02         25
    0414456889                           O            08/01/17
    0

    7875549          E82/G02             F           71,000.00         ZZ
                                         180         70,766.09          1
                                       6.500            618.49         67
                                       6.250            618.49
    DENVER           CO   80229          2            07/16/02         00
    0400657821                           05           09/01/02          0
    2829664                              O            08/01/17
    0

    7876028          E82/G02             F           43,600.00         ZZ
                                         180         42,771.41          1
                                       7.125            394.94         32
                                       6.875            394.94
    ANDERSON         TX   77830          2            02/11/02         00
    0400577789                           05           04/01/02          0
    3651526                              O            03/01/17
    0

    7876034          E82/G02             F           64,000.00         ZZ
                                         180         62,709.73          1
                                       6.625            561.92         80
                                       6.375            561.92
    SWAINSBORO       GA   30401          2            02/11/02         00
    0400562377                           05           04/01/02          0
    3818918                              O            03/01/17
    0
1

    7876453          944/G02             F          120,000.00         ZZ
                                         180        119,600.39          1
                                       6.375          1,037.11         37
                                       6.125          1,037.11
    CHULA VISTA      CA   91913          5            07/17/02         00
    0434342408                           05           09/01/02          0
    W02023356                            O            08/01/17
    0

    7876457          P44/G02             F          152,000.00         ZZ
                                         180        151,520.45          1
                                       7.000          1,366.22         80
                                       6.750          1,366.22
    DENNIS (DENNIS   MA   02639          1            07/17/02         00
    0434334207                           05           09/01/02          0
    3063214                              N            08/01/17
    0

    7876473          N74/G02             F           67,250.00         ZZ
                                         180         67,035.52          1
                                       6.875            599.77         64
                                       6.625            599.77
    MADILL           OK   73446          2            07/19/02         00
    0434333225                           05           09/01/02          0
    0030455010                           O            08/01/17
    0

    7876539          N74/G02             F           89,900.00         ZZ
                                         180         89,603.83          1
                                       6.500            783.13         77
                                       6.250            783.13
    FRONT ROYAL      VA   22630          2            07/19/02         00
    0434461786                           05           09/01/02          0
    0030447010                           O            08/01/17
    0

    7877461          E84/G02             F          100,300.00         ZZ
                                         180         99,665.28          1
                                       7.000            901.52         85
                                       6.750            901.52
    COLORADO SPRING  CO   80906          5            06/26/02         12
    0434330643                           05           08/01/02         25
    32804313                             O            07/01/17
    0

    7877812          W02/G02             F           50,700.00         ZZ
                                         180         49,472.81          1
1

                                       6.625            445.15         73
                                       6.375            445.15
    PHILADELPHIA     PA   19146          2            02/22/02         00
    0433819414                           07           04/01/02          0
    1000798611                           O            03/01/17
    0

    7877935          E22/G02             F          104,550.00         ZZ
                                         180        104,216.55          1
                                       6.875            932.43         85
                                       6.625            932.43
    DENVER           CO   80221          5            07/12/02         01
    0413960477                           05           09/01/02         12
    0413960477                           O            08/01/17
    0

    7877941          E22/G02             F          154,500.00         ZZ
                                         180        153,985.51          1
                                       6.375          1,335.27         80
                                       6.125          1,335.27
    HOLLY            MI   48442          2            07/18/02         00
    0414078170                           05           09/01/02          0
    0414078170                           O            08/01/17
    0

    7877985          E22/G02             F           75,000.00         ZZ
                                         180         74,758.20          1
                                       6.750            663.68         75
                                       6.500            663.68
    GARLAND          TX   75043          5            07/18/02         00
    0414303537                           05           09/01/02          0
    0414303537                           O            08/01/17
    0

    7878001          E22/G02             F          170,000.00         ZZ
                                         180        169,439.95          1
                                       6.500          1,480.88         76
                                       6.250          1,480.88
    BOCA RATON       FL   33432          5            07/18/02         00
    0414449587                           05           09/01/02          0
    0414350835                           O            08/01/17
    0

    7878011          E22/G02             F          135,000.00         ZZ
                                         180        134,555.26          3
                                       6.500          1,175.99         65
                                       6.250          1,175.99
    NEW BRUNSWICK    NJ   08901          2            07/18/02         00
    0414363358                           05           09/01/02          0
1

    0414363358                           O            08/01/17
    0

    7878015          E22/G02             F          450,000.00         ZZ
                                         180        448,517.52          1
                                       6.500          3,919.98         80
                                       6.250          3,919.98
    VERONA           NJ   07044          5            07/18/02         00
    0414364216                           05           09/01/02          0
    0414364216                           O            08/01/17
    0

    7878219          E82/G02             F           67,950.00         ZZ
                                         180         67,726.14          1
                                       6.500            591.92         76
                                       6.250            591.92
    ATHENS           AL   35613          2            07/17/02         00
    0400656138                           05           09/01/02          0
    3876631                              N            08/01/17
    0

    7878653          E84/G02             F          143,200.00         ZZ
                                         180        142,313.23          2
                                       7.250          1,307.22         80
                                       7.000          1,307.22
    CHEYENNE         WY   82001          1            06/28/02         00
    0434358610                           05           08/01/02          0
    1101005001                           N            07/01/17
    0

    7878901          A46/G02             F           96,000.00         ZZ
                                         180         95,683.73          1
                                       6.500            836.27         79
                                       6.250            836.27
    ALBUQUERQUE      NM   87111          5            07/19/02         00
    0434335006                           05           09/01/02          0
    0987007                              O            08/01/17
    0

    7879139          738/G02             F          500,000.00         ZZ
                                         180        496,731.90          1
                                       6.625          4,389.97         42
                                       6.375          4,389.97
    MONTGOMERY       AL   36106          2            06/24/02         00
    0434465464                           05           08/01/02          0
    40474629                             O            07/01/17
    0

1

    7879273          N74/G02             F          114,000.00         ZZ
                                         180        113,598.55          1
                                       6.500            993.06         90
                                       6.250            993.06
    SALISBURY        NC   28144          5            07/19/02         11
    0434347084                           05           09/01/02         25
    0030469010                           O            08/01/17
    0

    7879291          N74/G02             F           29,750.00         ZZ
                                         180         29,553.47          1
                                       6.500            259.15         85
                                       6.250            259.15
    DANVILLE         VA   24541          1            07/22/02         10
    0434343828                           05           08/22/02         30
    0030465010                           O            07/22/17
    0

    7880507          E22/G02             F          114,800.00         ZZ
                                         180        114,417.72          1
                                       6.375            992.16         79
                                       6.125            992.16
    PLANO            TX   75075          5            07/19/02         00
    0414279653                           05           09/01/02          0
    0414279653                           O            08/01/17
    0

    7880579          E22/G02             F          300,700.00         ZZ
                                         180        299,676.99          1
                                       6.125          2,557.83         55
                                       5.875          2,557.83
    SANTA CLARA      CA   95051          5            07/19/02         00
    0414378935                           05           09/01/02          0
    0414378935                           O            08/01/17
    0

    7880685          E22/G02             F           60,800.00         ZZ
                                         180         60,603.98          1
                                       6.750            538.02         80
                                       6.500            538.02
    SPRING           TX   77373          5            07/19/02         00
    0414446088                           03           09/01/02          0
    0414446088                           O            08/01/17
    0

    7881293          U28/G02             F           72,350.00         ZZ
                                         180         72,111.65          1
                                       6.500            630.25         80
                                       6.250            630.25
1

    MABLETON         GA   30126          1            07/23/02         00
    0434343711                           05           09/01/02          0
    2000003881                           N            08/01/17
    0

    7881465          E84/G02             F           97,000.00         ZZ
                                         180         96,352.27          1
                                       6.375            838.32         48
                                       6.125            838.32
    MORRISON         CO   80465          2            06/13/02         00
    0434334009                           05           08/01/02          0
    328032804030                         O            07/01/17
    0

    7881915          K15/G02             F           96,500.00         ZZ
                                         180         95,998.84          1
                                       7.125            874.13         84
                                       6.875            874.13
    TOPSHAM          ME   04086          5            07/18/02         11
    0434340428                           05           09/01/02          6
    007705301481                         O            08/01/17
    0

    7882555          E86/G02             F          283,500.00         ZZ
                                         180        282,555.94          1
                                       6.375          2,450.15         68
                                       6.125          2,450.15
    WEST CHESTER     PA   19380          5            07/02/02         00
    0434335345                           05           09/01/02          0
    0000206449                           O            08/01/17
    0

    7882973          E22/G02             F          105,000.00         ZZ
                                         180        104,657.80          4
                                       6.625            921.89         88
                                       6.375            921.89
    LOWELL           MA   01854          1            07/25/02         04
    0414014639                           05           09/01/02         25
    0414014639                           O            08/01/17
    0

    7883055          E22/G02             F          246,400.00         ZZ
                                         180        245,605.58          1
                                       6.750          2,180.42         80
                                       6.500          2,180.42
    ANTIOCH          CA   94509          1            07/18/02         00
    0414394841                           05           09/01/02          0
    0414394841                           N            08/01/17
    0
1

    7883215          E82/G02             F          358,900.00         ZZ
                                         180        357,717.64          1
                                       6.500          3,126.40         45
                                       6.250          3,126.40
    LONG BEACH       CA   90807          2            07/19/02         00
    0400648697                           05           09/01/02          0
    1594785                              O            08/01/17
    0

    7883219          E82/G02             F          148,000.00         ZZ
                                         180        147,553.02          1
                                       7.500          1,371.98         80
                                       7.250          1,371.98
    ALTOONA          PA   16601          5            07/17/02         00
    0400651071                           05           09/01/02          0
    0400651071                           O            08/01/17
    0

    7883825          313/G02             F           68,000.00         ZZ
                                         180         67,569.67          4
                                       7.000            611.21         80
                                       6.750            611.21
    NORRISTOWN       PA   19401          1            06/20/02         00
    0434338240                           05           08/01/02          0
    8756785                              N            07/01/17
    0

    7883827          313/G02             F          286,350.00         ZZ
                                         180        284,417.32          1
                                       6.250          2,455.24         80
                                       6.000          2,455.24
    CHANDLER         AZ   85248          1            06/07/02         00
    0434338810                           03           08/01/02          0
    8322281                              O            07/01/17
    0

    7883843          313/G02             F          191,650.00         ZZ
                                         180        189,785.86          1
                                       6.750          1,695.93         63
                                       6.500          1,695.93
    NORTH RICHLAND   TX   76180          2            05/24/02         00
    0434339172                           05           07/01/02          0
    8770760                              O            06/01/17
    0

    7883845          313/G02             F          269,000.00         ZZ
                                         180        266,143.99          1
1

                                       6.625          2,361.81         46
                                       6.375          2,361.81
    WARRENVILLE      IL   60555          5            06/03/02         00
    0434332078                           05           07/01/02          0
    8744617                              O            06/01/17
    0

    7883847          313/G02             F           78,200.00         ZZ
                                         180         77,720.96          1
                                       7.375            719.39         90
                                       7.125            719.39
    HERNANDO         MS   38632          1            06/10/02         01
    0434338117                           05           08/01/02         25
    8780710                              O            07/01/17
    0

    7883849          313/G02             F          158,300.00         ZZ
                                         180        157,276.39          1
                                       6.750          1,400.81         51
                                       6.500          1,400.81
    DECATUR          TX   76234          2            06/03/02         00
    0434339081                           05           08/01/02          0
    8768228                              O            07/01/17
    0

    7883859          313/G02             F          165,649.00         ZZ
                                         180        165,109.13          1
                                       6.625          1,454.39         90
                                       6.375          1,454.39
    VICTORIA         TX   77904          1            07/10/02         11
    0434329181                           05           09/01/02         25
    8785149                              O            08/01/17
    0

    7884215          W35/G02             F          100,000.00         ZZ
                                         180         99,627.46          1
                                       5.875            837.12         57
                                       5.625            837.12
    WAMEGO           KS   66547          5            07/19/02         00
    0434344297                           05           09/01/02          0
    12912                                O            08/01/17
    0

    7884243          601/G02             F          164,000.00         ZZ
                                         180        163,465.51          1
                                       6.625          1,439.91         94
                                       6.375          1,439.91
    FLORENCE         AL   35630          2            07/11/02         14
    0434338109                           05           09/01/02         25
1

    61544540                             O            08/01/17
    0

    7884281          601/G02             F          256,000.00         ZZ
                                         180        255,165.66          1
                                       6.625          2,247.67         80
                                       6.375          2,247.67
    WOODBRIDGE       VA   22192          2            07/10/02         00
    0434394029                           03           09/01/02          0
    61587887                             O            08/01/17
    0

    7884465          N74/G02             F          211,185.00         ZZ
                                         180        210,496.73          1
                                       6.625          1,854.19         95
                                       6.375          1,854.19
    DANVILLE         VA   24540          2            07/23/02         10
    0434337416                           05           09/15/02         30
    0030486010                           O            08/15/17
    0

    7884539          W35/G02             F           50,000.00         ZZ
                                         180         49,838.79          1
                                       6.750            442.46         77
                                       6.500            442.46
    ANTWERP          OH   45813          5            07/22/02         00
    0434342812                           05           09/01/02          0
    12538                                O            08/01/17
    0

    7885227          964/G02             F          300,000.00         ZZ
                                         180        299,043.18          1
                                       6.875          2,675.56         80
                                       6.625          2,675.56
    HOUSTON          TX   77043          1            07/08/02         00
    0434329710                           03           09/01/02          0
    215254                               N            08/01/17
    0

    7885229          964/G02             F          154,100.00         T
                                         180        153,586.85          1
                                       6.375          1,331.81         80
                                       6.125          1,331.81
    TEMPE            AZ   85281          1            07/01/02         00
    0434328258                           27           09/01/02          0
    216269                               O            08/01/17
    0

1

    7885231          964/G02             F          106,000.00         ZZ
                                         180        105,635.51          1
                                       6.000            894.49         50
                                       5.750            894.49
    SANTA MARIA      CA   93454          5            07/02/02         00
    0434330957                           05           09/01/02          0
    216619                               N            08/01/17
    0

    7885249          964/G02             F           51,000.00         ZZ
                                         180         50,659.44          1
                                       6.375            440.77         23
                                       6.125            440.77
    CENTRAL          UT   84722          2            06/21/02         00
    0434335154                           05           08/01/02          0
    221382                               O            07/01/17
    0

    7885251          964/G02             F          300,700.00         ZZ
                                         180        299,698.67          1
                                       6.375          2,598.80         52
                                       6.125          2,598.80
    CASTRO VALLEY    CA   94552          2            07/02/02         00
    0434331583                           27           09/01/02          0
    221543                               O            08/01/17
    0

    7885257          964/G02             F          225,000.00         ZZ
                                         180        223,513.50          1
                                       6.500          1,959.99         65
                                       6.250          1,959.99
    SAN LEANDRO      CA   94578          5            06/25/02         00
    0434332771                           05           08/01/02          0
    222324                               O            07/01/17
    0

    7885263          964/G02             F          103,000.00         ZZ
                                         180        102,289.69          1
                                       6.000            869.17         48
                                       5.750            869.17
    TROUTDALE        OR   97060          5            06/28/02         00
    0434327920                           05           08/01/02          0
    222555                               O            07/01/17
    0

    7885269          964/G02             F          161,000.00         ZZ
                                         180        160,463.87          1
                                       6.375          1,391.44         79
                                       6.125          1,391.44
1

    SPOKANE          WA   99206          2            07/02/02         00
    0434329918                           05           09/01/02          0
    222960                               O            08/01/17
    0

    7885281          964/G02             F           63,000.00         ZZ
                                         180         62,785.67          1
                                       6.125            535.89         35
                                       5.875            535.89
    PALM DESERT      CA   92211          2            07/03/02         00
    0434355319                           03           09/01/02          0
    223858                               O            08/01/17
    0

    7885299          964/G02             F           95,500.00         ZZ
                                         180         95,188.76          1
                                       6.625            838.48         77
                                       6.375            838.48
    GRAND JUNCTION   CO   81503          2            07/12/02         00
    0434330254                           05           09/01/02          0
    226554                               N            08/01/17
    0

    7885309          964/G02             F           81,800.00         ZZ
                                         180         81,436.27          1
                                       6.750            723.86         79
                                       6.500            723.86
    HOUSTON          TX   77038          2            07/02/02         00
    0434328191                           03           09/01/02          0
    228337                               O            08/01/17
    0

    7885311          964/G02             F          216,000.00         ZZ
                                         180        215,303.60          2
                                       6.750          1,911.40         67
                                       6.500          1,911.40
    HOUSTON          TX   77005          2            07/11/02         00
    0434328613                           05           09/01/02          0
    231665                               N            08/01/17
    0

    7885599          E22/G02             F          102,400.00         ZZ
                                         180        102,069.85          1
                                       6.750            906.15         80
                                       6.500            906.15
    EAST WENATCHEE   WA   98802          1            07/22/02         00
    0414239244                           27           09/01/02          0
    0414239244                           O            08/01/17
    0
1

    7885635          E22/G02             F          155,000.00         ZZ
                                         180        154,444.63          1
                                       6.500          1,350.22         78
                                       6.250          1,350.22
    BOYNTON BEACH    FL   33436          5            07/22/02         00
    0414357046                           03           09/01/02          0
    0414357046                           O            08/01/17
    0

    7885647          E22/G02             F          112,000.00         ZZ
                                         180        111,634.98          1
                                       6.625            983.35         51
                                       6.375            983.35
    BRENTWOOD        NY   11717          2            07/22/02         00
    0414365395                           05           09/01/02          0
    0414365395                           O            08/01/17
    0

    7885661          E22/G02             F          151,000.00         ZZ
                                         180        150,518.40          1
                                       6.875          1,346.70         95
                                       6.625          1,346.70
    SOUTH PORTLAND   ME   04106          5            07/22/02         04
    0414381889                           05           09/01/02         25
    0414381889                           O            08/01/17
    0

    7885693          E22/G02             F          141,600.00         ZZ
                                         180        141,133.51          1
                                       6.500          1,233.49         80
                                       6.250          1,233.49
    LOXAHATCHEE      FL   33470          5            07/22/02         00
    0414406942                           05           09/01/02          0
    0414406942                           O            08/01/17
    0

    7885697          E22/G02             F           32,300.00         ZZ
                                         180         32,201.37          1
                                       7.375            297.14         95
                                       7.125            297.14
    POMPANO BEACH    FL   33064          5            07/22/02         04
    0414407916                           01           09/01/02         25
    0414407916                           O            08/01/17
    0

    7885745          E22/G02             F          100,500.00         ZZ
                                         180        100,128.92          1
1

                                       6.500            875.46         75
                                       6.250            875.46
    TRINIDAD         CO   81082          5            07/09/02         00
    0414428722                           05           09/01/02          0
    0414428722                           O            08/01/17
    0

    7885853          E22/G02             F          145,000.00         ZZ
                                         180        144,522.31          1
                                       6.500          1,263.11         78
                                       6.250          1,263.11
    HOUSTON          TX   77077          5            07/22/02         00
    0414516583                           03           09/01/02          0
    0414516583                           O            08/01/17
    0

    7885945          E82/G02             F          100,100.00         ZZ
                                         180         99,673.77          1
                                       6.625            878.87         94
                                       6.375            878.87
    SAINT JOHNS      MI   48879          5            07/22/02         10
    0400643979                           05           09/01/02         25
    0400643979                           O            08/01/17
    0

    7887137          967/G02             F          128,000.00         ZZ
                                         180        127,587.32          1
                                       6.750          1,132.68         80
                                       6.500          1,132.68
    OLYMPIA          WA   98502          2            07/16/02         00
    0434342564                           05           09/01/02          0
    5575063                              O            08/01/17
    0

    7887227          E45/G02             F          450,000.00         T
                                         180        446,995.03          1
                                       6.375          3,889.13         80
                                       6.125          3,889.13
    BUMPASS          VA   23024          1            07/02/02         00
    0434337267                           05           08/01/02          0
    250399                               O            07/01/17
    0

    7887241          K15/G02             F           67,000.00         ZZ
                                         180         66,793.17          2
                                       7.250            611.62         54
                                       7.000            611.62
    HARTFORD         CT   06106          5            07/23/02         00
    0434341012                           05           09/01/02          0
1

    037905315764                         O            08/01/17
    0

    7887307          K15/G02             F           50,000.00         ZZ
                                         180         49,796.88          1
                                       7.125            452.92         72
                                       6.875            452.92
    FRANKLIN         LA   70538          5            07/23/02         00
    0434342432                           05           09/01/02          0
    000905501554                         O            08/01/17
    0

    7887309          F89/G02             F           51,000.00         ZZ
                                         180         50,839.10          1
                                       7.000            458.40         65
                                       6.750            458.40
    BALDWIN PARK     CA   91706          5            07/09/02         00
    0434338877                           01           09/01/02          0
    11721100                             O            08/01/17
    0

    7887329          144/144             F           61,600.00         ZZ
                                         180         61,392.66          1
                                       6.250            528.17         80
                                       6.000            528.17
    ELLENVILLE       NY   12428          1            07/10/02         00
    160693168                            05           09/01/02          0
    160693168                            O            08/01/17
    0

    7887459          K15/G02             F          135,000.00         ZZ
                                         180        134,569.44          2
                                       6.875          1,204.00         45
                                       6.625          1,204.00
    ROSLINDALE       MA   02131          5            07/24/02         00
    0434341194                           05           09/01/02          0
    0246055501458                        O            08/01/17
    0

    7887499          144/144             F          175,000.00         ZZ
                                         180        174,417.25          1
                                       6.375          1,512.44         40
                                       6.125          1,512.44
    WHITE PLAINS     NY   10520          2            07/18/02         00
    1                                    05           09/01/02          0
    1                                    O            08/01/17
    0

1

    7888405          E22/G02             F           84,700.00         ZZ
                                         180         84,429.86          1
                                       6.875            755.40         75
                                       6.625            755.40
    BROWNSVILLE      TX   78521          2            07/23/02         00
    0414264697                           05           09/01/02          0
    0414264697                           O            08/01/17
    0

    7888515          E22/G02             F          142,800.00         ZZ
                                         180        142,329.56          1
                                       6.500          1,243.94         51
                                       6.250          1,243.94
    ARLINGTON        VA   22201          2            07/29/02         00
    0414425355                           07           09/01/02          0
    0414425355                           N            08/01/17
    0

    7888519          E22/G02             F          155,200.00         ZZ
                                         180        154,688.71          1
                                       6.500          1,351.96         55
                                       6.250          1,351.96
    ARLINGTON        VA   22201          2            07/29/02         00
    0414426122                           07           09/01/02          0
    0414426122                           N            08/01/17
    0

    7888521          E22/G02             F          143,400.00         ZZ
                                         180        142,927.58          1
                                       6.500          1,249.17         51
                                       6.250          1,249.17
    ARLINGTON        VA   22201          2            07/29/02         00
    0414426189                           07           09/01/02          0
    0414426189                           N            08/01/17
    0

    7888559          E22/G02             F          124,500.00         ZZ
                                         180        123,785.42          1
                                       6.375          1,075.99         75
                                       6.125          1,075.99
    HIALEAH          FL   33015          2            07/23/02         00
    0414437384                           05           09/01/02          0
    0414437384                           O            08/01/17
    0

    7888561          E22/G02             F           97,200.00         ZZ
                                         180         96,876.33          1
                                       6.375            840.05         90
                                       6.125            840.05
1

    CORPUS CHRISTI   TX   78414          1            07/26/02         04
    0414437749                           05           09/01/02         25
    0414437749                           N            08/01/17
    0

    7888583          E22/G02             F           22,400.00         T
                                         180         22,130.92          1
                                       6.625            196.67         90
                                       6.375            196.67
    TAMPA            FL   33617          1            07/29/02         04
    0414446245                           01           09/01/02         12
    0414446245                           O            08/01/17
    0

    7888769          E82/G02             F          152,900.00         ZZ
                                         180        152,390.84          1
                                       6.375          1,321.44         68
                                       6.125          1,321.44
    HIGHLAND         NY   12743          2            07/25/02         00
    0400653796                           05           09/01/02          0
    3714781                              O            08/01/17
    0

    7888825          E82/G02             F          133,500.00         ZZ
                                         180        133,078.81          1
                                       7.000          1,199.94         44
                                       6.750          1,199.94
    DENVER           CO   80210          5            07/25/02         00
    0400649562                           05           09/01/02          0
    0400649562                           O            08/01/17
    0

    7888853          E82/G02             F          159,000.00         ZZ
                                         180        158,464.82          1
                                       6.250          1,363.30         48
                                       6.000          1,363.30
    TEMPLE CITY      CA   91780          2            07/19/02         00
    0400654281                           05           09/01/02          0
    1691337                              O            08/01/17
    0

    7888997          E82/G02             F          926,200.00         ZZ
                                         180        923,245.99          1
                                       6.875          8,260.36         45
                                       6.625          8,260.36
    VISALIA          CA   93291          2            07/24/02         00
    0400642450                           03           09/01/02          0
    1778138                              O            08/01/17
    0
1

    7889009          E82/G02             F          133,500.00         ZZ
                                         180        133,055.45          1
                                       6.375          1,153.77         57
                                       6.125          1,153.77
    FRANKLIN         NJ   08873          2            07/26/02         00
    0400639720                           05           09/01/02          0
    0400639720                           O            08/01/17
    0

    7889049          E82/G02             F          297,000.00         ZZ
                                         180        296,032.05          1
                                       6.625          2,607.64         75
                                       6.375          2,607.64
    YORBA LINDA      CA   92886          2            07/26/02         00
    0400654844                           05           09/01/02          0
    4588652                              O            08/01/17
    0

    7889729          998/998             F           64,600.00         ZZ
                                         180         64,182.26          3
                                       6.750            571.66         80
                                       6.500            571.66
    KINGSTON         PA   18704          1            07/01/02         00
    5118728                              05           08/01/02          0
    5118728                              N            07/01/17
    0

    7889777          405/405             F          530,000.00         ZZ
                                         180        528,253.96          1
                                       6.500          4,616.87         78
                                       6.000          4,616.87
    MUNDELEIN        IL   60060          5            07/08/02         00
    0018520882                           05           09/01/02          0
    0018520882                           O            08/01/17
    0

    7889791          405/405             F          500,000.00         ZZ
                                         180        498,405.27          1
                                       6.875          4,459.27         77
                                       6.375          4,459.27
    GLENDALE         CA   91208          5            07/15/02         00
    0018584441                           05           09/01/02          0
    0018584441                           O            08/01/17
    0

    7889793          405/405             F          396,000.00         ZZ
                                         180        394,681.31          1
1

                                       6.375          3,422.44         80
                                       6.000          3,422.44
    ALAMEDA          CA   94502          5            07/15/02         00
    0018597468                           03           09/01/02          0
    0018597468                           O            08/01/17
    0

    7890239          T44/G02             F          107,000.00         ZZ
                                         180        106,662.42          1
                                       7.000            961.75         22
                                       6.750            961.75
    DUBLIN           CA   94568          2            07/19/02         00
    0434363941                           03           09/01/02          0
    1045392                              N            08/01/17
    0

    7892099          E22/G02             F          150,000.00         ZZ
                                         180        149,516.39          1
                                       6.750          1,327.36         55
                                       6.500          1,327.36
    BOYNTON BEACH    FL   33437          1            07/30/02         00
    0413949793                           03           09/01/02          0
    0413949793                           O            08/01/17
    0

    7892155          E22/G02             F          180,000.00         ZZ
                                         180        179,419.66          2
                                       6.750          1,592.84         80
                                       6.500          1,592.84
    INGLEWOOD        CA   90303          5            07/19/02         00
    0414328310                           05           09/01/02          0
    0414328310                           O            08/01/17
    0

    7892169          E22/G02             F           96,075.00         ZZ
                                         120         95,492.71          1
                                       6.125          1,072.67         75
                                       5.875          1,072.67
    CARLYLE          IL   62231          5            07/25/02         00
    0414345272                           05           09/01/02          0
    0414345272                           O            08/01/12
    0

    7892173          E22/G02             F          400,000.00         ZZ
                                         180        398,668.00          1
                                       6.375          3,457.00         55
                                       6.125          3,457.00
    FORT SALONGA     NY   11768          2            07/25/02         00
    0414348854                           05           09/01/02          0
1

    0414348854                           O            08/01/17
    0

    7892209          E22/G02             F           86,000.00         ZZ
                                         180         85,713.62          1
                                       6.375            743.26         80
                                       6.125            743.26
    SPRINGTOWN       TX   76082          2            07/24/02         00
    0414393561                           05           09/01/02          0
    0414393561                           O            08/01/17
    0

    7892225          E22/G02             F          103,200.00         ZZ
                                         180        102,867.27          1
                                       6.750            913.23         77
                                       6.500            913.23
    KEMP             TX   75143          5            07/25/02         00
    0414406819                           03           09/01/02          0
    0414406819                           O            08/01/17
    0

    7892249          E22/G02             F           68,000.00         ZZ
                                         180         67,785.47          1
                                       7.000            611.20         80
                                       6.750            611.20
    SAN ANTONIO      TX   78238          5            07/25/02         00
    0414414193                           05           09/01/02          0
    0414414193                           O            08/01/17
    0

    7892391          E22/G02             F          124,000.00         ZZ
                                         180        123,587.08          1
                                       6.375          1,071.67         90
                                       6.125          1,071.67
    COLORADO SPRING  CO   80907          5            07/25/02         01
    0414492264                           05           09/01/02         25
    0414492264                           O            08/01/17
    0

    7892449          E22/G02             F           93,600.00         ZZ
                                         180         93,278.15          1
                                       6.000            789.85         80
                                       5.750            789.85
    NORTH POLE       AK   99705          5            07/24/02         00
    0414524488                           05           09/01/02          0
    0414524488                           O            08/01/17
    0

1

    7892731          U05/G02             F          123,200.00         ZZ
                                         180        122,807.07          2
                                       6.875          1,098.76         70
                                       6.625          1,098.76
    VOORHEES  TWP    NJ   08043          1            07/12/02         00
    0434346706                           07           09/01/02          0
    3241077                              N            08/01/17
    0

    7893233          E76/G02             F           50,000.00         ZZ
                                         180         49,845.65          1
                                       7.250            456.43         61
                                       7.000            456.43
    SHERMAN          TX   75092          5            07/30/02         00
    0434353405                           05           09/01/02          0
    10002485                             N            08/01/17
    0

    7893953          U05/G02             F          148,000.00         ZZ
                                         180        145,533.06          1
                                       7.000          1,330.27         80
                                       6.750          1,330.27
    MIDLOTHIAN       TX   76065          5            07/10/02         00
    0434348942                           05           09/01/02          0
    3243907                              O            08/01/17
    0

    7895031          K15/G02             F          130,100.00         ZZ
                                         180        129,680.54          1
                                       6.750          1,151.27         18
                                       6.500          1,151.27
    BROOKLYN         NY   11217          5            07/24/02         00
    0434348033                           07           09/01/02          0
    011105300194                         O            08/01/17
    0

    7895051          K15/G02             F          121,000.00         ZZ
                                         180        120,605.65          1
                                       6.625          1,062.37         76
                                       6.375          1,062.37
    YELLOW SPRINGS   OH   45387          5            07/26/02         00
    0434351482                           05           09/01/02          0
    027905501226                         O            08/01/17
    0

    7895053          K15/G02             F          238,500.00         ZZ
                                         180        237,722.70          1
                                       6.625          2,094.02         83
                                       6.375          2,094.02
1

    NORTH VALLEY ST  NY   11580          5            07/24/02         11
    0434347811                           05           09/01/02          6
    021205501591                         O            08/01/17
    0

    7897599          E22/G02             F          167,400.00         ZZ
                                         180        166,848.52          1
                                       6.500          1,458.23         79
                                       6.250          1,458.23
    SUGAR LAND       TX   77478          5            07/26/02         00
    0414253427                           03           09/01/02          0
    0414253427                           O            08/01/17
    0

    7897711          E22/G02             F          500,000.00         ZZ
                                         180        498,387.95          1
                                       6.750          4,424.55         77
                                       6.500          4,424.55
    SAN ANTONIO      TX   78216          5            07/25/02         00
    0414388819                           03           09/01/02          0
    0414388819                           O            08/01/17
    0

    7897721          E22/G02             F          350,000.00         ZZ
                                         180        348,809.27          1
                                       6.125          2,977.19         41
                                       5.875          2,977.19
    HOUSTON          TX   77030          5            07/26/02         00
    0414392894                           05           09/01/02          0
    0414392894                           O            08/01/17
    0

    7897777          E22/G02             F          156,800.00         ZZ
                                         180        156,260.83          1
                                       6.000          1,323.17         37
                                       5.750          1,323.17
    HIGHLANDS RANCH  CO   80126          2            07/25/02         00
    0414429605                           03           09/01/02          0
    0414429605                           O            08/01/17
    0

    7897871          E22/G02             F           70,000.00         ZZ
                                         180         69,774.31          1
                                       6.750            619.44         70
                                       6.500            619.44
    MIRAMAR          FL   33021          2            07/26/02         00
    0414460998                           05           09/01/02          0
    0414460998                           O            08/01/17
    0
1

    7897919          E22/G02             F          135,000.00         ZZ
                                         180        134,550.45          1
                                       6.375          1,166.74         80
                                       6.125          1,166.74
    COLORADO SPRING  CO   80909          2            07/26/02         00
    0414476325                           05           09/01/02          0
    0414476325                           O            08/01/17
    0

    7897991          E22/G02             F          134,000.00         ZZ
                                         180        133,548.97          1
                                       6.250          1,148.95         64
                                       6.000          1,148.95
    DENVER           CO   80221          5            07/26/02         00
    0414506550                           05           09/01/02          0
    0414506550                           O            08/01/17
    0

    7898077          E22/G02             F          120,000.00         ZZ
                                         180        119,617.27          1
                                       6.875          1,070.23         69
                                       6.625          1,070.23
    WHITE            GA   30184          2            07/26/02         00
    0414544098                           05           09/01/02          0
    0414544098                           O            08/01/17
    0

    7898163          E22/G02             F           78,375.00         ZZ
                                         180         78,135.69          1
                                       7.375            720.99         75
                                       7.125            720.99
    COLORADO SPRING  CO   80916          1            07/31/02         00
    0414584060                           05           09/01/02          0
    0414584060                           N            08/01/17
    0

    7898501          K15/G02             F           54,000.00         ZZ
                                         180         53,833.30          1
                                       7.250            492.95         59
                                       7.000            492.95
    SELLERSBURG      IN   47172          5            07/25/02         00
    0434348884                           05           09/01/02          0
    028105303952                         O            08/01/17
    0

    7898554          E47/G02             F          708,000.00         ZZ
                                         180        693,892.28          1
1

                                       6.875          6,314.33         70
                                       6.625          6,314.33
    LOS GATOS        CA   95030          2            02/08/02         00
    0434424933                           05           04/01/02          0
    7333011954                           O            03/01/17
    0

    7899375          T29/G02             F          200,000.00         ZZ
                                         180        199,319.58          1
                                       6.125          1,701.25         80
                                       5.875          1,701.25
    PINETOP          AZ   85935          5            07/25/02         00
    0434358511                           03           09/01/02          0
    1210928                              O            08/01/17
    0

    7899379          W02/G02             F           65,000.00         ZZ
                                         180         64,783.55          1
                                       6.375            561.77         87
                                       6.125            561.77
    TALLAHASSEE      FL   32304          5            07/24/02         14
    0434355095                           05           09/01/02         12
    1001345388                           O            08/01/17
    0

    7899475          W02/G02             F           65,500.00         ZZ
                                         180         65,281.88          1
                                       6.375            566.09         80
                                       6.125            566.09
    TALLAHASSEE      FL   32303          5            07/22/02         00
    0434395513                           05           09/01/02          0
    1001309871                           O            08/01/17
    0

    7901075          A06/G02             F          148,000.00         ZZ
                                         180        147,512.43          1
                                       6.500          1,289.24         80
                                       6.250          1,289.24
    CLINTON TWP      MI   48036          1            07/30/02         00
    0434346474                           05           09/01/02          0
    1000020211004                        O            08/01/17
    0

    7901531          Q87/G02             F           45,000.00         ZZ
                                         180         44,650.66          1
                                       6.625            395.10         49
                                       6.375            395.10
    POLAND TOWNSHIP  OH   44514          5            07/22/02         00
    0434368023                           05           08/26/02          0
1

    BRMI05                               O            07/26/17
    0

    7902815          E84/G02             F           67,000.00         ZZ
                                         180         66,797.65          1
                                       7.500            621.10         59
                                       7.250            621.10
    TUCSON           AZ   85741          5            07/12/02         00
    0434406211                           05           09/01/02          0
    70020040                             N            08/01/17
    0

    7902825          W02/G02             F           52,000.00         ZZ
                                         180         51,826.84          1
                                       6.375            449.41         80
                                       6.125            449.41
    HOLIDAY          FL   34691          2            07/22/02         00
    0434409959                           05           09/01/02          0
    1001220663                           N            08/01/17
    0

    7905143          405/405             F          145,000.00         ZZ
                                         180        144,522.31          1
                                       6.500          1,263.11         68
                                       6.000          1,263.11
    OAKLAND PARK     FL   33309          5            07/26/02         00
    0018608398                           05           09/01/02          0
    0018608398                           O            08/01/17
    0

    7905147          405/405             F          450,000.00         ZZ
                                         180        448,485.34          1
                                       6.250          3,858.41         52
                                       6.000          3,858.41
    SHERMAN OAKS     CA   91423          2            07/18/02         00
    0060065968                           05           09/01/02          0
    0060065968                           O            08/01/17
    0

    7905151          405/405             F          640,000.00         ZZ
                                         180        637,891.58          1
                                       6.500          5,575.09         62
                                       6.000          5,575.09
    SAN FRANCISCO    CA   94132          5            06/24/02         00
    0060082880                           05           09/01/02          0
    0060082880                           O            08/01/17
    0

1

    7905349          K15/G02             F          106,200.00         ZZ
                                         180        105,864.94          1
                                       7.000            954.56         85
                                       6.750            954.56
    WEYMOUTH         MA   02188          5            07/26/02         11
    0434356788                           01           09/01/02         20
    033605501520                         O            08/01/17
    0

    7905783          F28/G02             F          430,000.00         ZZ
                                         180        426,907.67          1
                                       5.500          3,513.46         50
                                       5.250          3,513.46
    CHESAPEAKE BEAC  MD   20732          2            06/19/02         00
    0434387551                           05           08/01/02          0
    1811618                              O            07/01/17
    0

    7905909          F28/G02             F          379,750.00         ZZ
                                         180        376,173.45          1
                                       7.125          3,439.89         70
                                       6.875          3,439.89
    KEY COLONY BEAC  FL   33051          1            05/24/02         00
    0434348009                           05           07/01/02          0
    1779967                              N            06/01/17
    0

    7906055          F28/G02             F          440,000.00         ZZ
                                         180        436,998.52          1
                                       6.125          3,742.75         50
                                       5.875          3,742.75
    FORT LAUDERDALE  FL   33305          5            06/28/02         00
    0434387536                           05           08/01/02          0
    1906586                              O            07/01/17
    0

    7906177          F28/G02             F          488,000.00         ZZ
                                         180        478,426.09          1
                                       6.750          4,318.36         80
                                       6.500          4,318.36
    MIAMI BEACH      FL   33141          1            02/28/02         00
    0434381471                           05           04/01/02          0
    2180899                              O            03/01/17
    0

    7906715          E22/G02             F          102,000.00         ZZ
                                         180        101,688.56          4
                                       7.375            938.32         85
                                       7.125            938.32
1

    NEW ORLEANS      LA   70117          2            08/02/02         10
    0414237727                           05           09/01/02         12
    0414237727                           N            08/01/17
    0

    7906739          E22/G02             F           73,100.00         ZZ
                                         180         72,876.80          1
                                       7.375            672.46         95
                                       7.125            672.46
    ALPENA           MI   49707          5            07/29/02         01
    0414312678                           05           09/01/02         30
    0414312678                           O            08/01/17
    0

    7906745          E22/G02             F          125,000.00         ZZ
                                         180        124,588.20          4
                                       6.500          1,088.88         87
                                       6.250          1,088.88
    WEBSTER          TX   77598          2            08/01/02         01
    0414338640                           05           09/01/02         12
    0414338640                           N            08/01/17
    0

    7906753          E22/G02             F          165,600.00         ZZ
                                         180        165,048.55          1
                                       6.375          1,431.20         80
                                       6.125          1,431.20
    HOFFMAN ESTATES  IL   60194          5            07/29/02         00
    0414347666                           05           09/01/02          0
    0414347666                           O            08/01/17
    0

    7906945          E22/G02             F           68,000.00         ZZ
                                         180         67,778.38          1
                                       6.625            597.04         80
                                       6.375            597.04
    ARLINGTON        TX   76014          5            07/29/02         00
    0414575357                           05           09/01/02          0
    0414575357                           O            08/01/17
    0

    7906967          E22/G02             F          140,000.00         ZZ
                                         180        139,528.78          1
                                       6.250          1,200.39         80
                                       6.000          1,200.39
    DEERFIELD        IL   60015          1            08/02/02         00
    0414594192                           01           09/01/02          0
    0414594192                           N            08/01/17
    0
1

    7907095          E82/G02             F          149,000.00         ZZ
                                         180        149,000.00          1
                                       6.500          1,297.95         76
                                       6.250          1,297.95
    DOUBLE SPRINGS   AL   35553          2            07/31/02         00
    0400661187                           05           10/01/02          0
    1831777                              O            09/01/17
    0

    7910349          T44/G02             F           35,000.00         ZZ
                                         180         34,887.16          1
                                       6.750            309.72         26
                                       6.500            309.72
    TEHACHAPI        CA   93561          1            07/25/02         00
    0434368049                           05           09/01/02          0
    1048874                              N            08/01/17
    0

    7910369          N47/G02             F          169,000.00         ZZ
                                         180        168,437.23          1
                                       6.375          1,460.58         73
                                       6.125          1,460.58
    NORWALK          CA   90650          5            07/17/02         00
    0434365904                           05           09/01/02          0
    30321364                             N            08/01/17
    0

    7910431          758/G02             F          605,500.00         ZZ
                                         180        603,461.95          1
                                       6.250          5,191.70         61
                                       6.000          5,191.70
    DALLAS           TX   75230          5            07/19/02         00
    0434403200                           05           09/01/02          0
    420419                               O            08/01/17
    0

    7911051          P27/G02             F          120,000.00         ZZ
                                         180        119,600.40          1
                                       6.375          1,037.10         23
                                       6.125          1,037.10
    LA CANADA FLINT  CA   91011          5            07/26/02         00
    0434369088                           05           09/01/02          0
    2101982506                           O            08/01/17
    0

    7915575          E22/G02             F           82,320.00         ZZ
                                         180         82,042.92          1
1

                                       6.250            705.83         80
                                       6.000            705.83
    JOLIET           IL   60436          1            08/05/02         00
    0414327825                           01           09/01/02          0
    0414327825                           O            08/01/17
    0

    7915613          E22/G02             F          273,500.00         ZZ
                                         180        272,579.43          1
                                       6.250          2,345.05         66
                                       6.000          2,345.05
    CHICAGO          IL   60646          2            07/31/02         00
    0414384099                           05           09/01/02          0
    0414384099                           O            08/01/17
    0

    7915761          E22/G02             F           71,000.00         ZZ
                                         180         70,763.57          1
                                       6.375            613.62         94
                                       6.125            613.62
    OKLAHOMA CITY    OK   73132          5            07/31/02         01
    0414505669                           05           09/01/02         30
    0414505669                           O            08/01/17
    0

    7915781          E22/G02             F           63,750.00         ZZ
                                         180         63,750.00          1
                                       7.000            573.00         75
                                       6.750            573.00
    WESLACO          TX   78596          5            08/01/02         00
    0414512749                           05           10/01/02          0
    0414512749                           N            09/01/17
    0

    7915875          E22/G02             F           75,900.00         ZZ
                                         180         75,559.65          1
                                       6.625            666.40         80
                                       6.375            666.40
    LAKE WORTH       FL   33460          1            08/05/02         00
    0414584177                           05           09/01/02          0
    0414584177                           O            08/01/17
    0

    7916363          E47/G02             F          112,950.00         ZZ
                                         180        112,605.12          1
                                       7.375          1,039.05         90
                                       7.125          1,039.05
    SEMINOLE         FL   33772          1            07/24/02         01
    0434383246                           05           09/01/02         25
1

    7361012629                           O            08/01/17
    0

    7916921          U35/G02             F          110,000.00         ZZ
                                         180        109,664.12          1
                                       7.375          1,011.92         73
                                       7.125          1,011.92
    COLORADO SPRING  CO   80905          5            07/29/02         00
    0434430435                           05           09/01/02          0
    7182973                              N            08/01/17
    0

    7917973          601/G02             F           75,200.00         T
                                         180         74,962.75          1
                                       7.000            675.92         80
                                       6.750            675.92
    CHARLOTTE        NC   28209          1            07/23/02         00
    0434385589                           05           09/01/02          0
    61652004                             O            08/01/17
    0

    7919040          163/G02             F          330,000.00         T
                                         180        323,388.07          1
                                       6.500          2,874.66         16
                                       6.250          2,874.66
    LONG BEACH TOWN  NJ   08008          5            02/28/02         00
    0433819513                           05           04/01/02          0
    1000373953                           O            03/01/17
    0

    7920557          E22/G02             F          129,600.00         ZZ
                                         180        129,159.09          4
                                       6.125          1,102.41         90
                                       5.875          1,102.41
    WEBSTER          TX   77598          2            08/01/02         01
    0414338707                           05           09/01/02         25
    0414338707                           O            08/01/17
    0

    7920565          E22/G02             F          160,000.00         ZZ
                                         180        159,484.14          1
                                       6.750          1,415.86         80
                                       6.500          1,415.86
    CARMICHAEL       CA   95608          5            08/01/02         00
    0414348318                           05           09/01/02          0
    0414348318                           O            08/01/17
    0

1

    7920585          E22/G02             F          150,000.00         ZZ
                                         180        149,516.39          1
                                       6.750          1,327.36         40
                                       6.500          1,327.36
    PLANO            TX   75025          5            08/01/02         00
    0414401026                           03           09/01/02          0
    0414401026                           O            08/01/17
    0

    7920591          E22/G02             F          300,700.00         ZZ
                                         180        299,666.02          1
                                       6.000          2,537.48         53
                                       5.750          2,537.48
    YARMOUTH         MA   02664          5            08/01/02         00
    0414417089                           05           09/01/02          0
    0414417089                           O            08/01/17
    0

    7920641          E22/G02             F           55,250.00         ZZ
                                         180         55,069.94          1
                                       6.625            485.09         85
                                       6.375            485.09
    LOXLEY           AL   36551          5            08/01/02         10
    0414489963                           05           09/01/02          6
    0414489963                           O            08/01/17
    0

    7920703          E22/G02             F           98,500.00         ZZ
                                         180         98,500.00          1
                                       6.750            871.64         57
                                       6.500            871.64
    COLORADO SPRING  CO   80907          2            08/06/02         00
    0414548420                           05           10/01/02          0
    0414548420                           N            09/01/17
    0

    7920787          K81/G02             F          129,500.00         ZZ
                                         180        129,068.77          1
                                       6.375          1,119.20         94
                                       6.125          1,119.20
    MUSCATINE        IA   52761          5            07/31/02         14
    0434412748                           05           09/01/02         30
    6700426                              O            08/01/17
    0

    7922403          B76/G02             F          110,000.00         ZZ
                                         180        109,664.12          1
                                       7.375          1,011.92         79
                                       7.125          1,011.92
1

    HUBER HEIGHTS    OH   45424          2            07/31/02         00
    0434394961                           05           09/01/02          0
    0004495420                           N            08/01/17
    0

    7922911          A06/G02             F          106,000.00         ZZ
                                         180        105,643.21          1
                                       6.250            908.87         58
                                       6.000            908.87
    FARMINGTON HILL  MI   48336          5            07/31/02         00
    0434384988                           05           09/01/02          0
    025000020216092                      O            08/01/17
    0

    7924107          E22/G02             F          167,200.00         ZZ
                                         180        166,666.74          1
                                       6.875          1,491.18         80
                                       6.625          1,491.18
    BROKEN ARROW     OK   74012          2            07/11/02         00
    0414078931                           03           09/01/02          0
    0414078931                           O            08/01/17
    0

    7924129          E22/G02             F           70,300.00         ZZ
                                         180         69,026.13          1
                                       6.875            626.97         95
                                       6.625            626.97
    MOBILE           AL   36605          5            08/02/02         04
    0414316802                           05           09/01/02         25
    0414316802                           O            08/01/17
    0

    7924191          E22/G02             F          300,000.00         ZZ
                                         180        300,000.00          4
                                       6.500          2,613.32         75
                                       6.250          2,613.32
    ATLANTIC HIGHLA  NJ   07716          5            08/02/02         00
    0414466243                           05           10/01/02          0
    0414466243                           O            09/01/17
    0

    7924215          E22/G02             F          207,000.00         ZZ
                                         180        207,000.00          1
                                       6.375          1,789.00         69
                                       6.125          1,789.00
    BURLESON         TX   76028          5            08/02/02         00
    0414481366                           05           10/01/02          0
    0414481366                           O            09/01/17
    0
1

    7924459          E82/G02             F           45,900.00         ZZ
                                         180         45,900.00          1
                                       6.375            396.69         73
                                       6.125            396.69
    DALTON CITY      IL   61925          2            08/02/02         00
    0400656070                           05           10/01/02          0
    0400656070                           O            09/01/17
    0

    7925413          N47/G02             F           50,800.00         ZZ
                                         180         50,800.00          1
                                       6.875            453.06         80
                                       6.625            453.06
    LAFAYETTE        LA   70503          1            08/01/02         00
    0434394524                           05           10/01/02          0
    40121503                             N            09/01/17
    0

    7927185          B44/G02             F          116,800.00         ZZ
                                         180        116,394.08          1
                                       5.875            977.75         80
                                       5.625            977.75
    BOISE            ID   83704          5            07/22/02         00
    0434397626                           05           09/01/02          0
    4021258                              O            08/01/17
    0

    7927219          Q30/G02             F          104,000.00         ZZ
                                         180        103,671.89          1
                                       7.000            934.78         79
                                       6.750            934.78
    HARRISBURG       PA   17112          5            07/24/02         00
    0434407425                           05           09/01/02          0
    21015167                             O            08/01/17
    0

    7927471          Q87/G02             F           39,000.00         ZZ
                                         180         38,875.62          1
                                       6.875            347.82         78
                                       6.625            347.82
    COUNCE           TN   38326          5            07/31/02         00
    0434419792                           05           09/01/02          0
    HIDO01                               N            08/01/17
    0

    7927975          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
1

                                       6.750          1,194.63         80
                                       6.500          1,194.63
    SHELBY TOWNSHIP  MI   48315          1            08/08/02         00
    0414567719                           01           10/01/02          0
    0414567719                           O            09/01/17
    0

    7927977          E22/G02             F          140,250.00         ZZ
                                         180        139,777.93          1
                                       6.250          1,202.54         75
                                       6.000          1,202.54
    LAS VEGAS        NV   89144          1            08/05/02         00
    0414568360                           03           09/01/02          0
    0414568360                           N            08/01/17
    0

    7928091          E82/G02             F          151,050.00         ZZ
                                         180        151,050.00          4
                                       7.500          1,400.25         95
                                       7.250          1,400.25
    POUGHKEEPSIE     NY   12601          1            08/12/02         04
    0400646378                           05           10/01/02         25
    0400646378                           O            09/01/17
    0

    7928105          E82/G02             F           96,500.00         ZZ
                                         180         96,500.00          2
                                       6.750            853.94         72
                                       6.500            853.94
    DELTA            CO   81416          2            08/12/02         00
    0400675625                           05           10/01/02          0
    1881921                              N            09/01/17
    0

    7928111          E82/G02             F          117,300.00         ZZ
                                         180        117,300.00          1
                                       6.000            989.84         79
                                       5.750            989.84
    MISSOURI CITY    TX   77459          2            08/07/02         00
    0400669867                           05           10/01/02          0
    3791735                              O            09/01/17
    0

    7928221          K15/G02             F           56,800.00         ZZ
                                         180         56,626.56          2
                                       7.375            522.52         80
                                       7.125            522.52
    GORHAM           NH   03581          5            07/30/02         00
    0434392296                           05           09/01/02          0
1

    033305501491                         N            08/01/17
    0

    7928985          S27/G02             F          208,000.00         E
                                         180        207,336.61          1
                                       6.875          1,855.06         80
                                       6.625          1,855.06
    ODESSA           FL   33556          1            08/05/02         00
    0434392247                           03           09/01/02          0
    1010016522                           N            08/01/17
    0

    7930385          964/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       6.500          1,568.00         75
                                       6.250          1,568.00
    AUBERRY          CA   93602          5            08/01/02         00
    0434433595                           05           10/01/02          0
    235266                               O            09/01/17
    0

    7930415          964/G02             F          188,500.00         ZZ
                                         180        187,830.86          1
                                       5.625          1,552.73         48
                                       5.375          1,552.73
    HENDERSON        CO   80640          2            08/02/02         00
    0434430682                           05           09/01/02          0
    238815                               O            08/01/17
    0

    7930431          964/G02             F          154,000.00         ZZ
                                         180        153,492.66          1
                                       6.500          1,341.51         66
                                       6.250          1,341.51
    ALHAMBRA         CA   91801          2            07/22/02         00
    0434454138                           01           09/01/02          0
    223984                               O            08/01/17
    0

    7930443          964/G02             F          180,000.00         ZZ
                                         180        179,374.44          1
                                       5.875          1,506.81         59
                                       5.625          1,506.81
    ALHAMBRA         CA   91803          5            07/30/02         00
    0434411518                           05           09/01/02          0
    226488                               O            08/01/17
    0

1

    7930493          964/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.875          1,674.24         35
                                       5.625          1,674.24
    UNION CITY       CA   94587          5            07/30/02         00
    0434455143                           03           10/01/02          0
    231588                               O            09/01/17
    0

    7930503          964/G02             F          180,000.00         ZZ
                                         180        179,394.14          1
                                       6.250          1,543.36         30
                                       6.000          1,543.36
    CUPERTINO        CA   95014          2            07/31/02         00
    0434452942                           05           09/01/02          0
    232381                               O            08/01/17
    0

    7930529          964/G02             F          149,000.00         ZZ
                                         180        149,000.00          1
                                       6.000          1,257.35         61
                                       5.750          1,257.35
    EL CAJON         CA   92020          2            08/01/02         00
    0434418158                           05           10/01/02          0
    233736                               O            09/01/17
    0

    7930531          964/G02             F          182,000.00         ZZ
                                         180        181,360.73          1
                                       5.750          1,511.35         46
                                       5.500          1,511.35
    SAN FRANCISCO    CA   94134          2            07/26/02         00
    0434429999                           05           09/01/02          0
    233788                               O            08/01/17
    0

    7930537          964/G02             F          170,000.00         ZZ
                                         180        170,000.00          1
                                       6.500          1,480.88         52
                                       6.250          1,480.88
    EAGLE            CO   81631          5            08/02/02         00
    0434417903                           05           10/01/02          0
    233881                               O            09/01/17
    0

    7934303          U05/G02             F          228,000.00         ZZ
                                         180        227,232.58          1
                                       6.250          1,954.92         70
                                       6.000          1,954.92
1

    YORBA LINDA      CA   92886          2            07/16/02         00
    0434403366                           05           09/01/02          0
    3242173                              O            08/01/17
    0

    7934695          W68/G02             F          403,472.00         ZZ
                                         180        402,084.63          1
                                       6.000          3,404.73         78
                                       5.750          3,404.73
    DALLAS           TX   75208          5            07/26/02         00
    0434450730                           05           09/01/02          0
    27411                                O            08/01/17
    0

    7934741          U05/G02             F          321,000.00         ZZ
                                         180        319,919.54          1
                                       6.250          2,752.33         80
                                       6.000          2,752.33
    LEES SUMMIT      MO   64064          5            07/30/02         00
    0434404026                           03           09/01/02          0
    3246388                              O            08/01/17
    0

    7935573          Q87/G02             F           97,600.00         ZZ
                                         180         97,274.99          1
                                       6.375            843.51         80
                                       6.125            843.51
    BUNA             TX   77612          5            08/08/02         00
    0434444105                           05           09/13/02          0
    BUDA01                               O            08/13/17
    0

    7936439          286/286             F          322,000.00         ZZ
                                         180        319,940.14          1
                                       6.875          2,871.78         41
                                       6.625          2,871.78
    MILL VALLEY      CA   94941          2            06/25/02         00
    1343952                              05           08/01/02          0
    1343952                              O            07/01/17
    0

    7936443          286/286             F          341,000.00         ZZ
                                         180        338,771.15          1
                                       6.625          2,993.96         87
                                       6.375          2,993.96
    EXTON            PA   19341          5            06/07/02         11
    1337156                              05           08/01/02         12
    1337156                              O            07/01/17
    0
1

    7936515          286/286             F          364,800.00         ZZ
                                         180        362,491.43          1
                                       7.000          3,278.93         80
                                       6.750          3,278.93
    SAN GABRIEL      CA   91775          2            06/28/02         00
    1342267                              05           08/01/02          0
    1342267                              O            07/01/17
    0

    7937523          E82/G02             F          111,400.00         ZZ
                                         180        111,400.00          1
                                       6.500            970.41         43
                                       6.250            970.41
    COTTONWOOD       CA   96022          2            08/05/02         00
    0400650370                           05           10/01/02          0
    1955879                              O            09/01/17
    0

    7937535          E82/G02             F          139,200.00         ZZ
                                         180        139,200.00          1
                                       6.750          1,231.79         80
                                       6.500          1,231.79
    BROOKSVILLE      FL   34609          5            08/07/02         00
    0400651915                           05           10/01/02          0
    0400651915                           O            09/01/17
    0

    7938023          E22/G02             F          239,000.00         ZZ
                                         180        239,000.00          2
                                       6.250          2,049.24         62
                                       6.000          2,049.24
    VAIL             CO   81657          2            08/09/02         00
    0414490649                           05           10/01/02          0
    0414490649                           N            09/01/17
    0

    7938077          E22/G02             F          126,000.00         ZZ
                                         180        126,000.00          1
                                       6.000          1,063.26         80
                                       5.750          1,063.26
    HOLYOKE          MA   01040          5            08/05/02         00
    0414540385                           05           10/01/02          0
    0414540385                           O            09/01/17
    0

    7938093          E22/G02             F           55,250.00         ZZ
                                         180         55,250.00          1
1

                                       6.500            481.29         85
                                       6.250            481.29
    COMBS            KY   41729          5            08/05/02         10
    0414553701                           05           10/01/02          6
    0414553701                           O            09/01/17
    0

    7938217          601/G02             F          220,000.00         ZZ
                                         180        219,275.23          1
                                       6.500          1,916.44         80
                                       6.250          1,916.44
    GARDENA          CA   90247          5            07/03/02         00
    0434457255                           05           09/01/02          0
    61614673                             O            08/01/17
    0

    7938853          601/G02             F           60,000.00         ZZ
                                         180         59,800.19          1
                                       6.375            518.56         60
                                       6.125            518.56
    PARK RAPIDS      MN   56470          5            07/24/02         00
    0434404422                           05           09/01/02          0
    61650206                             O            08/01/17
    0

    7939817          E22/G02             F          110,200.00         ZZ
                                         180        110,200.00          1
                                       6.500            959.96         95
                                       6.250            959.96
    WAVELAND         MS   39576          2            08/06/02         01
    0414221390                           05           10/01/02         25
    0414221390                           O            09/01/17
    0

    7939861          E22/G02             F          100,000.00         ZZ
                                         180         99,681.07          1
                                       6.875            891.85         84
                                       6.625            891.85
    COLUMBIANA       AL   35051          5            07/30/02         01
    0414391086                           05           09/01/02          6
    0414391086                           O            08/01/17
    0

    7939909          E22/G02             F          103,200.00         ZZ
                                         180        103,200.00          1
                                       6.625            906.09         80
                                       6.375            906.09
    MISHAWAKA        IN   46544          5            08/06/02         00
    0414459339                           05           10/01/02          0
1

    0414459339                           O            09/01/17
    0

    7940101          E22/G02             F          158,800.00         ZZ
                                         180        158,800.00          1
                                       6.875          1,416.26         70
                                       6.625          1,416.26
    RICHARDSON       TX   75080          5            08/07/02         00
    0414559906                           05           10/01/02          0
    0414559906                           O            09/01/17
    0

    7940199          E22/G02             F           64,000.00         ZZ
                                         180         64,000.00          1
                                       6.375            553.12         80
                                       6.125            553.12
    CYPRESS          TX   77433          1            08/09/02         00
    0414644922                           03           10/01/02          0
    0414644922                           O            09/01/17
    0

    7940499          601/G02             F          172,000.00         ZZ
                                         180        171,433.36          1
                                       6.500          1,498.31         67
                                       6.250          1,498.31
    KINGSVILLE       MD   21087          1            07/19/02         00
    0434466579                           05           09/01/02          0
    61532552                             O            08/01/17
    0

    7941313          K15/G02             F          174,500.00         ZZ
                                         180        174,500.00          1
                                       6.375          1,508.12         73
                                       6.125          1,508.12
    SELDEN           NY   11784          5            08/05/02         00
    0434403630                           05           10/01/02          0
    020805303507                         O            09/01/17
    0

    7942575          X82/G02             F           78,000.00         ZZ
                                         180         77,743.04          1
                                       6.500            679.46         80
                                       6.250            679.46
    FRONT ROYAL      VA   22630          1            08/01/02         00
    0434433660                           07           09/01/02          0
    833724                               O            08/01/17
    0

1

    7942787          X67/G02             F          106,600.00         ZZ
                                         180        106,233.45          1
                                       6.000            899.55         56
                                       5.750            899.55
    SANTA ANA        CA   92703          2            07/25/02         00
    0434446845                           05           09/01/02          0
    00268410                             O            08/01/17
    0

    7942841          737/G02             F          105,600.00         ZZ
                                         180        105,263.20          1
                                       6.875            941.80         80
                                       6.625            941.80
    DOUGLASVILLE     GA   30135          5            07/26/02         00
    0434463626                           05           09/01/02          0
    2075053                              O            08/01/17
    0

    7943337          W02/G02             F           59,500.00         ZZ
                                         180         59,306.08          1
                                       6.625            522.41         85
                                       6.375            522.41
    PRESCOTT         MI   48756          5            08/02/02         12
    0434405189                           05           09/01/02          6
    1001332757                           O            08/01/17
    0

    7943373          E76/G02             F           42,400.00         ZZ
                                         180         42,400.00          1
                                       6.250            363.55         80
                                       6.000            363.55
    KINGFISHER       OK   73750          1            08/09/02         00
    0434412532                           05           10/01/02          0
    10015557                             O            09/01/17
    0

    7943819          E22/G02             F          229,000.00         ZZ
                                         180        229,000.00          1
                                       6.375          1,979.13         70
                                       6.125          1,979.13
    MINE HILL        NJ   07803          2            08/13/02         00
    0414422790                           05           10/01/02          0
    0414422790                           N            09/01/17
    0

    7943921          E22/G02             F           58,800.00         ZZ
                                         180         58,800.00          1
                                       7.375            540.91         80
                                       7.125            540.91
1

    TAMPA            FL   33615          1            08/13/02         00
    0414566828                           05           10/01/02          0
    0414566828                           N            09/01/17
    0

    7943951          E22/G02             F          111,000.00         ZZ
                                         180        111,000.00          1
                                       6.000            936.68         79
                                       5.750            936.68
    BELEN            NM   87002          1            08/08/02         00
    0414586537                           05           10/01/02          0
    0414586537                           O            09/01/17
    0

    7943957          E22/G02             F          131,212.00         ZZ
                                         180        131,212.00          2
                                       6.750          1,161.11         80
                                       6.500          1,161.11
    DALLAS           TX   75248          1            08/12/02         00
    0414590604                           05           10/01/02          0
    0414590604                           N            09/01/17
    0

    7943987          E22/G02             F          110,400.00         ZZ
                                         180        110,400.00          1
                                       6.750            976.94         80
                                       6.500            976.94
    LAS VEGAS        NV   89123          1            08/06/02         00
    0414632463                           03           10/01/02          0
    0414632463                           N            09/01/17
    0

    7944175          E82/G02             F          103,700.00         ZZ
                                         180        103,700.00          1
                                       6.625            910.48         58
                                       6.375            910.48
    PRAIRIE VILLAGE  KS   66208          2            08/13/02         00
    0400669644                           05           10/01/02          0
    1546936                              N            09/01/17
    0

    7944211          W02/G02             F           78,000.00         ZZ
                                         180         77,734.64          1
                                       6.125            663.49         78
                                       5.875            663.49
    TALLAHASSEE      FL   32311          5            07/25/02         12
    0434450102                           05           09/01/02         12
    1001356442                           O            08/01/17
    0
1

    7944343          W02/G02             F          250,000.00         ZZ
                                         180        249,185.22          1
                                       6.625          2,194.99         37
                                       6.375          2,194.99
    TAMPA            FL   33606          5            07/25/02         00
    0434407649                           05           09/01/02          0
    1001315084                           O            08/01/17
    0

    7944737          X27/G02             F          147,000.00         ZZ
                                         180        146,515.72          1
                                       6.500          1,280.53         70
                                       6.250          1,280.53
    NORTH HOLLYWOOD  CA   91605          5            07/24/02         00
    0434460481                           05           09/01/02          0
    10000190                             O            08/01/17
    0

    7945185          N47/G02             F          300,700.00         ZZ
                                         180        300,700.00          1
                                       6.000          2,537.48         69
                                       5.750          2,537.48
    SAN JOSE         CA   95136          5            08/01/02         00
    0434420808                           05           10/01/02          0
    20120857                             O            09/01/17
    0

    7945263          F36/G02             F          101,000.00         ZZ
                                         180        101,000.00          2
                                       6.250            866.00         76
                                       6.000            866.00
    TUMWATER         WA   98501          1            08/02/02         00
    0434471215                           05           10/01/02          0
    06404941                             N            09/01/17
    0

    7946757          E47/G02             F          130,000.00         ZZ
                                         180        129,567.10          1
                                       6.375          1,123.53         75
                                       6.125          1,123.53
    SAN ANTONIO      TX   78231          5            07/26/02         00
    0434461729                           05           09/01/02          0
    7329012317                           O            08/01/17
    0

    7947407          W40/G02             F          263,000.00         ZZ
                                         180        262,114.77          1
1

                                       6.250          2,255.02         80
                                       6.000          2,255.02
    HOWELL           MI   48843          2            07/18/02         00
    0434412698                           05           09/01/02          0
    101009590                            O            08/01/17
    0

    7947561          E22/G02             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       6.000          2,953.50         51
                                       5.750          2,953.50
    SAN FRANCISCO    CA   94127          2            08/08/02         00
    0414532937                           05           10/01/02          0
    0414532937                           O            09/01/17
    0

    7948335          G34/G02             F          206,700.00         ZZ
                                         180        206,700.00          2
                                       6.125          1,758.24         75
                                       5.875          1,758.24
    AZUSA            CA   91702          5            08/05/02         00
    0434450748                           05           10/01/02          0
    41000149                             O            09/01/17
    0

    7948347          738/G02             F          288,000.00         ZZ
                                         180        288,000.00          1
                                       6.375          2,489.05         80
                                       6.125          2,489.05
    PONCE INLET      FL   32127          1            08/08/02         00
    0434426219                           05           10/01/02          0
    40534501                             O            09/01/17
    0

    7948467          U05/G02             F          131,250.00         ZZ
                                         180        130,831.39          1
                                       6.875          1,170.56         75
                                       6.625          1,170.56
    MIAMI            FL   33183          1            07/25/02         00
    0434445854                           03           09/01/02          0
    3245210                              N            08/01/17
    0

    7948511          144/144             F          480,000.00         ZZ
                                         120        477,071.02          1
                                       6.000          5,328.98         50
                                       5.750          5,328.98
    T/WOODSTOCK      NY   12409          5            07/24/02         00
    02LAMMC                              05           09/01/02          0
1

    02LAMMC                              O            08/01/12
    0

    7949045          K15/G02             F          222,800.00         ZZ
                                         180        222,800.00          1
                                       6.375          1,925.55         76
                                       6.125          1,925.55
    HUNTINGTON STAT  NY   11746          5            08/10/02         00
    0434446373                           05           10/01/02          0
    020805303504                         O            09/01/17
    0

    7949543          N47/G02             F          224,000.00         ZZ
                                         180        224,000.00          1
                                       6.375          1,935.92         72
                                       6.125          1,935.92
    WESTMINSTER      CA   92683          2            08/01/02         00
    0434447322                           05           10/01/02          0
    20120788                             O            09/01/17
    0

    7949633          W68/G02             F           62,400.00         ZZ
                                         180         62,200.98          1
                                       6.875            556.52         80
                                       6.625            556.52
    ABILENE          TX   79606          1            08/01/02         00
    0434461273                           05           09/01/02          0
    28527                                O            08/01/17
    0

    7950615          L76/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       6.125            765.56         75
                                       5.875            765.56
    ST LOUIS         MO   63132          5            08/08/02         00
    0434457776                           05           10/01/02          0
    9506987                              O            09/01/17
    0

    7951816          E47/G02             F          130,000.00         ZZ
                                         180        126,591.82          1
                                       7.000          1,168.48         54
                                       6.750          1,168.48
    HOUSTON          TX   77009          5            02/22/02         00
    0433772886                           05           04/01/02          0
    7362010256                           O            03/01/17
    0

1

    7952265          N74/G02             F          120,700.00         ZZ
                                         180        120,700.00          1
                                       6.500          1,051.43         76
                                       6.250          1,051.43
    LEXINGTON        NC   27295          5            08/14/02         00
    0434464780                           05           10/01/02          0
    0030572010                           O            09/01/17
    0

    7952661          X19/G02             F           97,500.00         ZZ
                                         180         97,500.00          2
                                       7.250            890.04         75
                                       7.000            890.04
    POUGHKEEPSIE     NY   12601          5            08/16/02         00
    0434462040                           05           10/01/02          0
    22050202                             N            09/01/17
    0

    7952929          975/G02             F          566,000.00         ZZ
                                         180        566,000.00          1
                                       6.125          4,814.54         73
                                       5.875          4,814.54
    FULLERTON        CA   92835          5            08/02/02         00
    0434460762                           03           10/01/02          0
    2022917                              O            09/01/17
    0

    7953029          E47/G02             F          330,500.00         ZZ
                                         180        329,411.20          1
                                       6.500          2,879.01         73
                                       6.250          2,879.01
    FREMONT          CA   94536          2            07/26/02         00
    0434460267                           05           09/01/02          0
    7359511384                           N            08/01/17
    0

    7953383          U05/G02             F           72,000.00         ZZ
                                         180         72,000.00          1
                                       6.750            637.13         66
                                       6.500            637.13
    PEARLAND         TX   77584          2            08/05/02         00
    0434456307                           05           10/01/02          0
    3249669                              O            09/01/17
    0

    7953625          E84/G02             F          180,000.00         ZZ
                                         180        179,432.11          3
                                       7.000          1,617.89         70
                                       6.750          1,617.89
1

    PORTLAND         OR   97218          2            07/19/02         00
    0434463899                           05           09/01/02          0
    60111613                             N            08/01/17
    0

    7954375          W35/G02             F           21,550.00         ZZ
                                         180         21,479.00          1
                                       6.500            187.73         32
                                       6.250            187.73
    PERU             IN   46970          5            08/12/02         00
    0434463360                           05           09/16/02          0
    13318                                O            08/16/17
    0

    7955021          E82/G02             F           97,100.00         T
                                         180         97,100.00          1
                                       6.625            852.53         66
                                       6.375            852.53
    KISSIMMEE        FL   34746          2            08/14/02         00
    0400666012                           03           10/01/02          0
    0400666012                           O            09/01/17
    0

    7957199          N67/G02             F          330,000.00         ZZ
                                         180        328,924.49          1
                                       6.625          2,897.38         56
                                       6.375          2,897.38
    GILBERT          AZ   85296          2            07/05/02         00
    0434420345                           03           09/01/02          0
    1760002826A                          O            08/01/17
    0

    7957203          N67/G02             F          650,000.00         ZZ
                                         180        647,812.17          1
                                       6.250          5,573.25         34
                                       6.000          5,573.25
    PARADISE VALLEY  AZ   85253          2            07/05/02         00
    0434420360                           03           09/01/02          0
    1760002860A                          O            08/01/17
    0

    7957857          G51/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       6.250          1,200.39         80
                                       6.000          1,200.39
    AURORA           CO   80011          5            08/09/02         00
    0434465399                           05           10/01/02          0
    1208167                              O            09/01/17
    0
1

    7957955          W35/G02             F          150,400.00         ZZ
                                         180        150,400.00          1
                                       6.250          1,289.56         80
                                       6.000          1,289.56
    WINDHAM          ME   04062          5            08/09/02         00
    0434465761                           05           10/01/02          0
    13418                                O            09/01/17
    0

    7957989          P01/G02             F          109,800.00         ZZ
                                         180        109,800.00          4
                                       7.500          1,017.86         90
                                       7.250          1,017.86
    CLINTON          NY   13323          1            08/09/02         04
    0434467528                           05           10/01/02         25
    02006556                             N            09/01/17
    0

    7961635          E82/G02             F          160,500.00         ZZ
                                         180        160,500.00          1
                                       6.875          1,431.43         80
                                       6.625          1,431.43
    FT WRIGHT        KY   41011          5            08/12/02         00
    0400642989                           05           10/01/02          0
    0400642989                           O            09/01/17
    0

    7961643          E82/G02             F          143,000.00         ZZ
                                         180        143,000.00          1
                                       6.250          1,226.11         76
                                       6.000          1,226.11
    CATONSVILLE      MD   21228          2            08/13/02         00
    0400666970                           05           10/01/02          0
    3531946                              O            09/01/17
    0

    7961645          E82/G02             F          122,500.00         ZZ
                                         180        122,500.00          1
                                       6.750          1,084.01         73
                                       6.500          1,084.01
    STAFFORD         VA   22554          2            08/14/02         00
    0400662615                           05           10/01/02          0
    0400662615                           O            09/01/17
    0

    7961749          K15/G02             F           91,800.00         ZZ
                                         180         91,800.00          1
1

                                       6.250            787.11         73
                                       6.000            787.11
    CINCINNATI       OH   45248          2            08/09/02         00
    0434456612                           05           10/01/02          0
    028105304055                         O            09/01/17
    0

    7963972          E45/G02             F          102,400.00         ZZ
                                         180        100,555.21          1
                                       7.750            963.87         80
                                       7.500            963.87
    CLERMONT         FL   34711          5            02/25/02         00
    0434058103                           03           04/01/02          0
    214095                               O            03/01/17
    0

    7964335          601/G02             F          399,000.00         ZZ
                                         180        399,000.00          1
                                       6.875          3,558.50         61
                                       6.625          3,558.50
    LIVINGSTON       NJ   07039          2            08/07/02         00
    0434458923                           05           10/01/02          0
    6162794                              O            09/01/17
    0

    7964461          601/G02             F           44,000.00         ZZ
                                         180         44,000.00          1
                                       7.250            401.66         70
                                       7.000            401.66
    WICHITA          KS   67216          2            08/09/02         00
    0434457966                           05           10/01/02          0
    61609798                             N            09/01/17
    0

    7964499          998/998             F          450,000.00         T
                                         180        448,533.40          1
                                       6.625          3,950.97         39
                                       6.375          3,950.97
    LAKE LEELANAU    MI   49653          5            07/18/02         00
    5108480                              05           09/01/02          0
    5108480                              O            08/01/17
    0

    7964571          601/G02             F           50,500.00         ZZ
                                         180         50,500.00          1
                                       6.875            450.39         38
                                       6.625            450.39
    SEVERN           MD   21144          2            08/12/02         00
    0434461356                           05           10/01/02          0
1

    61678488                             N            09/01/17
    0

    7964597          601/G02             F           74,200.00         ZZ
                                         180         74,200.00          1
                                       6.125            631.16         70
                                       5.875            631.16
    BRUSH            CO   80723          5            08/05/02         00
    0434461505                           05           10/01/02          0
    61709341                             O            09/01/17
    0

    7964611          N47/G02             F          435,000.00         ZZ
                                         180        435,000.00          1
                                       6.375          3,759.49         67
                                       6.125          3,759.49
    SUNNYVALE        CA   94087          2            08/02/02         00
    0434460036                           09           10/01/02          0
    20120899                             O            09/01/17
    0

    7964633          601/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       6.375            760.55         52
                                       6.125            760.55
    BURBANK          IL   60459          5            08/01/02         00
    0434462206                           05           10/01/02          0
    61625133                             O            09/01/17
    0

    7964665          601/G02             F          191,500.00         ZZ
                                         180        190,855.43          1
                                       6.250          1,641.97         88
                                       6.000          1,641.97
    PARKER           CO   80134          2            07/30/02         11
    0434459798                           05           09/01/02         12
    61706446                             O            08/01/17
    0

    7965689          742/G02             F          318,400.00         ZZ
                                         180        318,400.00          1
                                       6.375          2,751.77         59
                                       6.125          2,751.77
    IRWIN            PA   15642          2            08/07/02         00
    0434482477                           05           10/01/02          0
    8899551                              O            09/01/17
    0

1

    7966035          K15/G02             F           81,900.00         ZZ
                                         180         81,900.00          1
                                       6.875            730.43         90
                                       6.625            730.43
    LAFAYETTE        LA   70503          5            08/13/02         26
    0434462487                           05           10/01/02         12
    000905502004                         O            09/01/17
    0

    7966549          696/G02             F          400,000.00         ZZ
                                         180        398,710.36          1
                                       6.750          3,539.64         63
                                       6.500          3,539.64
    BOYDS            MD   20841          1            07/31/02         00
    0434465803                           05           09/01/02          0
    32902132                             O            08/01/17
    0

    7966553          696/G02             F           48,500.00         ZZ
                                         180         48,341.93          1
                                       6.625            425.83         29
                                       6.375            425.83
    WASHINGTON       DC   20001          2            08/02/02         00
    0434434056                           05           09/01/02          0
    31802096                             N            08/01/17
    0

    7967195          E22/G02             F          141,750.00         ZZ
                                         180        141,750.00          1
                                       6.500          1,234.79         75
                                       6.250          1,234.79
    POULSBO          WA   98370          5            08/07/02         00
    0414504522                           05           10/01/02          0
    0414504522                           O            09/01/17
    0

    7967197          E22/G02             F          632,000.00         ZZ
                                         180        632,000.00          1
                                       6.250          5,418.91         63
                                       6.000          5,418.91
    GRANITE BAY      CA   95746          5            08/06/02         00
    0414508739                           03           10/01/02          0
    0414508739                           O            09/01/17
    0

    7967201          E22/G02             F           53,250.00         ZZ
                                         180         53,250.00          1
                                       6.250            456.58         54
                                       6.000            456.58
1

    LANSING          MI   48910          5            08/15/02         00
    0414509711                           05           10/01/02          0
    0414509711                           O            09/01/17
    0

    7967213          E22/G02             F          492,000.00         ZZ
                                         180        492,000.00          1
                                       6.500          4,285.85         80
                                       6.250          4,285.85
    SAN CLEMENTE     CA   92673          2            08/05/02         00
    0414523647                           03           10/01/02          0
    0414523647                           O            09/01/17
    0

    7967615          E82/G02             F          118,000.00         ZZ
                                         180        118,000.00          4
                                       6.500          1,027.91         73
                                       6.250          1,027.91
    CLIFTON          CO   81520          2            08/19/02         00
    0400672275                           05           10/01/02          0
    4034233                              N            09/01/17
    0

    7969761          A46/G02             F          484,600.00         ZZ
                                         180        484,600.00          1
                                       5.875          4,056.68         65
                                       5.625          4,056.68
    LEAGUE CITY      TX   77573          2            08/14/02         00
    0434471892                           03           10/01/02          0
    0295035                              O            09/01/17
    0

    7971737          E82/G02             F          143,000.00         ZZ
                                         180        143,000.00          1
                                       6.375          1,235.88         70
                                       6.125          1,235.88
    PORTLAND         OR   97233          2            08/20/02         00
    0400653667                           05           10/01/02          0
    1875910                              N            09/01/17
    0

    7971765          E82/G02             F          123,100.00         ZZ
                                         180        123,100.00          1
                                       6.250          1,055.49         69
                                       6.000          1,055.49
    HARRISBURG       PA   17111          2            08/14/02         00
    0400663670                           05           10/01/02          0
    1874906                              O            09/01/17
    0
1

    7972537          253/253             F          447,200.00         ZZ
                                         180        445,694.77          1
                                       6.250          3,834.40         45
                                       6.000          3,834.40
    BARTONVILLE      TX   76226          2            07/30/02         00
    426826                               05           09/01/02          0
    426826                               O            08/01/17
    0

    7972605          U05/G02             F          220,000.00         ZZ
                                         180        219,275.23          1
                                       6.500          1,916.44         80
                                       6.250          1,916.44
    NORWALK          CA   90650          5            07/29/02         00
    0434466231                           05           09/01/02          0
    3248664                              O            08/01/17
    0

    7974289          X51/G02             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       5.875          4,185.59         73
                                       5.625          4,185.59
    SAN JOSE         CA   95125          5            08/08/02         00
    0434472361                           05           10/01/02          0
    R2053504                             O            09/01/17
    0

    7974407          P59/G02             F          105,750.00         ZZ
                                         180        105,750.00          1
                                       7.000            950.52         90
                                       6.750            950.52
    PALMDALE         CA   93550          1            08/07/02         01
    0434468914                           05           10/01/02         20
    004078                               N            09/01/17
    0

    7975541          E82/G02             F          174,500.00         ZZ
                                         180        174,500.00          1
                                       6.125          1,484.34         19
                                       5.875          1,484.34
    MENLOPARK        CA   94025          2            08/19/02         00
    0400676409                           05           10/01/02          0
    1900174                              O            09/01/17
    0

    7975583          E82/G02             F           67,000.00         ZZ
                                         180         67,000.00          1
1

                                       6.000            565.38         47
                                       5.750            565.38
    MIRAMAR          FL   33025          2            08/19/02         00
    0400670600                           05           10/01/02          0
    0400670600                           O            09/01/17
    0

    7978417          E22/G02             F          134,400.00         ZZ
                                         180        134,400.00          1
                                       6.375          1,161.55         80
                                       6.125          1,161.55
    AUSTIN           TX   78745          5            08/19/02         00
    0414554964                           03           10/01/02          0
    0414554964                           O            09/01/17
    0

    7978737          E82/G02             F           81,300.00         ZZ
                                         180         81,300.00          1
                                       6.375            702.64         87
                                       6.125            702.64
    PRINCESS ANNE    MD   21853          2            08/21/02         10
    0400668919                           05           10/01/02         12
    4316251                              O            09/01/17
    0

    7978765          E82/G02             F           73,700.00         ZZ
                                         180         73,700.00          1
                                       6.375            636.95         55
                                       6.125            636.95
    INDIANOLA        OK   74442          5            08/20/02         00
    0400661294                           05           10/01/02          0
    0400661294                           O            09/01/17
    0

    7978777          E82/G02             F          223,000.00         ZZ
                                         180        223,000.00          1
                                       6.125          1,896.89         53
                                       5.875          1,896.89
    LYNDHURST        NJ   07071          2            08/09/02         00
    0400673497                           05           10/01/02          0
    4133147                              O            09/01/17
    0

    7978811          E82/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       6.250          1,972.07         65
                                       6.000          1,972.07
    SEBASTOPOL       CA   95472          2            08/17/02         00
    0400670923                           05           10/01/02          0
1

    1509344                              O            09/01/17
    0

    7978819          E82/G02             F          268,600.00         ZZ
                                         180        268,600.00          1
                                       6.750          2,376.87         79
                                       6.500          2,376.87
    HIGHLAND         UT   84003          2            08/21/02         00
    0400668281                           05           10/01/02          0
    5692347                              O            09/01/17
    0

    7980512          E22/G02             F           32,400.00         ZZ
                                         180         31,816.32          1
                                       7.750            304.97         90
                                       7.500            304.97
    MULGA            AL   35118          5            02/14/02         04
    0413565466                           05           04/01/02         12
    0413565466                           O            03/01/17
    0

    7981245          E22/G02             F          560,000.00         ZZ
                                         180        560,000.00          1
                                       6.125          4,763.50         80
                                       5.875          4,763.50
    SAN FRANCISCO    CA   94127          5            08/16/02         00
    0414417592                           05           10/01/02          0
    0414417592                           O            09/01/17
    0

    7981659          E82/G02             F          140,000.00         ZZ
                                         180        140,000.00          3
                                       7.500          1,297.82         80
                                       7.250          1,297.82
    JAMAICA PLAIN    MA   02130          2            08/02/02         00
    0400647525                           05           10/01/02          0
    4044821                              N            09/01/17
    0

    7983419          420/G02             F          650,000.00         ZZ
                                         180        650,000.00          1
                                       6.125          5,529.06         71
                                       5.875          5,529.06
    SONOMA           CA   95476          1            08/16/02         00
    0434474912                           05           10/01/02          0
    72002653                             O            09/01/17
    0

1

    7984019          K15/G02             F          123,000.00         ZZ
                                         180        123,000.00          1
                                       6.750          1,088.44         46
                                       6.500          1,088.44
    RIVERSIDE        CA   92506          5            08/16/02         00
    0434470696                           05           10/01/02          0
    025005300070                         O            09/01/17
    0

    7984125          964/G02             F          444,000.00         ZZ
                                         180        444,000.00          1
                                       6.250          3,806.96         74
                                       6.000          3,806.96
    CARMICHAEL       CA   95608          5            08/05/02         00
    0434484705                           05           10/01/02          0
    226256                               O            09/01/17
    0

    7984147          964/G02             F          506,250.00         ZZ
                                         180        506,250.00          1
                                       6.375          4,375.27         75
                                       6.125          4,375.27
    LINCOLN          CA   95658          5            08/04/02         00
    0434484697                           05           10/01/02          0
    233699                               O            09/01/17
    0

    7984407          K15/G02             F           53,200.00         ZZ
                                         180         53,200.00          1
                                       7.375            489.40         85
                                       7.125            489.40
    LANSING          MI   48906          5            08/16/02         26
    0434475711                           05           10/01/02         14
    036305306882                         O            09/01/17
    0

    7984621          X08/G02             F          382,000.00         ZZ
                                         180        380,686.47          1
                                       6.000          3,223.53         78
                                       5.750          3,223.53
    OGDEN            UT   84403          5            07/25/02         00
    0434505632                           05           09/01/02          0
    2798027                              O            08/01/17
    0

    7985567          E22/G02             F          499,000.00         ZZ
                                         180        499,000.00          1
                                       6.125          4,244.62         79
                                       5.875          4,244.62
1

    SEATTLE          WA   98116          2            08/21/02         00
    0414626721                           05           10/01/02          0
    0414626721                           O            09/01/17
    0

    7992918          E84/G02             F           53,000.00         ZZ
                                         180         51,867.10          1
                                       7.625            495.09         56
                                       7.375            495.09
    SAINT PETERS     MO   63376          5            01/25/02         00
    0433842242                           07           03/01/02          0
    14604360                             N            02/01/17
    0

    7993916          N74/G02             F          130,500.00         ZZ
                                         180        127,885.27          1
                                       6.500          1,136.80         87
                                       6.250          1,136.80
    WINSTON-SALEM    NC   27104          2            02/25/02         10
    0433807872                           05           04/01/02         25
    0029896010                           O            03/01/17
    0

    8009537          E22/G02             F          368,000.00         ZZ
                                         180        368,000.00          1
                                       6.125          3,130.30         79
                                       5.875          3,130.30
    SHINGLE SPRINGS  CA   95682          1            09/03/02         00
    0414720276                           05           10/01/02          0
    0414720276                           O            09/01/17
    0

    8010026          E45/G02             F           52,700.00         ZZ
                                         180         51,749.32          1
                                       6.750            466.35         28
                                       6.500            466.35
    EAST DUNDEE      IL   60118          5            03/04/02         00
    0433826591                           05           05/01/02          0
    716810                               O            04/01/17
    0

    8026888          K39/G02             F           41,400.00         ZZ
                                         180         40,637.93          1
                                       7.500            383.79         90
                                       7.250            383.79
    NELIGH           NE   68756          5            03/04/02         10
    0433813573                           05           04/08/02         12
    506922274                            O            03/08/17
    0
1

    8047728          E22/G02             F          101,650.00         ZZ
                                         180         99,071.36          1
                                       7.375            935.10         95
                                       7.125            935.10
    LONDONDERRY      NH   03053          5            02/12/02         01
    0413548256                           01           04/01/02         25
    0413548256                           O            03/01/17
    0

    8048922          G27/G02             F           38,900.00         ZZ
                                         180         37,619.72          1
                                       7.625            363.38         59
                                       7.375            363.38
    ELMORE CITY      OK   73433          5            03/12/02         00
    0433810249                           05           05/01/02          0
    21701157                             O            04/01/17
    0

    8051698          286/286             F           46,800.00         ZZ
                                         180         45,542.92          1
                                       6.500            407.68         80
                                       6.250            407.68
    PRATT            KS   67124          5            12/14/01         00
    0531827                              05           02/01/02          0
    531827                               O            01/01/17
    0

    8051710          286/286             F           54,000.00         ZZ
                                         180         52,720.79          1
                                       6.375            466.70         40
                                       6.125            466.70
    ERIE             PA   16505          2            12/28/01         00
    0838641                              05           03/01/02          0
    838641                               O            02/01/17
    0

    8053410          W98/G02             F           93,500.00         ZZ
                                         180         90,863.71          1
                                       7.000            840.40         42
                                       6.750            840.40
    SUMERDUCK        VA   22742          5            02/28/02         00
    0433827441                           05           04/01/02          0
    0201021                              O            03/01/17
    0

    8075896          N74/G02             F          103,550.00         ZZ
                                         180        101,932.30          1
1

                                       7.250            945.27         95
                                       7.000            945.27
    LAURENS          SC   29360          2            03/04/02         10
    0433739042                           05           05/01/02         30
    0029925010                           O            04/01/17
    0

    8090908          E22/G02             F           50,000.00         ZZ
                                         180         49,049.74          1
                                       7.125            452.92         77
                                       6.875            452.92
    HUNTSVILLE       TX   77340          5            02/22/02         00
    0413532219                           05           04/01/02          0
    0413532219                           O            03/01/17
    0

    8090972          E22/G02             F           97,400.00         ZZ
                                         180         95,568.51          1
                                       7.250            889.13         78
                                       7.000            889.13
    ATASCOSA         TX   78002          5            02/22/02         00
    0413587916                           05           04/01/02          0
    0413587916                           O            03/01/17
    0

    8091088          E22/G02             F           60,000.00         ZZ
                                         120         57,847.32          1
                                       6.625            685.11         75
                                       6.375            685.11
    CORPUS CHRISTI   TX   78412          5            02/21/02         00
    0413659434                           05           04/01/02          0
    0413659434                           O            03/01/12
    0

    8091214          E22/G02             F          104,000.00         ZZ
                                         180        101,573.01          1
                                       6.875            927.53         80
                                       6.625            927.53
    OKLAHOMA CITY    OK   73170          5            02/21/02         00
    0413706797                           05           04/01/02          0
    0413706797                           O            03/01/17
    0

    8091236          E22/G02             F           60,000.00         ZZ
                                         180         58,847.51          1
                                       7.000            539.30         31
                                       6.750            539.30
    BAY CITY         MI   48706          5            02/22/02         00
    0413709775                           05           04/01/02          0
1

    0413709775                           O            03/01/17
    0

    8092002          998/998             F          360,000.00         ZZ
                                         180        351,821.58          1
                                       6.875          3,210.68         75
                                       6.625          3,210.68
    LAS VEGAS        NV   89123          2            01/11/02         00
    13108757                             03           03/01/02          0
    3108757                              O            02/01/17
    0

    8093974          X16/G02             F           62,400.00         ZZ
                                         180         61,445.84          1
                                       7.500            578.46         80
                                       7.250            578.46
    WILLIAMSPORT     PA   17702          5            03/08/02         00
    0433801503                           05           05/01/02          0
    0010067968                           O            04/01/17
    0

    8094410          E82/G02             F           57,200.00         ZZ
                                         180         56,257.56          1
                                       6.625            502.21         79
                                       6.375            502.21
    MARION           IL   62959          2            02/25/02         00
    0400594180                           05           05/01/02          0
    1997460                              O            04/01/17
    0

    8094422          E82/G02             F           74,000.00         ZZ
                                         180         72,360.59          1
                                       6.875            659.97         68
                                       6.625            659.97
    BIRMINGHAM       AL   35205          2            02/25/02         00
    0400572426                           05           05/01/02          0
    0400572426                           O            04/01/17
    0

    8104870          N74/G02             F           68,000.00         ZZ
                                         180         66,949.01          1
                                       7.375            625.55         75
                                       7.125            625.55
    EL PASO          TX   79936          5            03/05/02         00
    0433768017                           05           05/01/02          0
    0029930010                           O            04/01/17
    0

1

    8111684          E22/G02             F           96,546.00         ZZ
                                         180         94,671.81          1
                                       6.875            861.05         70
                                       6.625            861.05
    DENTON           TX   76210          1            02/27/02         00
    0413734773                           03           04/01/02          0
    0413734773                           O            03/01/17
    0

    8111718          E22/G02             F           92,000.00         ZZ
                                         180         90,232.89          1
                                       7.000            826.92         80
                                       6.750            826.92
    POMPANO BEACH    FL   33064          1            02/28/02         00
    0413760802                           05           04/01/02          0
    0413760802                           O            03/01/17
    0

    8111950          E82/G02             F          101,900.00         ZZ
                                         180        100,256.28          1
                                       6.875            908.80         62
                                       6.625            908.80
    JERICHO          VT   05465          2            02/27/02         00
    0400587945                           05           05/01/02          0
    0400587945                           O            04/01/17
    0

    8138842          E22/G02             F           51,300.00         ZZ
                                         180         50,375.85          1
                                       7.750            482.87         90
                                       7.500            482.87
    AMARILLO         TX   79108          1            02/26/02         04
    0413598186                           05           04/01/02         30
    0413598186                           O            03/01/17
    0

    8141970          E45/G02             F           63,000.00         ZZ
                                         180         61,827.96          1
                                       7.375            579.55         90
                                       7.125            579.55
    LANTANA          FL   33462          1            03/07/02         11
    0433912094                           01           04/01/02         30
    212873                               O            03/01/17
    0

    8154590          196/G02             F          130,000.00         ZZ
                                         180        126,984.58          1
                                       6.625          1,141.40         58
                                       6.375          1,141.40
1

    WARWICK          NY   10990          2            01/28/02         00
    0433795226                           05           03/01/02          0
    1473402                              O            02/01/17
    0

    8154678          196/G02             F           50,000.00         ZZ
                                         180         49,019.02          1
                                       6.750            442.46         30
                                       6.500            442.46
    COVINGTON        GA   30014          2            02/06/02         00
    0433795663                           05           04/01/02          0
    1490087                              O            03/01/17
    0

    8154722          196/G02             F           93,500.00         ZZ
                                         180         91,502.28          1
                                       7.000            840.41         31
                                       6.750            840.41
    MARIETTA         GA   30066          2            01/28/02         00
    0433795903                           03           04/01/02          0
    1492732                              O            03/01/17
    0

    8170856          E22/G02             F           61,242.00         ZZ
                                         180         59,678.79          1
                                       7.000            550.46         54
                                       6.750            550.46
    EL PASO          TX   79936          5            02/26/02         00
    0413632274                           05           04/01/02          0
    0413632274                           O            03/01/17
    0

    8171408          E82/G02             F           65,000.00         ZZ
                                         180         62,524.10          1
                                       6.875            579.71         65
                                       6.625            579.71
    PHILADELPHIA     PA   19146          2            03/01/02         00
    0400574612                           05           05/01/02          0
    0400574612                           O            04/01/17
    0

    8171426          E82/G02             F           72,100.00         ZZ
                                         180         70,100.97          1
                                       6.625            633.03         74
                                       6.375            633.03
    COVINGTON        GA   30016          2            02/28/02         00
    0400595435                           05           05/01/02          0
    1634627                              O            04/01/17
    0
1

    8171470          E82/G02             F           94,800.00         ZZ
                                         180         93,238.03          1
                                       6.625            832.34         74
                                       6.375            832.34
    ROCKTON          IL   61072          2            03/01/02         00
    0400599783                           05           05/01/02          0
    0400599783                           O            04/01/17
    0

    8171480          E82/G02             F           60,200.00         ZZ
                                         180         59,228.93          1
                                       6.875            536.90         67
                                       6.625            536.90
    WATERFORD        ME   04088          2            03/01/02         00
    0400584181                           05           05/01/02          0
    0400584181                           O            04/01/17
    0

    8187420          E22/G02             F           95,450.00         ZZ
                                         180         93,597.12          1
                                       6.875            851.27         80
                                       6.625            851.27
    MARIETTA         GA   30064          5            02/26/02         00
    0413523762                           05           04/01/02          0
    0413523762                           O            03/01/17
    0

    8192386          225/G02             F          593,000.00         ZZ
                                         180        572,702.63          1
                                       6.250          5,084.52         77
                                       6.000          5,084.52
    PEACHTREE CIT    GA   30269          2            01/09/02         00
    0433745783                           05           03/01/02          0
    006563110                            O            02/01/17
    0

    8192426          225/G02             F          427,500.00         ZZ
                                         180        416,604.97          1
                                       6.500          3,723.98         75
                                       6.250          3,723.98
    BRIARCLIFF MA    NY   10510          5            01/24/02         00
    0433745817                           05           03/01/02          0
    006567469                            O            02/01/17
    0

    8204254          H58/G02             F          160,000.00         ZZ
                                         180        157,363.76          1
1

                                       6.625          1,404.79         59
                                       6.375          1,404.79
    BENICIA          CA   94510          5            03/08/02         00
    0433810066                           05           05/01/02          0
    0000090726                           O            04/01/17
    0

    8205966          Q87/G02             F           42,265.00         ZZ
                                         180         41,478.39          1
                                       7.350            388.21         79
                                       7.100            388.21
    HUNTSVILLE       AL   35811          5            03/14/02         00
    0433815321                           05           04/19/02          0
    BOFR01                               O            03/19/17
    0

    8213334          E22/G02             F           33,250.00         ZZ
                                         180         32,638.01          1
                                       7.500            308.23         95
                                       7.250            308.23
    LEXINGTON        SC   29073          5            03/01/02         01
    0413636879                           05           04/01/02         25
    0413636879                           O            03/01/17
    0

    8213402          E22/G02             F           71,750.00         ZZ
                                         180         70,576.16          1
                                       7.500            665.13         85
                                       7.250            665.13
    BRISTOL          CT   06010          5            03/01/02         01
    0413691429                           01           05/01/02         12
    0413691429                           O            04/01/17
    0

    8213838          E82/G02             F           58,800.00         ZZ
                                         180         57,851.52          1
                                       6.875            524.41         79
                                       6.625            524.41
    WAUSAU           WI   54403          2            03/04/02         00
    0400582979                           05           05/01/02          0
    0400582979                           O            04/01/17
    0

    8220726          W35/G02             F           33,000.00         ZZ
                                         180         31,938.32          1
                                       7.450            304.98         57
                                       7.200            304.98
    INDIANAPOLIS     IN   46222          5            02/28/02         00
    0433740156                           05           04/05/02          0
1

    10224                                O            03/05/17
    0

    8237174          225/G02             F           64,000.00         ZZ
                                         120         61,456.37          1
                                       7.875            772.28         80
                                       7.625            772.28
    BRISTOL          VA   24201          5            01/29/02         00
    0433729753                           05           03/01/02          0
    6566340                              O            02/01/12
    0

    8242400          514/G02             F          131,100.00         ZZ
                                         180        126,885.85          1
                                       7.000          1,178.37         80
                                       6.750          1,178.37
    PROSPECT         IL   60056          2            11/20/01         00
    0433839081                           01           01/01/02          0
    804362                               O            12/01/16
    0

    8256370          E47/G02             F           40,000.00         ZZ
                                         180         38,737.21          1
                                       7.500            370.80         39
                                       7.250            370.80
    SAN ANTONIO      TX   78201          5            03/20/02         00
    0433837556                           05           05/01/02          0
    7329011754                           O            04/01/17
    0

    8277650          737/G02             F           50,350.00         ZZ
                                         180         49,386.13          1
                                       6.875            449.04         75
                                       6.625            449.04
    COUNTRY CLUB HI  IL   60478          5            03/22/02         00
    0433891306                           09           05/01/02          0
    2051286                              O            04/01/17
    0

    8284610          253/253             F           57,900.00         ZZ
                                         180         56,231.67          1
                                       6.500            504.38         73
                                       6.250            504.38
    ARLINGTON        TX   76017          1            02/27/02         00
    993213                               05           04/01/02          0
    993213                               O            03/01/17
    0

1

    8285800          E22/G02             F           66,600.00         ZZ
                                         180         65,525.72          1
                                       6.875            593.97         90
                                       6.625            593.97
    GAUTIER          MS   39553          5            03/05/02         04
    0413642463                           05           05/01/02         12
    0413642463                           O            04/01/17
    0

    8285962          E22/G02             F           66,000.00         ZZ
                                         180         64,533.57          1
                                       7.000            593.23         59
                                       6.750            593.23
    ORLANDO          FL   32812          2            03/05/02         00
    0413739764                           05           05/01/02          0
    0413739764                           O            04/01/17
    0

    8318698          738/G02             F           59,200.00         ZZ
                                         180         58,833.39          1
                                       7.250            540.42         80
                                       7.000            540.42
    CHESAPEAKE       VA   23320          1            06/12/02         00
    0434471348                           09           08/01/02          0
    40450083                             N            07/01/17
    0

    8318800          E23/G02             F          125,900.00         ZZ
                                         180        125,077.10          1
                                       6.625          1,105.39         77
                                       6.375          1,105.39
    RIVERSIDE        CA   92503          2            06/28/02         00
    0434293841                           05           08/01/02          0
    51015862                             O            07/01/17
    0

    8319402          W98/G02             F          496,500.00         ZZ
                                         180        494,864.33          1
                                       6.500          4,325.05         74
                                       6.250          4,325.05
    ALEXANDRIA       VA   22301          5            07/15/02         00
    0434332367                           05           09/01/02          0
    F0207019                             O            08/01/17
    0

    8321568          E23/G02             F          190,000.00         ZZ
                                         180        189,353.60          1
                                       6.125          1,616.19         60
                                       5.875          1,616.19
1

    VISTA            CA   92084          1            07/18/02         00
    0434411922                           05           09/01/02          0
    11011752                             N            08/01/17
    0

    8321770          W98/G02             F          177,000.00         ZZ
                                         180        176,384.86          1
                                       5.875          1,481.70         58
                                       5.625          1,481.70
    SPERRYVILLE      VA   22740          5            07/26/02         00
    0434385068                           05           09/01/02          0
    L0207013                             O            08/01/17
    0

    8321818          L20/G02             F          200,000.00         ZZ
                                         180        199,312.29          1
                                       6.000          1,687.71         57
                                       5.750          1,687.71
    RENO             NV   89511          5            07/30/02         00
    0434384871                           05           09/01/02          0
    619048                               O            08/01/17
    0

    8321864          E23/G02             F          376,000.00         ZZ
                                         180        374,761.31          1
                                       6.500          3,275.36         80
                                       6.250          3,275.36
    CHULA VISTA      CA   91910          5            07/22/02         00
    0434394698                           05           09/01/02          0
    11012450                             O            08/01/17
    0

    8321896          E23/G02             F          152,000.00         ZZ
                                         180        151,482.88          1
                                       6.125          1,292.95         63
                                       5.875          1,292.95
    LAKE ARROWHEAD   CA   92352          2            07/16/02         00
    0434402640                           05           09/01/02          0
    51015690                             O            08/01/17
    0

    8322248          L20/G02             F           29,500.00         ZZ
                                         180         29,500.00          2
                                       6.750            261.05         60
                                       6.500            261.05
    LOVELOCK         NV   89419          1            08/07/02         00
    0434391660                           05           10/01/02          0
    611152                               O            09/01/17
    0
1

    8322968          E23/G02             F          158,500.00         ZZ
                                         180        158,500.00          1
                                       6.500          1,380.71         68
                                       6.250          1,380.71
    TACOMA           WA   98407          5            08/01/02         00
    0434457065                           01           10/01/02          0
    71004070                             O            09/01/17
    0

   TOTAL NUMBER OF LOANS   :      1,452

   TOTAL ORIGINAL BALANCE  :   209,989,263.00

   TOTAL PRINCIPAL BALANCE :   207,952,074.53

   TOTAL ORIGINAL P+I      :     1,859,341.35

   TOTAL CURRENT P+I       :     1,859,341.35

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

<TABLE>
<CAPTION>

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
<S>     <C>                 <C>                       <C>                     <C>                <C>
        6947516             $83,106.43                5.720%                  4.6667%            $3,878.30
        7451787             $413,345.13               5.970%                  0.5000%            $2,066.73
        7725043             $131,621.14               5.720%                  4.6667%            $6,142.32
        7725047             $259,340.59               5.970%                  0.5000%            $1,296.70
        7725083             $297,615.28               5.845%                  2.5833%            $7,688.39
        7748323             $126,664.34               5.845%                  2.5833%            $3,272.16
        7756985             $604,002.83               5.970%                  0.5000%            $3,020.01
        7756999             $517,876.20               5.970%                  0.5000%            $2,589.38
        7765039             $115,317.48               5.970%                  0.5000%             $576.59
        7769971             $181,340.46               5.970%                  0.5000%             $906.70
        7774383             $288,734.51               5.970%                  0.5000%            $1,443.67
        7774385             $154,947.11               5.970%                  0.5000%             $774.74
        7775801             $266,929.03               5.595%                  6.7500%           $18,017.71
        7775877             $141,041.59               5.970%                  0.5000%             $705.21
        7777051             $153,953.84               5.970%                  0.5000%             $769.77
        7778401             $188,071.43               5.970%                  0.5000%             $940.36
        7782591             $496,625.33               5.970%                  0.5000%            $2,483.13
        7782621             $138,968.32               5.595%                  6.7500%            $9,380.36
        7787503             $440,077.31               5.970%                  0.5000%            $2,200.39
        7788625             $106,971.37               5.845%                  2.5833%            $2,763.43
        7788677             $119,121.55               5.970%                  0.5000%             $595.61
        7791561             $113,238.77               5.970%                  0.5000%             $566.19
        7791565             $111,939.34               5.970%                  0.5000%             $559.70
        7791801             $97,835.19                5.970%                  0.5000%             $489.18
        7792115             $98,927.77                5.970%                  0.5000%             $494.64
        7801973             $110,242.82               5.845%                  2.5833%            $2,847.94
        7802577             $107,865.85               5.970%                  0.5000%             $539.33
        7803535             $193,273.13               5.970%                  0.5000%             $966.37
        7805341             $117,501.56               5.970%                  0.5000%             $587.51
        7805761             $105,876.78               5.970%                  0.5000%             $529.38
        7805775             $278,069.59               5.720%                  4.6667%           $12,976.58
        7805851             $213,548.89               5.970%                  0.5000%            $1,067.74
        7805881             $218,483.24               5.720%                  4.6667%           $10,195.88
        7805975             $59,595.05                5.970%                  0.5000%             $297.98
        7807305             $231,624.81               5.970%                  0.5000%            $1,158.12
        7807851             $138,053.66               5.970%                  0.5000%             $690.27
        7813617             $119,190.08               5.970%                  0.5000%             $595.95
        7815925             $233,362.58               5.595%                  6.7500%           $15,751.97
        7822355             $174,762.45               5.970%                  0.5000%             $873.81
        7822433             $241,668.28               5.720%                  4.6667%           $11,277.85
        7823517             $238,362.83               5.845%                  2.5833%            $6,157.71
        7823523             $238,362.83               5.845%                  2.5833%            $6,157.71
        7824853             $90,765.25                5.920%                  1.3333%            $1,210.20
        7825339             $116,397.10               5.845%                  2.5833%            $3,006.93
        7825907             $127,117.52               5.720%                  4.6667%            $5,932.15
        7826167             $188,641.41               5.970%                  0.5000%             $943.21
        7828365             $446,962.79               5.970%                  0.5000%            $2,234.81
        7831347             $577,326.95               5.970%                  0.5000%            $2,886.63
        7831905             $59,992.14                5.845%                  2.5833%            $1,549.80
        7833849             $103,290.56               5.845%                  2.5833%            $2,668.34
        7838271             $99,486.22                5.970%                  0.5000%             $497.43
        7838409             $120,679.95               5.970%                  0.5000%             $603.40
        7838577             $148,976.77               5.845%                  2.5833%            $3,848.57

  Tuesday, September 17, 2002                                                                       Page 1 of 3

       7842731             $135,777.71               5.970%                  0.5000%             $678.89
        7844993             $122,110.05               5.970%                  0.5000%             $610.55
        7845677             $159,449.83               5.720%                  4.6667%            $7,440.99
        7848139             $647,764.93               5.720%                  4.6667%           $30,229.03
        7849211             $143,510.10               5.845%                  2.5833%            $3,707.34
        7853813             $64,985.72                5.970%                  0.5000%             $324.93
        7854781             $119,097.78               5.970%                  0.5000%             $595.49
        7857421             $101,407.52               5.970%                  0.5000%             $507.04
        7857425             $129,562.43               5.970%                  0.5000%             $647.81
        7863381             $68,430.00                5.845%                  2.5833%            $1,767.78
        7863529             $582,034.32               5.970%                  0.5000%            $2,910.17
        7863691             $159,455.67               5.845%                  2.5833%            $4,119.27
        7865221             $231,193.71               5.595%                  6.7500%           $15,605.58
        7869099             $298,979.38               5.845%                  2.5833%            $7,723.63
        7880579             $299,676.99               5.845%                  2.5833%            $7,741.66
        7883827             $284,417.32               5.970%                  0.5000%            $1,422.09
        7884215             $99,627.46                5.595%                  6.7500%            $6,724.85
        7885231             $105,635.51               5.720%                  4.6667%            $4,929.66
        7885263             $102,289.69               5.720%                  4.6667%            $4,773.52
        7885281             $62,785.67                5.845%                  2.5833%            $1,621.96
        7887329             $61,392.66                5.970%                  0.5000%             $306.96
        7888853             $158,464.82               5.970%                  0.5000%             $792.32
        7889777             $528,253.96               5.970%                  0.5000%            $2,641.27
        7889793             $394,681.31               5.970%                  0.5000%            $1,973.41
        7892169             $95,492.71                5.845%                  2.5833%            $2,466.90
        7892449             $93,278.15                5.720%                  4.6667%            $4,352.98
        7897721             $348,809.27               5.845%                  2.5833%            $9,010.91
        7897777             $156,260.83               5.720%                  4.6667%            $7,292.17
        7897991             $133,548.97               5.970%                  0.5000%             $667.74
        7899375             $199,319.58               5.845%                  2.5833%            $5,149.09
        7905143             $144,522.31               5.970%                  0.5000%             $722.61
        7905147             $448,485.34               5.970%                  0.5000%            $2,242.43
        7905151             $637,891.58               5.970%                  0.5000%            $3,189.46
        7905783             $426,907.67               5.220%                 13.0000%           $55,498.00
        7906055             $436,998.52               5.845%                  2.5833%           $11,289.13
        7906967             $139,528.78               5.970%                  0.5000%             $697.64
        7910431             $603,461.95               5.970%                  0.5000%            $3,017.31
        7915575             $82,042.92                5.970%                  0.5000%             $410.21
        7915613             $272,579.43               5.970%                  0.5000%            $1,362.90
        7920557             $129,159.09               5.845%                  2.5833%            $3,336.61
        7920591             $299,666.02               5.720%                  4.6667%           $13,984.41
        7922911             $105,643.21               5.970%                  0.5000%             $528.22
        7927185             $116,394.08               5.595%                  6.7500%            $7,856.60
        7927977             $139,777.93               5.970%                  0.5000%             $698.89
        7928111             $117,300.00               5.720%                  4.6667%            $5,474.00
        7930415             $187,830.86               5.345%                 10.9167%           $20,504.87
        7930443             $179,374.44               5.595%                  6.7500%           $12,107.77
        7930493             $200,000.00               5.595%                  6.7500%           $13,500.00
        7930503             $179,394.14               5.970%                  0.5000%             $896.97
        7930529             $149,000.00               5.720%                  4.6667%            $6,953.33
        7930531             $181,360.73               5.470%                  8.8333%           $16,020.20
        7934303             $227,232.58               5.970%                  0.5000%            $1,136.16
        7934695             $402,084.63               5.720%                  4.6667%           $18,763.95
        7934741             $319,919.54               5.970%                  0.5000%            $1,599.60
        7938023             $239,000.00               5.970%                  0.5000%            $1,195.00
        7938077             $126,000.00               5.720%                  4.6667%            $5,880.00
        7942787             $106,233.45               5.720%                  4.6667%            $4,957.56

  Tuesday, September 17, 2002                                                                       Page 2 of 3

        7943373             $42,400.00                5.970%                  0.5000%             $212.00
        7943951             $111,000.00               5.720%                  4.6667%            $5,180.00
        7944211             $77,734.64                5.845%                  2.5833%            $2,008.14
        7945185             $300,700.00               5.720%                  4.6667%           $14,032.67
        7945263             $101,000.00               5.970%                  0.5000%             $505.00
        7947407             $262,114.77               5.970%                  0.5000%            $1,310.57
        7947561             $350,000.00               5.720%                  4.6667%           $16,333.33
        7948335             $206,700.00               5.845%                  2.5833%            $5,339.75
        7948511             $477,071.02               5.720%                  4.6667%           $22,263.31
        7950615             $90,000.00                5.845%                  2.5833%            $2,325.00
        7952929             $566,000.00               5.845%                  2.5833%           $14,621.67
        7957203             $647,812.17               5.970%                  0.5000%            $3,239.06
        7957857             $140,000.00               5.970%                  0.5000%             $700.00
        7957955             $150,400.00               5.970%                  0.5000%             $752.00
        7961643             $143,000.00               5.970%                  0.5000%             $715.00
        7961749             $91,800.00                5.970%                  0.5000%             $459.00
        7964597             $74,200.00                5.845%                  2.5833%            $1,916.83
        7964665             $190,855.43               5.970%                  0.5000%             $954.28
        7967197             $632,000.00               5.970%                  0.5000%            $3,160.00
        7967201             $53,250.00                5.970%                  0.5000%             $266.25
        7969761             $484,600.00               5.595%                  6.7500%           $32,710.50
        7971765             $123,100.00               5.970%                  0.5000%             $615.50
        7972537             $445,694.77               5.970%                  0.5000%            $2,228.47
        7974289             $500,000.00               5.595%                  6.7500%           $33,750.00
        7975541             $174,500.00               5.845%                  2.5833%            $4,507.92
        7975583             $67,000.00                5.720%                  4.6667%            $3,126.67
        7978777             $223,000.00               5.845%                  2.5833%            $5,760.83
        7978811             $230,000.00               5.970%                  0.5000%            $1,150.00
        7981245             $560,000.00               5.845%                  2.5833%           $14,466.67
        7983419             $650,000.00               5.845%                  2.5833%           $16,791.67
        7984125             $444,000.00               5.970%                  0.5000%            $2,220.00
        7984621             $380,686.47               5.720%                  4.6667%           $17,765.37
        7985567             $499,000.00               5.845%                  2.5833%           $12,890.83
        8009537             $368,000.00               5.845%                  2.5833%            $9,506.67
        8192386             $572,702.63               5.970%                  0.5000%            $2,863.51
        8321568             $189,353.60               5.845%                  2.5833%            $4,891.63
        8321770             $176,384.86               5.595%                  6.7500%           $11,905.98
        8321818             $199,312.29               5.720%                  4.6667%            $9,301.24
        8321896             $151,482.88               5.845%                  2.5833%            $3,913.31

  Tuesday, September 17, 2002                                                                       Page 3 of 3

</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(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, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                      AGREEMENT DATED AS OF AUGUST 1, 2002

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2002

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

                                                -i-

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................31

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........32

        Section 2.01. Conveyance of Mortgage Loans.........................................32

        Section 2.02. Acceptance by Trustee................................................38

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................39

        Section 2.04. Representations and Warranties of Sellers............................41

        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates
               Evidencing Interests in REMIC I Certificates................................43

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
               Acceptance by the Trustee...................................................43

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............43

        Section 2.08. Purposes and Powers of the Trust.....................................43

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................44

        Section 3.01. Master Servicer to Act as Servicer...................................44

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement
               of Subservicers' and Sellers' Obligations...................................45

        Section 3.03. Successor Subservicers...............................................46

        Section 3.04. Liability of the Master Servicer.....................................47

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................47

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 47

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial Account
               48

        Section 3.08. Subservicing Accounts; Servicing Accounts............................50

        Section 3.09. Access to Certain Documentation and  Information Regarding the
                        Mortgage Loans ....................................................52

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................52

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder54

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...55

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................56

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................58

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................61

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............63

        Section 3.17. Reports to the Trustee and the Company...............................64

        Section 3.18. Annual Statement as to Compliance....................................64

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............64

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............65

        Section 3.21. Administration of Buydown Funds......................................65

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................67

        Section 4.01. Certificate Account..................................................67

        Section 4.02. Distributions........................................................67

        Section 4.03. Statements to Certificateholders.....................................67

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances by the
               Master Servicer.............................................................68

        Section 4.05. Allocation of Realized Losses........................................70

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........70

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................70

        Section 4.08. Surety Bond..........................................................70

Article V         THE CERTIFICATES.........................................................72

        Section 5.01. The Certificates.....................................................72

        Section 5.02. Registration of Transfer and Exchange of Certificates................74

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................79

        Section 5.04. Persons Deemed Owners................................................80

        Section 5.05. Appointment of Paying Agent..........................................80
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................81

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........81

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................81

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 82

        Section 6.04. Company and Master Servicer Not to Resign............................83

Article VII       DEFAULT..................................................................84

        Section 7.01. Events of Default....................................................84

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................86

        Section 7.03. Notification to Certificateholders...................................87

        Section 7.04. Waiver of Events of Default..........................................87

Article VIII      CONCERNING THE TRUSTEE...................................................88

        Section 8.01. Duties of Trustee....................................................88

        Section 8.02. Certain Matters Affecting the Trustee................................89

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................91

        Section 8.04. Trustee May Own Certificates.........................................91

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.91

        Section 8.06. Eligibility Requirements for Trustee.................................92

        Section 8.07. Resignation and Removal of the Trustee...............................93

        Section 8.08. Successor Trustee....................................................93

        Section 8.09. Merger or Consolidation of Trustee...................................94

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................94

        Section 8.11. Appointment of Custodians............................................95

        Section 8.12. Appointment of Office or Agency......................................96

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................97

        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...97
<PAGE>

        Section 9.02. Additional Termination Requirements.................................100

        Section 9.03. Termination of Multiple REMICs......................................101

Article X         REMIC PROVISIONS........................................................102

        Section 10.01.REMIC Administration................................................102

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....105

        Section 10.03.Designation of REMIC(s).............................................106

Article XI        MISCELLANEOUS PROVISIONS................................................107

        Section 11.01.Amendment...........................................................107

        Section 11.02.Recordation of Agreement; Counterparts..............................109

        Section 11.03.Limitation on Rights of Certificateholders..........................110

        Section 11.04.Governing Law.......................................................110

        Section 11.05.Notices.............................................................111

        Section 11.06.Required Notices to Rating Agency and Subservicer...................111

        Section 11.07.Severability of Provisions..........................................111

        Section 11.08.Supplemental Provisions for Resecuritization........................112

        Section 11.09.Allocation of Voting Rights.........................................112

        Section 11.10.No Petition.........................................................112

<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>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of August 1, 2002 (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:

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

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

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO Property and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

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

                                       2
<PAGE>

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

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
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, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.
        ---------------

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        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

     (ii) any Subsequent  Recoveries added to the Certificate  Principal Balance
          of such Certificate pursuant to Section 4.02, plus

                                       6
<PAGE>

     (iii)in the  case of each  Accrual  Certificate,  an  amount  equal  to the
          aggregate  Accrued  Certificate  Interest  added  to  the  Certificate
          Principal Balance thereof prior to such date of determination, minus

     (iv) the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

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

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     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
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

                                       10
<PAGE>

        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
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates

                                       11
<PAGE>

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 Ratings or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     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 a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

                                       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
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.

                                       14
<PAGE>

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     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
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

                                       21
<PAGE>

        (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.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        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.

                                       23
<PAGE>

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        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.

                                       24
<PAGE>

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% 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

                                       25
<PAGE>

        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  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, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

                                       26
<PAGE>

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case 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).

                                       27
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       28
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

                                       29
<PAGE>

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

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       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
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

                                       33
<PAGE>

        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,
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

                                       34
<PAGE>

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

                                       36
<PAGE>

the duly appointed agent of the Trustee) of the documents referred to in Section
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
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       40
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       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
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

                                       43
<PAGE>

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

                                       44
<PAGE>

Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of 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):

                                       47
<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,  Subsequent Recoveries and Liquidation Proceeds (net of
     any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

                                       48
<PAGE>

(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.

                                       49
<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

                                       50
<PAGE>

Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances 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;

                                       53
<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.

                                       54
<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
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

                                       55
<PAGE>

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
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

                                       56
<PAGE>

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

                                       57
<PAGE>

accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as

                                       58
<PAGE>

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);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.
               -----------------------------------------------

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such

                                       60
<PAGE>

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.

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

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<PAGE>

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).

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

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<PAGE>

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
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.

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<PAGE>

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
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

                                      64
<PAGE>

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.

                                       65
<PAGE>

                                   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
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

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<PAGE>

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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<PAGE>

(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

                                       68
<PAGE>

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
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

                                       69
<PAGE>

(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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<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and

                                       71
<PAGE>

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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<PAGE>

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

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be 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

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<PAGE>

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

                                       74
<PAGE>

     account" (as defined in U.S.  Department  of Labor  Prohibited  Transaction
     Class  Exemption  ("PTCE")  95-60,  and (iii) the  conditions  set forth in
     Sections I and III of PTCE  95-60 have been  satisfied  (each  entity  that
     satisfies this clause (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  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,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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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
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       77
<PAGE>

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

     (g) No  service  charge  shall  be made for any  transfer  or  exchange  of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum

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<PAGE>

sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  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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<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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<PAGE>

rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.
               -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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ARTICLE VII

<PAGE>

                                     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

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<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an

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<PAGE>

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
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

                                       87
<PAGE>

(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;

                                       88
<PAGE>

(ii) The Trustee may consult  with  counsel and any Opinion of Counsel  shall be
     full and complete  authorization  and  protection  in respect of any action
     taken  or  suffered  or  omitted  by it  hereunder  in  good  faith  and in
     accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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<PAGE>

(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.
               -----------------

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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<PAGE>

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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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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<PAGE>

Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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<PAGE>

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a) Subject to Section 9.02, the respective  obligations and responsibilities of
the Company,  the Master  Servicer and the Trustee  created hereby in respect of
the  Certificates  (other than the  obligation  of the  Trustee to make  certain
payments  after  the  Final  Distribution  Date  to  Certificateholders  and the
obligation  of the Company to send  certain  notices as  hereinafter  set forth)
shall  terminate upon the last action required to be taken by the Trustee on the
Final Distribution Date pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of 21 years  from the  death of the last  survivor  of the
     descendants of Joseph P. Kennedy,  the late ambassador of the United States
     to the Court of St. James,  living on the date hereof and provided  further
     that the purchase price set forth above shall be increased as is necessary,
     as  determined by the Master  Servicer,  to avoid  disqualification  of any
     portion of any REMIC formed under the Series Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

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

                                       96
<PAGE>

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

                                       97
<PAGE>

Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall

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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
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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<PAGE>

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.
               -------------------------------

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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<PAGE>

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee

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<PAGE>

will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be 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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<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
               -----------------------------------------------------------------

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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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 with a Certificate  Principal
Balance  greater  than zero  affected  thereby  for the  purpose  of adding  any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be

                                      107
<PAGE>

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
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.

                                      110
<PAGE>

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.]
<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"),

<PAGE>

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 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
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.
<PAGE>

               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
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.
<PAGE>

               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.

<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

<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
Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE

<PAGE>

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.
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                              MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies  that  ________________  is  the  registered  owner  of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
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.
<PAGE>

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
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.
<PAGE>

               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
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.
<PAGE>

               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.

<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

<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 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.

<PAGE>

               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
letter,  in the form as described by Section  5.02(e) of the  Agreement,  either

<PAGE>

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
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
<PAGE>

               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.

<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

<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
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.
<PAGE>

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.

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
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.
<PAGE>

               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.
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<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

<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.
<PAGE>

10.     MISCELLANEOUS.

        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.

<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:
      ------------------------------

<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
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.
<PAGE>

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 either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10.     The Owner's Taxpayer Identification Number is  ______________________.

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the 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.

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .

                                            [NAME OF OWNER]

                                            By:
                                               ---------------------------------
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this  ____ day of  ___________,
200 ____

                                  NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------

                           My Commission  expires the _____ day of _____,20___.

<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:

    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;

    The accuracy of the estimated burden associated with the collection
of information (see below);

    How the quality, utility, and clarity of the information to be
collected may be enhanced;

    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and

    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.

    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.

    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.

    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.

    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.

<PAGE>

    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).

    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.

    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.

    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the
restrictions on subsequent transfers of the residual interest.

<PAGE>

    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.

    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.

    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.

    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed

<PAGE>

regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.

    It is anticipated that when final regulations are adopted with
respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August
19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.
<PAGE>

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

<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
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:
                                                  ------------------------------

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                      , 20

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement
     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.
<PAGE>

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private  Placement  Memorandum,  dated  ________,  20__,
     relating  to the  Certificates  (b)] a copy of the  Pooling  and  Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any
     other action,  that (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.
<PAGE>

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:
                                                  ------------------------------

<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.

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<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.
<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:
     ----------------------------------------

<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.
<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:
                                                 -------------------------------

<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.
<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                               Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                                      --------------------------
                                                 Title:
                                                       -------------------------

                                            IF AN ADVISER:

                               Print Name of Buyer

                                            Date:
                                                 -------------------------------

<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

<PAGE>

Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
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

<PAGE>

agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
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.

<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
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.

<PAGE>

               (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.
<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:
      ---------------------------------------------

<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                            , 20
                                                   ---------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates, Series
                                                                       -------
                      ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
     Mortgage Loan.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<PAGE>

                                               1

                                    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 and Aggregate Targeted Principal Balances

                                                              ------------------
                                           AGGREGATE PLANNED      AGGREGATE
                                           PRINCIPAL BALANCE       TARGETED
                                               FOR CLASS      PRINCIPAL BALANCE
                                            A-1, CLASS A-2,     FOR CLASS A-3
                                             CLASS A-7 AND     CERTIFICATES AND
                                               CLASS A-7A         CLASS A-4
             DISTRIBUTION DATE                CERTIFICATES       CERTIFICATES

             Initial Balance.............     $147,531,610.00     $53,582,390.00
             October 2002................      145,427,992.71      53,582,390.00
             November 2002...............      143,339,944.69      53,582,390.00
             December 2002...............      141,267,556.78      53,582,390.00
             January 2003................      139,210,720.60      53,582,390.00
             February 2003...............      137,169,328.52      53,582,390.00
             March 2003..................      135,143,273.67      53,582,390.00
             April 2003..................      133,132,449.93      53,582,390.00
             May 2003....................      131,136,751.92      53,582,390.00
             June 2003...................      129,156,075.00      53,582,390.00
             July 2003...................      127,190,315.27      53,582,390.00
             August 2003 ................      125,239,369.56      53,582,390.00
             September 2003..............      123,303,135.41      53,582,390.00
             October 2003................      121,381,511.10      53,582,390.00
             November 2003...............      119,474,395.62      53,582,390.00
             December 2003...............      117,581,688.66      53,582,390.00
             January 2004................      115,703,290.62      53,582,390.00
             February 2004...............      113,839,102.60      53,582,390.00
             March 2004..................      111,989,026.40      53,582,390.00
             April 2004..................      110,152,964.50      53,582,390.00
             May 2004....................      108,330,820.08      53,582,390.00
             June 2004...................      106,522,496.99      53,582,390.00
             July 2004...................      104,727,899.76      53,582,390.00
             August 2004 ................      102,946,933.59      53,582,390.00
             September 2004..............      101,179,504.34      53,582,390.00
             October 2004................       99,425,518.55      53,582,390.00
             November 2004...............       97,684,883.41      53,582,390.00
             December 2004...............       95,957,506.76      53,582,390.00
             January 2005................       94,243,297.09      53,582,390.00
             February 2005...............       92,542,163.53      53,582,390.00
             March 2005..................       90,854,015.86      53,582,390.00
             April 2005..................       89,178,764.50      53,582,390.00
             May 2005....................       87,516,320.49      53,582,390.00
             June 2005...................       85,866,595.50      53,582,390.00
             July 2005...................       84,229,501.82      53,582,390.00
             August 2005 ................       82,604,952.36      53,582,390.00
             September 2005..............       80,992,860.65      53,582,390.00
             October 2005................       79,393,140.83      53,582,390.00
             November 2005...............       77,805,707.64      53,582,390.00
             December 2005...............       76,230,476.42      53,582,390.00
             January 2006................       74,667,363.12      53,582,390.00
             February 2006...............       73,116,284.27      53,582,390.00
             March 2006..................       71,577,157.00      53,582,390.00
             April 2006..................       70,049,899.02      53,582,390.00
             May 2006....................       68,534,428.62      53,582,390.00
             June 2006...................       67,030,664.67      53,582,390.00

<PAGE>

             July 2006...................      $65,538,526.61     $53,582,390.00
             August 2006 ................       64,057,934.46      53,582,390.00
             September 2006..............       62,588,808.80      53,582,390.00
             October 2006................       61,131,070.77      53,582,390.00
             November 2006...............       59,684,642.06      53,582,390.00
             December 2006...............       58,249,444.94      53,582,390.00
             January 2007................       56,825,402.20      53,582,390.00
             February 2007...............       55,412,437.20      53,582,390.00
             March 2007..................       54,010,473.84      53,582,390.00
             April 2007..................       52,619,436.54      53,582,390.00
             May 2007....................       51,239,250.28      53,582,390.00
             June 2007...................       49,886,561.39      53,582,390.00
             July 2007...................       48,563,694.84      53,582,390.00
             August 2007.................       47,270,049.79      53,582,390.00
             September 2007..............       46,005,037.22      53,582,390.00
             October 2007................       44,792,818.32      53,582,390.00
             November 2007...............       43,607,646.80      53,582,390.00
             December 2007...............       42,448,968.41      53,582,390.00
             January 2008................       41,316,239.82      53,582,390.00
             February 2008...............       40,208,928.38      53,582,390.00
             March 2008..................       39,126,511.94      53,582,390.00
             April 2008..................       38,068,478.65      53,582,390.00
             May 2008....................       37,034,326.73      53,582,390.00
             June 2008...................       36,023,564.33      53,582,390.00
             July 2008...................       35,035,709.28      53,582,390.00
             August 2008.................       34,070,288.94      53,582,390.00
             September 2008..............       33,126,840.01      53,582,390.00
             October 2008................       32,212,034.80      53,582,390.00
             November 2008...............       31,318,108.64      53,582,390.00
             December 2008...............       30,444,627.17      53,582,390.00
             January 2009................       29,591,164.65      53,582,390.00
             February 2009...............       28,757,303.79      53,582,390.00
             March 2009..................       27,942,635.58      53,582,390.00
             April 2009..................       27,146,759.16      53,582,390.00
             May 2009....................       26,369,281.63      53,582,390.00
             June 2009...................       25,609,817.91      53,582,390.00
             July 2009...................       24,867,990.58      53,582,390.00
             August 2009.................       24,143,429.76      53,582,390.00
             September 2009..............       23,435,772.91      53,582,390.00
             October 2009................       22,756,554.19      53,582,390.00
             November 2009...............       22,093,119.57      53,582,390.00
             December 2009...............       21,445,134.65      53,582,390.00
             January 2010................       20,812,271.75      53,582,390.00
             February 2010...............       20,194,209.77      53,582,390.00
             March 2010..................       19,590,634.10      53,582,390.00
             April 2010..................       19,001,236.46      53,582,390.00
             May 2010....................       18,425,714.78      53,582,390.00
             June 2010...................       17,863,773.09      53,582,390.00
             July 2010...................       17,315,121.40      53,582,390.00
             August 2010.................       16,779,475.57      53,582,390.00
             September 2010..............       16,256,557.21      53,582,390.00
             October 2010................       15,755,419.86      53,582,390.00
             November 2010...............       15,266,045.46      53,582,390.00

<PAGE>

             December 2010...............      $14,788,182.42     $53,582,390.00
             January 2011................       14,321,584.27      53,582,390.00
             February 2011...............       13,866,009.53      53,582,390.00
             March 2011..................       13,421,221.65      53,582,390.00
             April 2011..................       12,986,988.88      53,582,390.00
             May 2011....................       12,563,084.20      53,582,390.00
             June 2011...................       12,149,285.21      53,582,390.00
             July 2011...................       11,745,374.04      53,582,390.00
             August 2011.................       11,351,137.28      53,582,390.00
             September 2011..............       10,966,365.87      53,582,390.00
             October 2011................       10,597,693.85      53,582,390.00
             November 2011...............       10,237,690.88      53,582,390.00
             December 2011...............        9,886,172.89      53,582,390.00
             January 2012................        9,542,959.52      53,582,390.00
             February 2012...............        9,207,874.05      53,582,390.00
             March 2012..................        8,880,743.31      53,582,390.00
             April 2012..................        8,561,397.64      53,556,928.84
             May 2012....................        8,249,670.79      52,803,791.48
             June 2012...................        7,945,399.88      52,044,966.43
             July 2012...................        7,648,425.33      51,280,603.25
             August 2012.................        7,358,590.77      50,510,848.34
             September 2012..............        7,075,743.02      49,735,844.92
             October 2012................        6,799,731.98      48,955,733.17
             November 2012...............        6,530,410.61      48,170,650.21
             December 2012...............        6,267,634.85      47,380,730.24
             January 2013................        6,011,263.56      46,586,104.55
             February 2013...............        5,761,158.47      45,786,901.59
             March 2013..................        5,517,184.13      44,983,247.01
             April 2013..................        5,279,207.83      44,175,263.74
             May 2013....................        5,047,099.57      43,363,072.06
             June 2013...................        4,820,732.00      42,546,789.58
             July 2013...................        4,599,980.37      41,726,531.38
             August 2013.................        4,384,722.47      40,902,410.00
             September 2013..............        4,174,838.59      40,074,535.52
             October 2013................        3,970,211.46      39,243,015.58
             November 2013...............        3,770,726.21      38,407,955.49
             December 2013...............        3,576,270.33      37,569,458.20
             January 2014................        3,386,733.60      36,727,624.39
             February 2014...............        3,202,008.07      35,882,552.53
             March 2014..................        3,021,988.01      35,034,338.86
             April 2014..................        2,846,569.85      34,183,077.51
             May 2014....................        2,675,652.15      33,328,860.51
             June 2014...................        2,509,135.56      32,471,777.81
             July 2014...................        2,346,922.78      31,611,917.37
             August 2014.................        2,188,918.50      30,749,365.15
             September 2014..............        2,035,029.39      29,884,205.19
             October 2014................        1,885,164.05      29,016,519.61
             November 2014...............        1,739,232.95      28,146,388.72
             December 2014...............        1,597,148.43      27,273,890.97
             January 2015................        1,458,824.63      26,399,103.03
             February 2015...............        1,324,177.48      25,522,099.84
             March 2015..................        1,193,124.65      24,642,954.63
             April 2015..................        1,065,585.52      23,761,738.95

<PAGE>

             May 2015....................         $941,481.15     $22,878,522.70
             June 2015...................          820,734.23      21,993,374.21
             July 2015...................          703,269.08      21,106,360.20
             August 2015.................          589,011.59      20,217,545.89
             September 2015..............          477,889.20      19,326,994.97
             October 2015................          369,830.87      18,434,769.69
             November 2015...............          264,767.05      17,540,930.84
             December 2015...............          162,629.66      16,645,537.83
             January 2016................           63,352.03      15,748,648.70
             February 2016...............                   0      14,817,189.08
             March 2016..................                   0      13,823,724.09
             April 2016..................                   0      12,831,597.43
             May 2016....................                   0      11,840,800.86
             June 2016...................                   0      10,851,326.32
             July 2016...................                   0       9,863,165.92
             August 2016.................                   0       8,876,312.01
             September 2016..............                   0       7,890,757.22
             October 2016................                   0       6,906,494.61
             November 2016...............                   0       5,923,517.78
             December 2016...............                   0       4,941,821.18
             January 2017................                   0       3,961,400.55
             February 2017...............                   0       2,982,253.85
             March 2017..................                   0       2,004,383.40
             April 2017..................                   0       1,027,801.81
             May 2017....................                   0          52,558.77
             June 2017 and thereafter....                   0                  0

<PAGE>

                                   EXHIBIT SIX

                         Form of Form 10-K Certification

.........I, [identify the certifying individual], certify that:

.........1.  I have  reviewed the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

.........2.  Based on my knowledge,  the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by that annual report;

     ........3.  Based on my knowledge, the servicing information required to be
provided  to the  Trustee  by the Master  Servicer  under the P&S  Agreement  is
included in these reports;

.........4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S Agreement and based upon the review  required  under the
P&S Agreement,  and, except as disclosed in the report,  the Master Servicer has
fulfilled its obligations under the P&S Agreement; and

.........5.  I have disclosed to the Company's  certified public  accountants all
significant  deficiencies  relating to the Master Servicer's compliance with the
minimum servicing  standards in accordance with a review conducted in compliance
with the Uniform Single Attestation Program for Mortgage Bankers as set forth in
the P&S Agreement.

Date:_______________________

____________________________*
Name:
Title:

     *    to be  signed  by the  senior  officer  in  charge  of  the  servicing
          functions of the Master Servicer

<PAGE>EXECUTION COPY

===============================================================================
                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                         DATED AS OF SEPTEMBER 1, 2002,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                           dated as of August 1, 2002

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2002-QS14

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

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I    DEFINITIONS....................................................................5

        Section 1.01.  Definitions..........................................................5
        Section 1.02.  Use of Words and Phrases............................................17
        Section 1.03.  Determination of LIBOR..............................................17

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

        ISSUANCE OF CERTIFICATES...........................................................19

        Section 2.01.   Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard
        Terms).............................................................................19
        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)...19
        Section 2.03.   Representations, Warranties and Covenants of the
        Master Servicer and the Company....................................................19

        Section 2.04.Representations and Warranties of Sellers. (See Section 2.04 of the Standard Terms)
        22
        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates
        Evidencing Interests in REMIC I Certificates.......................................22
        Section 2.06.Conveyance of Uncertificated REMIC I and REMIC II Regular Interests; Acceptance by the Trustee
        22
        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............22
        Section 2.08.Purposes and Powers of the Trust (See Section 2.08 of the Standard
        Terms).............................................................................22

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................23

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................24

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......24
        Section 4.02. Distributions. ......................................................24
        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the Standard
        Terms and Exhibit Three attached hereto)...........................................33
        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)...........................34
        Section 4.05. Allocation of Realized Losses. ......................................34
        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
        Section 4.06 of the Standard Terms)................................................36
        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of
        the Standard Terms)................................................................36
        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................36

Article V  THE CERTIFICATES..............................................................  37

                                        i

<PAGE>

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........37

        Section 5.02. Registration of Transfer and Exchange of Certificates................37

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................37

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......37

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................37

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................38

Article VII   DEFAULT......................................................................39

Article VIII  CONCERNING THE TRUSTEE.......................................................40

Article IX    TERMINATION..................................................................41

Article X      REMIC PROVISIONS............................................................42

        Section 10.01. REMIC Administration.  (See Section 10.01 of the Standard Terms)....42
        Section 10.02.Master Servicer; REMIC Administrator and Trustee Indemnification.
        (See Section 10.02 of the Standard
        Terms).............................................................................42
        Section 10.03. Designation of REMICs...............................................42
        Section 10.04. Distributions on the Uncertificated REMIC I and REMIC II Regular
        Interests..........................................................................42
        Section 10.05. Compliance with Withholding Requirements............................44

Article XI   MISCELLANEOUS PROVISIONS......................................................45

        Section 11.01. Amendment.  (See Section 11.01 of the Standard Terms)...............45
        Section 11.02. Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
        Standard Terms)....................................................................45
        Section 11.03. Limitation on Rights of Certificateholders.  (See Section 11.03 of the
        Standard Terms)....................................................................45
        Section 11.04. Governing Laws.  (See Section 11.04 of the Standard Terms)..........45
        Section 11.05. Notices.............................................................45
        Section 11.06. Required Notices to Rating Agency and Subservicer.  (See Section 11.06
        of the Standard Terms).............................................................46

                                       ii

<PAGE>

        Section 11.07. Severability of Provisions. (See Section 11.07 of the Standard Terms)46
        Section 11.08. Supplemental Provisions for Resecuritization.  (See Section 11.08 of
        the Standard Terms)................................................................46
        Section 11.09. Allocation of Voting Rights.........................................46
        Section 11.10. No Petition.........................................................46

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of August 1, 2002
Exhibit Five:..       Form of Form 10-K Certification

                                        iii

<PAGE>

        This is a Series Supplement,  dated as of September 1, 2002 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2002 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master Servicer"),  and DEUTSCHE BANK TRUST COMPANY AMERICAS,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

                                       1
<PAGE>

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

                              AGGREGATE
                               INITIAL
                             CERTIFICATE                                        STANDARD &
               PASS-THROUGH   PRINCIPAL                            MATURITY      POOR'S/        MINIMUM
 DESIGNATION      RATE        BALANCE      FEATURES(1)               DATE        MOODY'S     DENOMINATIONS(2)

                                            Senior/Fixed Rate
               -----------                                        September
<S>     <C>       <C>       <C>                                    <C> <C>                     <C>
Class A-1         4.00%     $28,331,000                            25, 2032      AAA/Aaa       $25,000.00
Class A-2         4.00%                     Senior/Fixed Rate     September                    $25,000.00
                            $12,213,620                            25, 2032      AAA/Aaa
Class A-3      Adjustable                  Senior/Floater/AdjustabSeptember                    $25,000.00
                  Rate      $13,514,873            Rate            25, 2032      AAA/Aaa
Class A-4      Adjustable         $0.00(3)   Senior/Inverse                                    $2,000,000.00
                  Rate                       Floater/Interest     September
                                           Only/Adjustable Rate    25, 2032      AAA/Aaa
Class A-5        5.125%     $45,000,000     Senior/Fixed Rate     September                    $25,000.00
                                                                   25, 2032      AAA/Aaa
Class A-6         5.50%      $9,969,500     Senior/Fixed Rate     September                    $25,000.00
                                                                   25, 2032      AAA/Aaa

__________

     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 Class  A-P,
          Class B-1, Class B-2 and Class B-3  Certificates)  in excess  thereof,
          except  that one  Certificate  of any of the Class A-P and Class  B-1,
          Class B-2 and Class B-3  Certificates  that contain an uneven multiple
          of $1,000  shall be issued in a  denomination  equal to the sum of the
          related minimum  denomination set forth above and such uneven multiple
          for  such  Class  or the  sum of  such  denomination  and an  integral
          multiple                           of                          $1,000.

     3    The Class A-4  Certificates do not have a principal  balance.  For the
          purpose of calculating  interest  payments,  interest on the Class A-4
          Certificates will accrue on a notional amount equal to the certificate
          principal balance of the Class A-3 Certificates.

                                       2
<PAGE>

Class A-7         5.20%      $49,648,182    Senior/Fixed Rate     September                    $25,000.00
                                                                   25, 2032      AAA/Aaa
Class A-8      Adjustable    $17,347,254   Senior/Floater/AdjustabSeptember                    $25,000.00
                  Rate                             Rate            25, 2032      AAA/Aaa
Class A-9      Adjustable          $0.00(4)   Senior/Inverse                                 $2,000,000.00
                  Rate                       Floater/Interest     September
                                           Only Adjustable Rate    25, 2032      AAA/Aaa
Class A-10     Adjustable   $ 53,687,571    Senior/Floater/AdjustabSeptember                    $25,000.00
                  Rate                             Rate            25, 2032      AAA/Aaa
Class A-11     Adjustable         $0.00(5)   Senior/Inverse                                 $2,000,000.00
                  Rate                       Floater/Interest     September
                                           Only Adjustable Rate    25, 2032      AAA/Aaa
Class A-12        5.50%     $20,830,000    Senior/Lockout/Fixed   September                    $25,000.00
                                                   Rate            25, 2032      AAA/Aaa
Class A-P         0.00%        $399,195.37   Senior/Principal     September                    $25,000.00
                                                   Only            25, 2032      AAA/Aaa
Class A-V       Variable             $0.00   Senior/Interest      September                  7
               Rate(6)                        Only/Variable Rate     25, 2032      AAA/Aaa
Class R-I         6.25%            $100.00   Senior/Residual      September                  8
                                                                   25, 2032      AAA/Aaa
Class R-II        6.25%            $100.00   Senior/Residual      September                  9
                                                                   25, 2032      AAA/Aaa

                                       3
<PAGE>

Class M-1         6.25%      $6,753,700         Mezzanine         September       AA/NA        $25,000.00
                                                                   25, 2032
Class M-2         6.25%      $2,648,500         Mezzanine         September        A/NA       $250,000.00
                                                                   25, 2032
Class M-3         6.25%      $1,986,400         Mezzanine         September       BBB/NA      $250,000.00
                                                                   25, 2032
Class B-1         6.25%        $662,200        Subordinate        September       BB/NA       $250,000.00
                                                                   25, 2032
Class B-2         6.25%        $927,000        Subordinate        September        B/NA       $250,000.00
                                                                   25, 2032
Class B-3         6.25%        $927,041.58     Subordinate        September       NA/NA       $250,000.00
                                                                   25, 2032

</TABLE>
<PAGE>

     4    The Class A-9  Certificates do not have a principal  balance.  For the
          purpose of calculating  interest  payments,  interest on the Class A-9
          Certificates will accrue on a notional amount equal to the certificate
          principal balance of the Class A-8 Certificates.

     5    The Class A-11 Certificates do not have a principal  balance.  For the
          purpose of calculating  interest payments,  interest on the Class A-11
          Certificates will accrue on a notional amount equal to the certificate
          principal balance of the Class A-10 Certificates.

     6    The  initial  Pass-Through  Rate  on the  Class  A-V  Certificates  is
          0.4877%.

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

     8    Each class of the Class R  Certificates  shall be  issuable in minimum
          denominations  of not less than a 20% Percentage  Interest;  provided,
          however,  that one Class R Certificate  of each Class will be issuable
          to  Residential  Funding as "tax matters  person"  pursuant to Section
          10.01(c) and (e) in a minimum  denomination  representing a Percentage
          Interest of not less than 0.01%.
     9

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $264,846,237.

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

                                       4
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

     Adjustable Rate  Certificates:  Any of the Class A-3, Class A-4, Class A-8,
Class A-9, Class A-10 and Class A-11 Certificates.

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

                                       5
<PAGE>

               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  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2002-QS14"  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-6,  Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11,  Class A-12,  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-I  Certificates and Class R-II
Certificates.

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

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

        Closing Date:  September 30, 2002.

        Commission:  The Securities and Exchange Commission.

     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 2002-QS14.

                                       6
<PAGE>

        Cut-off Date:  September 1, 2002.

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

        Discount Net Mortgage Rate:  6.25% 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.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.

     Floater  Certificates:  Any one of the Class  A-3,  Class A-8 or Class A-10
Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 3.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of  determination,  (Y) from the first to, but not  including,  the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 2.00% of the aggregate  outstanding principal balance of all of the Mortgage
Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination,  and (Z) from
the second to, but not including,  the fifth anniversary of the Cut-off Date, an
amount  equal to (1) the  lesser  of (a) the  Fraud  Loss  Amount as of the most
recent  anniversary  of  the  Cut-off  Date  and  (b)  1.00%  of  the  aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary  of the Cut-off Date minus (2) the aggregate  amount of Fraud Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section 4.05 since the most recent  anniversary  of the Cut-off Date up to
such date of  determination.  On and after the fifth  anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.

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

                                       7
<PAGE>

of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Initial Monthly Payment Fund: $219,977, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on October 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-4  Certificates,
$13,514,873.  With  respect  to the Class A-9  Certificates,  $53,687,571.  With
respect to the Class A-11 Certificates,  $20,830,000.  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  REMIC I Regular  Interests Z  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:  2.55%           Class B-1:  0.25%
        Class M-2:  1.00%           Class B-2:  0.35%
        Class M-3:  0.75%           Class B-3:  0.35%

        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-4, Class A-9, Class A-11
or  Class  A-V  Certificates.  The  Interest  Only  Certificates  will  have  no
Certificate Principal Balance.

     Inverse Floater Certificates:  Any one of the Class A-4, Class A-9 or Class
A-11 Certificates.

        Lockout Certificates:Any of the Class A-12 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in  October  2007 will be 0%, and for any  Distribution  Date
thereafter,  as follows:  30% for any Distribution Date on or after October 2007
and prior to October  2008;  40% for any  Distribution  Date on or after October
2008 and  prior  to  October  2009;  60% for any  Distribution  Date on or after
October  2009 and prior to October  2010;  80% for any  Distribution  Date on or
after October 2010 and prior to October 2011; and 100% for any Distribution Date
thereafter.

     Maturity  Date:  September  25, 2032,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

                                       8
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class A-4 Certificates,  an amount equal to the Certificate Principal Balance of
the Class A-3 Certificates  immediately prior to that date, (ii) with respect to
the Class A-9 Certificates, an amount equal to the Certificate Principal Balance
of the Class A-8 Certificates immediately prior to that date, (iii) with respect
to the Class A-11  Certificates,  an amount equal to the  Certificate  Principal
Balance of the Class A-10 Certificates  immediately prior to that date, and (iv)
with respect to any Class A-V  Certificates or Subclass  thereof issued pursuant
to Section 5.01(c), the aggregate Stated Principal Balance of the Mortgage Loans
corresponding to the  Uncertificated  REMIC I Regular Interests Z represented by
such Class or Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the 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.

                                       9
<PAGE>

o              With  respect  to the  Class  A-3  Certificates  and the  initial
               Interest Accrual Period,  2.08% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to LIBOR plus
               0.30%, subject to a maximum rate of 8.50% per annum and a minimum
               rate of 0.30% per annum.

o              With  respect  to the  Class  A-4  Certificates  and the  initial
               Interest Accrual Period,  6.42% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 8.20% minus
               LIBOR, subject to a maximum rate of 8.20% per annum and a minimum
               rate of 0.00% per annum.

o              With  respect  to the  Class  A-8  Certificates  and the  initial
               Interest Accrual Period,  2.33% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to LIBOR plus
               0.55%, subject to a maximum rate of 8.50% per annum and a minimum
               rate of 0.55% per annum.

o              With  respect  to the  Class  A-9  Certificates  and the  initial
               Interest Accrual Period,  6.17% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.95% minus
               LIBOR, subject to a maximum rate of 7.95% per annum and a minimum
               rate of 0.00% per annum.

o              With  respect  to the Class  A-10  Certificates  and the  initial
               Interest Accrual Period,  2.38% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to LIBOR plus
               0.60%, subject to a maximum rate of 9.00% per annum and a minimum
               rate of 0.60% per annum.

o              With  respect  to the Class  A-11  Certificates  and the  initial
               Interest Accrual Period,  6.62% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 8.40% minus
               LIBOR, subject to a maximum rate of 8.40% per annum and a minimum
               rate of 0.00% per annum.

With respect to the Class A-V Certificates (other than any Subclass thereof) and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.4877% 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  REMIC I Regular  Interests Z 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

                                       10
<PAGE>

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 6.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.090909% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
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
               October 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  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

                                       11
<PAGE>

     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.

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

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

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

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after the Cut-off Date as shall be on deposit in
                      the Custodial  Account or in the  Certificate  Account and
                      identified  as belonging to the Trust Fund,  including the
                      proceeds from the liquidation of Additional Collateral for
                      any Additional  Collateral Loan, but not including amounts
                      on deposit in the Initial Monthly Payment Fund,

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

               (iv)   the  hazard  insurance   policies  and  Primary  Insurance
                      Policies,  if any, the Pledged Assets with respect to each
                      Pledged  Asset  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

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

        REMIC I Certificates:  The Class R-I Certificates.

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

                                       12
<PAGE>

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

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

        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.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,648,462  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the  greater  of (A)  the  greater  of (i) the  product  of the  Special  Hazard
Percentage for such anniversary  multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution  Date  immediately  preceding such
anniversary  and (ii) twice the  outstanding  principal  balance of the Mortgage
Loan with the largest outstanding  principal balance as of the Distribution Date
immediately  preceding  such  anniversary  and (B) the greatest of (i) twice the
outstanding  principal  balance of the Mortgage Loan in the Trust Fund which has
the largest  outstanding  principal balance on the Distribution Date immediately
preceding  such  anniversary,  (ii)  the  product  of  1.00%  multiplied  by the
outstanding  principal  balance of all Mortgage Loans on the  Distribution  Date
immediately  preceding  such  anniversary  and (iii) the  aggregate  outstanding

                                       13
<PAGE>

principal  balance (as of the immediately  preceding  Distribution  Date) of the
Mortgage  Loans in any  single  five-digit  California  zip code  area  with the
largest  amount of  Mortgage  Loans by  aggregate  principal  balance as of such
anniversary.

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

        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
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.

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

                                       14
<PAGE>

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

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

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

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

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

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

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

                                       15
<PAGE>

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>        <C>            <C>                    <C>
          Q             Class A-1, Class A-2              4.00%                  $ 40,544,620.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          R             Class A-3, Class A-4              8.50%                  $ 13,514,873.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          S             Class A-5                         5.125%                 $ 45,000,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          T             Class A-6, Class A-12             5.50%                  $ 30,799,500.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          U             Class A-7                         5.20%                  $ 49,648,182.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-8, Class A-9              8.50%                  $ 17,347,254.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-10, Class A-11            9.00%                  $ 53,687,571.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                     $ 399,195.37
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class R-II, Class M-1,            6.25%                  $ 13,904,841.58
                        --------------------------------
                        Class M-2, Class M-3,
                        Class B-1, Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,535
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,535,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,535
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,535 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Sections 10.04(a).

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

        Underwriters:  Bear, Stearns & Co. Inc. and Salomon Smith Barney Inc.

                                       16
<PAGE>

Section 1.02.  Use of Words and Phrases.

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

        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
Moneyline  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
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, any 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, 1.78%; 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, after consultation with the Master Servicer,  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"

                                       17
<PAGE>

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 Master Servicer'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 the Pass-Through Rates on each
of the Floater Certificates and Inverse Floater Certificates for the current and
the immediately  preceding  Interest  Accrual Period via the Trustee's  internet
website, which may be obtained by telephoning the Trustee at (800) 735-7777.

                                       18
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

(iv) To the best of the Company's knowledge,  except with respect to 15 Mortgage
     Loans  representing  approximately  0.9% of the  principal  balance  of the
     Mortgage Loans at origination, if a Mortgage Loan is secured by a Mortgaged
     Property with a  Loan-to-Value  Ratio at origination in excess of 80%, such
     Mortgage Loan is the subject of a Primary Insurance Policy that insures (a)
     at least  35% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value  Ratio is between 100.00% and 95.01%,  (b)
     at least  30% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value Ratio is between 95.00% and 90.01%, (c) at
     least 25% of such balance if the Loan-to-Value  Ratio is between 90.00% and
     85.01% and (d) at least 12% of such balance if the  Loan-to-Value  Ratio is
     between  85.00% and 80.01%.  To the best of the Company's  knowledge,  each
     such Primary  Insurance  Policy is in full force and effect and the Trustee
     is entitled to the benefits thereunder;

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

                                       19
<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 0.5% 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 75.45% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  12.57% 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  2.33%
        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  24.07% 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);

                                       20
<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
agreed that the  obligation of the Company to cure such breach or to so purchase

                                       21
<PAGE>

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 Evidencing Interests in REMIC I Certificates.

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

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

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

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

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

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

                                       22
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       23
<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
     Fraction  of the  principal  portion  of such  payment  with  respect  to a

                                       24
<PAGE>

     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),  including Subsequent Recoveries,  received during the preceding
     calendar  month (or  deemed to have been so  received  in  accordance  with
     Section  3.07(b) of the Standard Terms) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section  3.14 of the  Standard  Terms  (other than the related  Discount
     Fraction of the principal  portion of such  unscheduled  collections,  with
     respect to each Discount Mortgage Loan);

(B)  with respect to each  Mortgage Loan 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);

                                       25
<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;

                                       26
<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;

                                       27
<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-I  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;

                                       28
<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,  Subsequent  Recoveries  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 in
        the following manner and priority:

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

(B)  second,  the  Senior  Principal  Distribution  Amount  remaining  after the
     payments of principal made in accordance with Section 4.02(b)(ii)(A) above,
     concurrently, as follows:

          (1) 78.57142874249% of the amount described in Section  4.02(b)(ii)(B)
     above in the following order of priority:

               (a) first,  to the Lockout  Certificates,  until the  Certificate
          Principal  Balance of the  Lockout  Certificates  has been  reduced to
          zero,  an  amount  equal  to the  Lockout  Percentage  of the  Lockout
          Certificates'  pro rata  share  (based  on the  Certificate  Principal
          Balance  thereof  relative  to  the  aggregate  Certificate  Principal

                                       29
<PAGE>

          Balance  of  all  of  the  Certificates  (other  than  the  Class  A-P
          Certificates))  of the  aggregate  of  the  collections  described  in
          clauses  (A),  (B),  (C) and (E) of Section  4.02(a)(ii)  without  any
          application   of  the   Senior   Percentage   or  Senior   Accelerated
          Distribution Percentage;

               provided  that,  if the  aggregate  of the  amounts  set forth in
          clauses (A), (B), (C) and (E) of Section  4.02(a)(ii) is more than the
          balance  of the  Available  Distribution  Amount  remaining  after the
          Accrued  Certificate  Interest due on the Senior  Certificates and the
          Class A-P Principal  Distribution  Amount have been  distributed,  the
          amount  paid to the  Lockout  Certificates  pursuant  to this  Section
          4.02(b)(ii)(B)(1)(a)  shall  be  reduced  by an  amount  equal  to the
          Lockout   Certificates'   pro  rata  share  (based  on  the  aggregate
          Certificate  Principal Balance of the Lockout Certificates relative to
          the aggregate  Certificate  Principal Balance of all classes of Senior
          Certificates   (other  than  the  Class  A-P  Certificates))  of  such
          difference; and

               (b) second, concurrently, as follows:

               (1)   31.92767067576%   of  the  amount   described   in  Section
          4.02(b)(ii)(B)(1)   above   remaining  shall  be  distributed  in  the
          following order of priority:

               (a) first, concurrently, as follows:

                    (i) 90.90909124201% to the Class A-7 Certificates, until the
               Certificate  Principal  Balance of the Class A-7 Certificates has
               been reduced to zero; and

                    (ii) 9.09090875799% to the Class A-8 Certificates, until the
               Certificate  Principal  Balance of the Class A-8 Certificates has
               been reduced to zero; and

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

          (2)    68.07232932424%    of   the   amount   described   in   Section
     4.02(b)(ii)(B)(1)  above  remaining  shall be  distributed in the following
     order of priority:

                                       30
<PAGE>

               (a) first, concurrently, as follows:

                    (i)  88.88888938740%  of the  amount  described  in  Section
               4.02(b)(ii)(B)(2)  above shall be  distributed  sequentially,  as
               follows:

                         (A)   first,   concurrently,   until  the   Certificate
                    Principal Balances of the Class A-1, Class A-2 and Class A-3
                    Certificates have been reduced to zero, as follows:

                         (1)  75.00000046245%  sequentially  to  the  Class  A-1
                    Certificates  and Class  A-2  Certificates,  in that  order,
                    until the  Certificate  Principal  Balances of the Class A-1
                    Certificates and Class A-2 Certificates have been reduced to
                    zero; and

                         (2)  24.99999953755%  to the  Class  A-3  Certificates,
                    until the  Certificate  Principal  Balance  of the Class A-3
                    Certificates has been reduced to zero; and

                         (B)  second,  to the Class A-5  Certificates  until the
                    Certificate  Principal Balance of the Class A-5 Certificates
                    has been reduced to zero; and

                         (ii) )  11.11111061260%  of  the  amount  described  in
                    Section   4.02(b)(ii)(B)(2)   above   to   the   Class   A-8
                    Certificates, until the Certificate Principal Balance of the
                    Class A-8 Certificates has been reduced to zero; and

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

                                       31
<PAGE>

                         (c)  third,  to the  Lockout  Certificates,  until  the
                    Certificate  Principal  Balance of the Lockout  Certificates
                    has been reduced to zero; and

                             (2)  21.42857125751%  of the  amount  described  in
                      Section   4.02(b)(ii)(B)   above   to   the   Class   A-10
                      Certificates,  until the Certificate  Principal Balance of
                      the Class A-10 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 Subsequent
Recoveries,  the Master  Servicer  shall  deposit such funds into the  Custodial
Account  pursuant to Section  3.07(b)(iii).  If,  after taking into account such
Subsequent  Recoveries,  the amount of a Realized Loss is reduced, the amount of
such Subsequent Recoveries will be applied to increase the Certificate Principal
Balance  of the  Class of  Certificates  with a  Certificate  Principal  Balance
greater than zero with the highest  payment  priority to which Realized  Losses,
other than Excess Bankruptcy Losses,  Excess Fraud Losses, Excess Special Hazard
Losses and Extraordinary  Losses, have been allocated,  but not by more than the
amount of Realized  Losses  previously  allocated to that Class of  Certificates
pursuant to Section 4.05. The amount of any remaining Subsequent Recoveries will
be applied to increase from zero the Certificate  Principal Balance of the Class
of  Certificates  with the next  lower  payment  priority,  up to the  amount of
Realized Losses previously  allocated to that Class of Certificates  pursuant to
Section 4.05.  Any remaining  Subsequent  Recoveries  will in turn be applied to
increase  from  zero  the  Certificate   Principal   Balance  of  the  Class  of
Certificates  with the next lower payment  priority up to the amount of Realized
Losses  previously  allocated to that Class of Certificates  pursuant to Section
4.05,  and so on.  Holders  of such  Certificates  will not be  entitled  to any
payment  in  respect  of  Accrued  Certificate  Interest  on the  amount of such
increases for any Interest  Accrual Period preceding the Interest Accrual Period
that relates to the Distribution  Date on which such increase  occurs.  Any such
increases  shall  be  applied  to the  Certificate  Principal  Balance  of  each
Certificate of such Class in accordance with its respective Percentage Interest.

                                       32
<PAGE>

(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).

Section 4.03.  Statements to Certificateholders; Exchange Act Reporting.
               -----------------------------------------------------------

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by 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  Exhibit  Three  attached  hereto,
including 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

                                       33
<PAGE>

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
Exhibit Three hereto  aggregated  for such  calendar year or applicable  portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        (e) The Master Servicer shall, on behalf of the Depositor and in respect
of the Trust Fund,  sign and cause to be filed with the  Commission any periodic
reports  required to be filed under the  provisions of the Exchange Act, and the
rules and  regulations  of the  Commission  thereunder.  In connection  with the
preparation  and filing of such  periodic  reports,  the  Trustee  shall  timely
provide to the Master Servicer (I) a list of Certificateholders as of the end of
each  calendar  year,  (II) all material  information  with respect to any legal
proceedings involving the Trustee or the Trust Fund that is in the possession of
the  Trustee  and  is  not,  to the  best  of the  Trustee's  knowledge,  in the
possession of the Master Servicer,  (III) all material  information with respect
to the submission of matters to a vote of the Certificateholders  that is in the
possession of the Trustee and is not, to the best of the Trustee's knowledge, in
the possession of the Master  Servicer,  and (IV) all material  information with
respect  to  any  failure  of  the  Trustee  to  make  any  distribution  to the
Certificateholders  as required  pursuant to this Agreement.  Neither the Master
Servicer  nor the Trustee  shall have any  liability  with respect to the Master
Servicer's  failure to properly prepare or file such periodic reports  resulting
from or relating  to the Master  Servicer's  inability  or failure to obtain any
information  not resulting from the Master  Servicer's own negligence or willful
misconduct.  Any Form 10-K filed with the  Commission  in  connection  with this
clause (e) shall include a certification, signed by the senior officer in charge
of the  servicing  functions  of the Master  Servicer,  in the form  attached as
Exhibit  Five hereto or such other form as may be required or  permitted  by the
Commission (the "Form 10-K  Certification"),  in compliance with Rule 13a-14 and
15d-14 under the Exchange Act and any additional  directives of the  Commission.
This Section  4.03(e) may be amended in accordance  with this Agreement  without
the consent of the Certificateholders.

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

Section 4.05.  Allocation of Realized Losses.

                                       34
<PAGE>

        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
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

                                       35
<PAGE>

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)

                                       36
<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)(i). (See Section 5.02(a) - (e)(i) of the Standard Terms)

     (ii)  Any  Transferee  of a Class M  Certificate  will  be  deemed  to have
     represented  by virtue of its purchase or holding of such  Certificate  (or
     interest  therein) that either (a) such  Transferee is not a Plan Investor,
     (b)  it has  acquired  and is  holding  such  Certificate  in  reliance  on
     Prohibited  Transaction  Exemption ("PTE") 94-29, 59 Fed. Reg. 14674 (March
     29, 1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE
     2000-58,  65 Fed. Reg. 67765 (November 13, 2000), and PTE 2002-41,  67 Fed.
     Reg. 54487 (August 22, 2002) (the "RFC Exemption"), and that it understands
     that there are certain  conditions to the availability of the RFC Exemption
     including that such Certificate must be rated, at the time of purchase, not
     lower  than  "BBB-" (or its  equivalent)  by  Standard  & Poor's,  Fitch or
     Moody's or (c) such Transferee is a Complying Insurance Company.

      (e)(iii) - (h). (See Section 5.02(e)(iii) - (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)

                                       37
<PAGE>

                                ARTICLE VI.....

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       38
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       39
<PAGE>

                                ARTICLE VIII...

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       40
<PAGE>

                                   ARTICLE IX
                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       41
<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 REMICs.

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

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

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

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

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

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

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

                                       42
<PAGE>

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

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

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

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

               (ii) Realized Losses  allocated to the Class A-1 Certificates and
        Class A-2  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest Q;

               (iii) Realized Losses allocated to the Class A-3 Certificates and
        Class A-4  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest R;

               (iv)  Realized  Losses  allocated  to the Class A-5  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest S;

               (v) Realized Losses  allocated to the Class A-6  Certificates and
        Class A-12 Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest T;

               (vi)  Realized  Losses  allocated  to the Class A-7  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest U;

               (vii) Realized Losses allocated to the Class A-8 Certificates and
        Class A-9  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

                                       43
<PAGE>

               (viii) Realized Losses  allocated to the Class A-10  Certificates
        and Class A-11 Certificates under Section 4.05 shall be deemed allocated
        to Uncertificated REMIC I Regular Interest W;

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

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

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

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

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

Section 10.05. Compliance with Withholding Requirements.

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

                                       44
<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 2002-QS14

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

---------------------------------- --------------------------------------------------------------
</TABLE>

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

                                       45
<PAGE>

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.

               95% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-4  Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-9  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-11  Certificates,  in  accordance  with their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  Certificates,  in  accordance  with their  respective
Percentage Interests.

Section 11.10. No Petition.

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

                                       46
<PAGE>

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

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By: //s// Joseph Orning
                                                --------------------------------
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest: //s// Julie Steinhagen
        ------------------------------------
      Name:   Julie Steinhagen
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: //s// Julie Steinhagen
                                               ---------------------------------
                                                 Name:  Julie Steinhagen
                                                 Title:  Director

Attest: //s// Karen Fox
        ------------------------------------
      Name: Karen Fox
      Title: Director

                              DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By: //s// Ronaldo Reyes
                                               ---------------------------------
                                                 Name: Ronaldo Reyes
                                                 Title:   Associate

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

Attest: //s// Barbara Campbell
        ------------------------------------
      Name: Barbara Campbell
      Title:   Assistant Secretary

                                       47
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On 30th day of September,  2002 before me, a notary public in and
for said State,  personally  appeared  Joseph  Orning,  known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                   //s// Maren Matthews
                                                   ----------------------------
                                                          Notary Public
[Notarial Seal]

                                       48
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
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// Maren Matthews
                                                   -----------------------------
                                                          Notary Public
[Notarial Seal]

                                       49
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared  Ronaldo  Reyes,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                            //s// Brent Wayne Hoyler
                                            ------------------------------------
                                                          Notary Public

[Notarial Seal]

                                       50
<PAGE>

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of September,  2002 before me, a notary public in
and for said State,  personally appeared James F. Noriega,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                                   //s// Brent Wayne Hoyler
                                                   -----------------------------
                                                          Brent Wayne Hoyler

[Notarial Seal]

                                       51
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE
  RUN ON     : 09/26/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 14.50.03           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2002-QS14                                 CUTOFF : 09/01/02
  POOL       : 0004623
             :
             :
  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
  --------------------------------------------------------------------------

      5122696                              .2500
      247,294.24                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7009651                              .2500
       66,188.78                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7503011                              .2500
      418,112.49                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7593871                              .2500
      183,645.70                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.2500                        2.0450

      7597480                              .2500
      665,081.08                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7643989                              .2500
       83,735.50                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700
1

      7644001                              .2500
      132,319.62                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7678819                              .2500
      250,409.05                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7680393                              .2500
      369,910.77                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7680623                              .2500
      346,791.33                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7686495                              .2500
      125,538.15                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      7686823                              .2500
       51,786.22                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7706191                              .2500
      100,571.44                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.2500                        2.2950

      7721913                              .2500
      165,904.51                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950
1

      7727217                              .2500
      260,443.79                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      7732103                              .2500
       53,443.33                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      7736829                              .2500
      121,253.81                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      7740022                              .2500
       58,162.07                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      7754911                              .2500
      113,094.15                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7759389                              .2500
       69,908.11                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      7759525                              .2500
       64,900.78                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7760657                              .2500
       87,296.59                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200
1

      7760749                              .2500
      211,500.83                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7760821                              .2500
       98,942.33                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7763377                              .2500
      104,827.36                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7763477                              .2500
       95,867.43                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7765065                              .2500
      113,443.13                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7765537                              .2500
      113,443.13                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7766487                              .2500
       80,770.99                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7774533                              .2500
      110,087.87                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950
1

      7775159                              .2500
       56,881.55                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7775869                              .2500
      107,726.25                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7776219                              .2500
       82,676.72                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7776287                              .2500
      105,154.59                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7776573                              .2500
      111,649.89                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7778557                              .2500
      116,744.34                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      7780205                              .2500
      134,783.44                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7780353                              .2500
      105,442.77                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200
1

      7780371                              .2500
      115,310.11                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7782173                              .2500
      109,591.23                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7782187                              .2500
      114,074.16                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      7782237                              .2500
      100,550.66                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7784681                              .2500
      111,445.89                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7785607                              .2500
       84,599.77                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7785895                              .2500
       82,591.87                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.2500                        1.7950

      7786075                              .2500
      112,912.05                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950
1

      7786129                              .2500
       86,705.11                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7786325                              .2500
       24,939.67                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7786561                              .2500
       57,817.34                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7786805                              .2500
      107,124.94                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7787103                              .2500
       90,994.97                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7787225                              .2500
      100,756.25                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7787395                              .2500
       91,709.71                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7791789                              .2500
       67,396.95                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950
1

      7791891                              .2500
       98,752.76                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7791937                              .2500
       67,396.95                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7793443                              .2500
      101,836.39                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7795531                              .2500
      110,023.22                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7795867                              .2500
      105,821.39                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7799621                              .2500
      103,824.74                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7801533                              .2500
       92,621.23                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      7801813                              .2500
      101,532.79                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      7802355                              .2500
       83,851.37                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      7803019                              .2500
      111,820.33                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7804261                              .2500
       47,490.64                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7805789                              .2500
      134,788.74                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7805883                              .2500
      103,783.17                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7805927                              .2500
      109,024.84                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7805941                              .2500
      102,880.57                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7805969                              .2500
      109,812.39                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      7807477                              .2500
      107,818.02                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7807803                              .2500
      107,739.35                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7809573                              .2500
       99,839.59                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7809677                              .2500
       62,294.86                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7809717                              .2500
      107,164.62                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7812229                              .2500
      184,116.56                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      7812233                              .2500
       37,926.78                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      7812247                              .2500
      101,360.75                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700
1

      7812255                              .2500
      161,679.92                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      7812267                              .2500
      104,093.22                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

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      8046497                              .2500
      124,467.88                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      8046503                              .2500
      180,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      8046505                              .2500
      138,400.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      8046529                              .2500
      160,500.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      8046595                              .2500
       80,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700
1

      8046597                              .2500
      189,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      8046599                              .2500
      149,600.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      8046627                              .2500
      231,200.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8046629                              .2500
      139,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      8189682                              .2500
      272,795.48                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      8317422                              .2500
      107,818.02                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8318320                              .2500
      113,322.38                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      8320624                              .2500
      327,717.60                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700
1

      8321552                              .2500
      141,883.60                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      8321590                              .2500
      241,806.48                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      8322164                              .2500
      256,794.48                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      8322340                              .2500
       24,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      8323722                              .2500
      480,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8323752                              .2500
      216,350.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      8323766                              .2500
      234,600.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      8324130                              .2500
      398,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450
1

      8324202                              .2500
      345,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8324250                              .2500
      335,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8324406                              .2500
      347,685.40                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8324414                              .2500
      200,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8324720                              .2500
      265,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8324766                              .2500
      387,500.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8325628                              .2500
      180,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      8325760                              .2500
      363,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950
1

      8326120                              .2500
      378,750.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

  TOTAL NUMBER OF LOANS:     1535
  TOTAL BALANCE........:        264,846,236.95

  RUN ON     : 09/26/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 14.50.03            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS14       FIXED SUMMARY REPORT      CUTOFF : 09/01/02
  POOL       : 0004623
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.0533            6.0000      8.8750
  RFC NET RATE                          6.8024            5.7500      8.6250
  NET MTG RATE(INVSTR RATE)             6.7283            5.7200      8.5450
  POST STRIP RATE                       6.2406            5.7200      6.2500
  SUB SERV FEE                           .2509             .2500       .5000
  MSTR SERV FEE                          .0741             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4877             .0000      2.2950

  TOTAL NUMBER OF LOANS:  1535
  TOTAL BALANCE........:     264,846,236.95

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/26/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 14.50.03          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS14                                 CUTOFF : 09/01/02
  POOL       : 0004623
             :
             :
  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 #
  ______________________________________________________________________________

    5122696          A50/G02             F          250,000.00         ZZ
                                         360        247,294.24          1
                                       7.500          1,748.04         90
                                       7.250          1,748.04
    SMITHS           AL   36877          2            06/20/01         10
    0433057924                           05           08/01/01         25
    441338                               O            07/01/31
    0

    7009651          U05/G02             F           66,500.00         ZZ
                                         360         66,188.78          4
                                       6.750            431.32         70
                                       6.500            431.32
    ERIE             PA   16507          5            03/25/02         00
    0433842838                           05           05/01/02          0
    3214602                              N            04/01/32
    0

    7503011          E82/G02             F          419,500.00         ZZ
                                         360        418,112.49          1
                                       7.000          2,790.94         80
                                       6.750          2,790.94
    SAN DIMAS        CA   91773          2            04/11/02         00
    0400602561                           03           06/01/02          0
    3412612                              O            05/01/32
    0

    7593871          286/286             F          184,500.00         ZZ
                                         360        183,645.70          4
                                       8.625          1,435.02         90
                                       8.375          1,435.02
    WEST VALLEY CIT  UT   84120          1            01/11/02         11
    713396                               05           03/01/02         25
1

    713396                               N            02/01/32
    0

    7597480          B57/G02             F          668,800.00         ZZ
                                         360        665,081.08          1
                                       7.250          4,562.39         71
                                       7.000          4,562.39
    LOS ANGELES      CA   91307          2            01/17/02         00
    0433708823                           05           03/01/02          0
    2116462                              O            02/01/32
    0

    7643989          E82/G02             F           84,000.00         ZZ
                                         360         83,735.50          2
                                       7.250            573.03         70
                                       7.000            573.03
    EUGENE           OR   97402          5            04/30/02         00
    0400612669                           05           06/01/02          0
    0400612669                           N            05/01/32
    0

    7644001          E82/G02             F          132,800.00         ZZ
                                         360        132,319.62          1
                                       7.375            917.22         87
                                       7.125            917.22
    YAKIMA           WA   98903          2            04/24/02         10
    0400616215                           05           06/01/02         25
    3814832                              O            05/01/32
    0

    7678819          E82/G02             F          251,000.00         ZZ
                                         360        250,409.05          1
                                       7.250          1,712.26         67
                                       7.000          1,712.26
    ALBUQUERQUE      NM   87122          2            05/09/02         00
    0400608386                           05           07/01/02          0
    1667609                              N            06/01/32
    0

    7680393          405/405             F          371,200.00         ZZ
                                         360        369,910.77          1
                                       6.750          2,407.60         80
                                       6.500          2,407.60
    FREMONT          CA   94536          1            04/03/02         00
    0013087101                           05           06/01/02          0
    0013087101                           O            05/01/32
    0

1

    7680623          405/405             F          348,000.00         ZZ
                                         360        346,791.33          1
                                       6.750          2,257.13         80
                                       6.500          2,257.13
    PACIFICA         CA   94044          1            04/29/02         00
    0018438416                           05           06/01/02          0
    0018438416                           O            05/01/32
    0

    7686495          286/286             F          126,000.00         ZZ
                                         360        125,538.15          3
                                       7.625            891.83         70
                                       7.375            891.83
    CHICAGO          IL   60628          5            03/25/02         00
    1036801                              05           05/01/02          0
    1036801                              N            04/01/32
    0

    7686823          286/286             F           52,000.00         ZZ
                                         360         51,786.22          1
                                       7.500            363.59         80
                                       7.250            363.59
    BALTIMORE        MD   21224          1            04/01/02         00
    758486                               05           05/01/02          0
    758486                               N            04/01/32
    0

    7706191          A52/G02             F          100,800.00         ZZ
                                         360        100,571.44          1
                                       8.875            802.01         80
                                       8.625            802.01
    MARIETTA         GA   30008          1            04/26/02         00
    0434059259                           05           06/01/02          0
    18734                                N            05/01/32
    0

    7721913          E22/G02             F          166,250.00         ZZ
                                         360        165,904.51          1
                                       7.875          1,205.43         95
                                       7.625          1,205.43
    TUCKASEGEE       NC   28783          1            05/24/02         10
    0413962754                           05           07/01/02         35
    0413962754                           O            06/01/32
    0

    7727217          E22/G02             F          261,000.00         ZZ
                                         360        260,443.79          2
                                       7.750          1,869.84         90
                                       7.500          1,869.84
1

    BROOKLYN         NY   11207          5            05/21/02         04
    0413996752                           05           07/01/02         25
    0413996752                           O            06/01/32
    0

    7732103          601/G02             F           53,600.00         ZZ
                                         360         53,443.33          1
                                       7.625            379.38         75
                                       7.375            379.38
    CASSELBERRY      FL   32707          5            04/29/02         00
    0434139002                           05           06/01/02          0
    61427977                             N            05/01/32
    0

    7736829          E22/G02             F          121,500.00         ZZ
                                         360        121,253.81          4
                                       8.000            891.52         90
                                       7.750            891.52
    KANSAS CITY      MO   64111          1            05/31/02         04
    0414066662                           05           07/01/02         25
    0414066662                           N            06/01/32
    0

    7740022          286/286             F           58,500.00         ZZ
                                         360         58,162.07          1
                                       7.750            419.11         90
                                       7.500            419.11
    BRADLEY          IL   60901          1            12/06/01         10
    0704389                              05           02/01/02         25
    704389                               N            01/01/32
    0

    7754911          F89/G02             F          113,600.00         ZZ
                                         360        113,094.15          1
                                       7.125            765.34         80
                                       6.875            765.34
    HENDERSON        NV   89015          1            05/29/02         00
    0434190880                           05           07/01/02          0
    21233                                O            06/01/32
    0

    7759389          E22/G02             F           70,000.00         ZZ
                                         360         69,908.11          1
                                       8.125            519.75         75
                                       7.875            519.75
    OGDEN            UT   84404          5            05/31/02         00
    0414136259                           05           08/01/02          0
    0414136259                           N            07/01/32
    0
1

    7759525          E22/G02             F           65,000.00         ZZ
                                         360         64,900.78          1
                                       7.375            448.94        100
                                       7.125            448.94
    BURNSIDE         KY   42519          1            06/07/02         10
    0414223339                           05           08/01/02         35
    0414223339                           O            07/01/32
    0

    7760657          196/G02             F           88,000.00         ZZ
                                         360         87,296.59          1
                                       8.500            676.65         80
                                       8.250            676.65
    AKRON            OH   44303          5            12/20/01         00
    0434188199                           05           02/01/02          0
    1460929                              N            01/01/32
    0

    7760749          196/G02             F          212,000.00         ZZ
                                         360        211,500.83          4
                                       7.250          1,446.22         80
                                       7.000          1,446.22
    LONG BEACH       CA   90805          1            05/07/02         00
    0434190302                           05           07/01/02          0
    1536448                              N            06/01/32
    0

    7760821          196/G02             F           99,200.00         ZZ
                                         360         98,942.33          1
                                       6.750            643.41         80
                                       6.500            643.41
    CHINA GROVE      TX   78263          1            05/29/02         00
    0434174710                           05           07/01/02          0
    1541950                              O            06/01/32
    0

    7763377          E22/G02             F          105,000.00         ZZ
                                         360        104,827.36          1
                                       7.000            698.57         84
                                       6.750            698.57
    ORANGEBURG       SC   29115          5            06/05/02         01
    0414065565                           05           08/01/02         12
    0414065565                           O            07/01/32
    0

    7763477          E22/G02             F           96,000.00         ZZ
                                         360         95,867.43          1
1

                                       7.875            696.07         80
                                       7.625            696.07
    WEST PALM BEACH  FL   33405          2            06/10/02         00
    0414146704                           05           08/01/02          0
    0414146704                           N            07/01/32
    0

    7765065          253/253             F          113,600.00         ZZ
                                         360        113,443.13          3
                                       7.875            823.68         80
                                       7.625            823.68
    ALBUQUERQUE      NM   87106          2            07/03/02         00
    424898                               05           08/01/02          0
    424898                               N            07/01/32
    0

    7765537          253/253             F          113,600.00         ZZ
                                         360        113,443.13          3
                                       7.875            823.68         80
                                       7.625            823.68
    ALBUQUERQUE      NM   87106          2            07/03/02         00
    424901                               05           08/01/02          0
    424901                               N            07/01/32
    0

    7766487          E22/G02             F           81,000.00         ZZ
                                         360         80,770.99          1
                                       7.375            559.45         90
                                       7.125            559.45
    SEDRO WOOLLEY    WA   98284          1            06/07/02         01
    0414247106                           05           08/01/02         25
    0414247106                           N            07/01/32
    0

    7774533          P21/G02             F          110,400.00         ZZ
                                         360        110,087.87          1
                                       6.875            725.25         80
                                       6.625            725.25
    ST PETERSBURG    FL   33702          5            06/06/02         00
    0434184131                           05           08/01/02          0
    204051                               O            07/01/32
    0

    7775159          U77/G02             F           57,000.00         ZZ
                                         360         56,881.55          1
                                       7.875            413.29         75
                                       7.625            413.29
    LABELLE PARK     FL   33935          1            05/31/02         00
    0434163101                           05           07/03/02          0
1

    02050628                             O            06/03/32
    0

    7775869          964/G02             F          108,000.00         ZZ
                                         360        107,726.25          1
                                       6.875            709.48         80
                                       6.625            709.48
    NAMPA            ID   83687          1            05/29/02         00
    0434163663                           05           07/01/02          0
    213156                               O            06/01/32
    0

    7776219          E22/G02             F           82,800.00         ZZ
                                         360         82,676.72          1
                                       7.500            578.95         90
                                       7.250            578.95
    VISALIA          CA   93291          1            06/04/02         01
    0414125492                           05           08/01/02         25
    0414125492                           N            07/01/32
    0

    7776287          E22/G02             F          105,300.00         ZZ
                                         360        105,154.59          4
                                       7.875            763.50         90
                                       7.625            763.50
    BATON ROUGE      LA   70816          1            06/13/02         04
    0414212910                           05           08/01/02         25
    0414212910                           N            07/01/32
    0

    7776573          F36/G02             F          111,920.00         ZZ
                                         360        111,649.89          1
                                       7.125            754.03         80
                                       6.875            754.03
    PUYALLUP         WA   98375          1            05/29/02         00
    0434172722                           05           07/01/02          0
    06403502                             O            06/01/32
    0

    7778557          624/G02             F          117,000.00         ZZ
                                         360        116,744.34          1
                                       7.625            828.12         90
                                       7.375            828.12
    MERCED           CA   95340          1            05/21/02         01
    0434136834                           05           07/01/02         25
    1000002218                           N            06/01/32
    0

1

    7780205          E22/G02             F          135,000.00         ZZ
                                         360        134,783.44          1
                                       7.125            909.52         52
                                       6.875            909.52
    INGLEWOOD        CA   90305          5            06/03/02         00
    0414118075                           05           08/01/02          0
    0414118075                           O            07/01/32
    0

    7780353          E22/G02             F          105,600.00         ZZ
                                         360        105,442.77          1
                                       7.500            738.37         80
                                       7.250            738.37
    TAYLORSVILLE     UT   84118          2            06/10/02         00
    0414219949                           05           08/01/02          0
    0414219949                           O            07/01/32
    0

    7780371          E22/G02             F          115,500.00         ZZ
                                         360        115,310.11          1
                                       7.000            768.42        100
                                       6.750            768.42
    COLORADO SPRING  CO   80904          2            06/10/02         04
    0414226050                           01           08/01/02         35
    0414226050                           O            07/01/32
    0

    7782173          J95/G02             F          110,250.00         ZZ
                                         360        109,591.23          4
                                       7.125            742.77         90
                                       6.875            742.77
    BRATTLEBORO      VT   05301          1            04/18/02         01
    0434222758                           05           06/01/02         25
    0029015724                           O            05/01/32
    0

    7782187          J95/G02             F          114,300.00         ZZ
                                         360        114,074.16          4
                                       8.125            848.68         90
                                       7.875            848.68
    ST. LOUIS        MO   63111          1            05/15/02         10
    0434215133                           05           07/01/02         25
    0029054756                           N            06/01/32
    0

    7782237          J95/G02             F          100,800.00         T
                                         360        100,550.66          1
                                       7.000            670.63         80
                                       6.750            670.63
1

    OLDSMAR          FL   34677          1            05/31/02         00
    0434200374                           01           07/01/02          0
    0029144730                           O            06/01/32
    0

    7784681          K15/G02             F          111,600.00         ZZ
                                         360        111,445.89          1
                                       7.875            809.18         90
                                       7.625            809.18
    SPRINGFIELD      OH   45506          5            06/11/02         11
    0434205761                           05           08/01/02         25
    028505500049                         O            07/01/32
    0

    7785607          286/286             F           84,805.00         ZZ
                                         360         84,599.77          2
                                       7.125            571.35         90
                                       6.875            571.35
    WATERBURY        CT   06708          1            05/08/02         12
    1279043                              05           07/01/02         25
    1279043                              N            06/01/32
    0

    7785895          286/286             F           82,800.00         ZZ
                                         360         82,591.87          4
                                       8.375            629.34         90
                                       8.125            629.34
    RADCLIFF         KY   40160          1            04/19/02         12
    1093984                              05           06/01/02         25
    1093984                              N            05/01/32
    0

    7786075          286/286             F          113,199.00         ZZ
                                         360        112,912.05          1
                                       6.875            743.64         80
                                       6.625            743.64
    PUEBLO           CO   81005          1            05/10/02         00
    820092                               05           07/01/02          0
    820092                               O            06/01/32
    0

    7786129          286/286             F           87,000.00         ZZ
                                         360         86,705.11          1
                                       6.875            571.53         80
                                       6.625            571.53
    LAS VEGAS        NV   89121          2            04/24/02         00
    778922                               05           06/01/02          0
    778922                               N            05/01/32
    0
1

    7786325          286/286             F           25,000.00         ZZ
                                         360         24,939.67          1
                                       7.125            168.43         19
                                       6.875            168.43
    ROUND LAKE BEAC  IL   60073          2            05/20/02         00
    1285641                              05           07/01/02          0
    1285641                              O            06/01/32
    0

    7786561          286/286             F           58,000.00         ZZ
                                         360         57,817.34          1
                                       7.250            395.67         75
                                       7.000            395.67
    DAVENPORT        FL   33837          2            04/01/02         00
    1058419                              05           06/01/02          0
    1058419                              N            05/01/32
    0

    7786805          286/286             F          108,000.00         ZZ
                                         360        107,124.94          3
                                       7.500            755.16         80
                                       7.250            755.16
    HOBART           IN   46342          1            05/14/02         00
    1085871                              05           07/01/02          0
    1085871                              N            06/01/32
    0

    7787103          286/286             F           92,000.00         ZZ
                                         360         90,994.97          1
                                       7.250            627.61         69
                                       7.000            627.61
    LEXINGTON        KY   40514          2            04/11/02         00
    1022753                              05           06/01/02          0
    1022753                              N            05/01/32
    0

    7787225          286/286             F          101,000.00         ZZ
                                         360        100,756.25          1
                                       7.125            680.46         64
                                       6.875            680.46
    ST. GEORGE       UT   84770          5            05/10/02         00
    787488                               01           07/01/02          0
    787488                               N            06/01/32
    0

    7787395          286/286             F           92,000.00         ZZ
                                         360         91,709.71          1
1

                                       7.250            627.60         80
                                       7.000            627.60
    TONOPAH          AZ   85354          2            04/10/02         00
    745230                               05           06/01/02          0
    745230                               N            05/01/32
    0

    7791789          E22/G02             F           67,500.00         ZZ
                                         360         67,396.95          2
                                       7.375            466.21         75
                                       7.125            466.21
    BAKERSFIELD      CA   93304          1            06/12/02         00
    0414149427                           05           08/01/02          0
    0414149427                           N            07/01/32
    0

    7791891          E22/G02             F           98,900.00         ZZ
                                         360         98,752.76          1
                                       7.500            691.52         85
                                       7.250            691.52
    MAGNA            UT   84044          2            06/14/02         01
    0414221069                           05           08/01/02         12
    0414221069                           O            07/01/32
    0

    7791937          E22/G02             F           67,500.00         ZZ
                                         360         67,396.95          2
                                       7.375            466.21         75
                                       7.125            466.21
    BAKERSFIELD      CA   93304          1            06/10/02         00
    0414251801                           05           08/01/02          0
    0414251801                           N            07/01/32
    0

    7793443          M12/G02             F          102,000.00         ZZ
                                         360        101,836.39          1
                                       7.125            687.19         79
                                       6.875            687.19
    WILLCOX          AZ   85643          2            06/18/02         00
    0434215281                           05           08/01/02          0
    R0485                                O            07/01/32
    0

    7795531          E22/G02             F          110,200.00         ZZ
                                         360        110,023.22          1
                                       7.125            742.44         95
                                       6.875            742.44
    BELTON           TX   76513          1            06/20/02         04
    0414318345                           03           08/01/02         30
1

    0414318345                           O            07/01/32
    0

    7795867          N74/G02             F          106,000.00         ZZ
                                         360        105,821.39          1
                                       6.875            696.34         74
                                       6.625            696.34
    HIDDENITE        NC   28636          5            06/17/02         00
    0434192860                           05           08/01/02          0
    0030327010                           O            07/01/32
    0

    7799621          A06/G02             F          104,000.00         ZZ
                                         360        103,824.74          1
                                       6.875            683.21         80
                                       6.625            683.21
    DETROIT          MI   48238          5            06/17/02         00
    0434203444                           05           08/01/02          0
    021000020208966                      O            07/01/32
    0

    7801533          E45/G02             F           92,800.00         ZZ
                                         360         92,621.23          4
                                       8.250            697.18         80
                                       8.000            697.18
    LEXINGTON        KY   40502          1            05/16/02         00
    0434211744                           05           07/01/02          0
    231626                               N            06/01/32
    0

    7801813          P09/G02             F          101,700.00         ZZ
                                         360        101,532.79          1
                                       7.000            676.61         90
                                       6.750            676.61
    ASPINWALL        PA   15215          5            06/14/02         10
    0434250114                           05           08/01/02         25
    PA020545                             O            07/01/32
    0

    7802355          E22/G02             F           84,000.00         ZZ
                                         360         83,851.37          1
                                       6.625            537.86         75
                                       6.375            537.86
    BUFORD           GA   30519          1            06/24/02         00
    0414296921                           05           08/01/02          0
    0414296921                           N            07/01/32
    0

1

    7803019          253/253             F          112,000.00         ZZ
                                         360        111,820.33          1
                                       7.125            754.57         90
                                       6.875            754.57
    FORT WORTH       TX   76179          1            06/07/02         14
    422345                               03           08/01/02         25
    422345                               O            07/01/32
    0

    7804261          738/G02             F           47,600.00         ZZ
                                         360         47,490.64          1
                                       7.375            328.77         80
                                       7.125            328.77
    PACE             FL   32571          1            05/21/02         00
    0434474748                           05           07/01/02          0
    40428002                             N            06/01/32
    0

    7805789          964/G02             F          135,000.00         ZZ
                                         360        134,788.74          1
                                       7.250            920.94         43
                                       7.000            920.94
    PETALUMA         CA   94952          5            06/11/02         00
    0434235610                           05           08/01/02          0
    213270                               O            07/01/32
    0

    7805883          964/G02             F          104,000.00         ZZ
                                         360        103,783.17          1
                                       7.125            700.67         79
                                       6.875            700.67
    NAMPA            ID   83687          2            06/14/02         00
    0434233623                           05           08/01/02          0
    218007                               O            07/01/32
    0

    7805927          964/G02             F          109,200.00         ZZ
                                         360        109,024.84          1
                                       7.125            735.70         80
                                       6.875            735.70
    PHOENIX          AZ   85022          1            06/20/02         00
    0434233334                           03           08/01/02          0
    219948                               O            07/01/32
    0

    7805941          964/G02             F          103,050.00         ZZ
                                         360        102,880.57          1
                                       7.000            685.59         90
                                       6.750            685.59
1

    PEORIA           AZ   85345          1            06/18/02         02
    0434244224                           05           08/01/02         17
    220914                               O            07/01/32
    0

    7805969          964/G02             F          110,000.00         ZZ
                                         360        109,812.39          1
                                       7.000            731.83         80
                                       6.750            731.83
    NEWCASTLE        WA   98059          1            06/19/02         00
    0434233946                           01           08/01/02          0
    223441                               O            07/01/32
    0

    7807477          E45/G02             F          108,000.00         ZZ
                                         360        107,818.02          1
                                       6.875            709.48         80
                                       6.625            709.48
    BAILEY           NC   27807          5            06/04/02         00
    0434211231                           05           08/01/02          0
    243263                               O            07/01/32
    0

    7807803          964/G02             F          108,000.00         ZZ
                                         360        107,739.35          1
                                       7.125            727.62         80
                                       6.875            727.62
    PAYSON           AZ   85541          1            05/21/02         00
    0434230710                           05           07/01/02          0
    215602                               O            06/01/32
    0

    7809573          E22/G02             F          100,000.00         ZZ
                                         360         99,839.59          1
                                       7.125            673.72         80
                                       6.875            673.72
    BAKERSFIELD      CA   93309          2            06/20/02         00
    0414235119                           05           08/01/02          0
    0414235119                           O            07/01/32
    0

    7809677          E22/G02             F           62,400.00         ZZ
                                         360         62,294.86          1
                                       6.875            409.92         80
                                       6.625            409.92
    TACOMA           WA   98408          1            06/18/02         00
    0414302000                           05           08/01/02          0
    0414302000                           N            07/01/32
    0
1

    7809717          E22/G02             F          107,350.00         ZZ
                                         360        107,164.62          1
                                       6.750            696.27         95
                                       6.500            696.27
    ATLANTA          GA   30360          1            06/26/02         10
    0414341404                           07           08/01/02         30
    0414341404                           O            07/01/32
    0

    7812229          286/286             F          184,500.00         ZZ
                                         360        184,116.56          4
                                       7.875          1,337.76         90
                                       7.625          1,337.76
    CHICAGO          IL   60636          2            05/30/02         12
    1292621                              05           07/01/02         25
    1292621                              N            06/01/32
    0

    7812233          286/286             F           38,000.00         ZZ
                                         360         37,926.78          1
                                       8.250            285.49         55
                                       8.000            285.49
    TITUSVILLE       FL   32780          5            05/02/02         00
    1284818                              05           07/01/02          0
    1284818                              O            06/01/32
    0

    7812247          286/286             F          101,600.00         ZZ
                                         360        101,360.75          1
                                       7.250            693.10         80
                                       7.000            693.10
    DAYTON           OH   45414          1            05/30/02         00
    1272681                              05           07/01/02          0
    1272681                              O            06/01/32
    0

    7812255          286/286             F          162,000.00         ZZ
                                         360        161,679.92          3
                                       8.125          1,202.85         90
                                       7.875          1,202.85
    CHICAGO          IL   60649          2            05/29/02         10
    795004                               05           07/01/02         25
    795004                               N            06/01/32
    0

    7812267          286/286             F          104,310.00         ZZ
                                         360        104,093.22          1
1

                                       7.875            756.32         90
                                       7.625            756.32
    ASHLAND          OH   44805          1            05/13/02         10
    927163                               05           07/01/02         25
    927163                               O            06/01/32
    0

    7812303          286/286             F           91,875.00         ZZ
                                         360         91,658.69          1
                                       7.250            626.75         75
                                       7.000            626.75
    SCOTTSDALE       AZ   85251          1            05/14/02         00
    1308479                              03           07/01/02          0
    1308479                              N            06/01/32
    0

    7812307          286/286             F           69,500.00         ZZ
                                         360         69,372.77          2
                                       8.500            534.40         90
                                       8.250            534.40
    SPRINGFIELD      MA   01105          1            05/17/02         11
    693741                               05           07/01/02         25
    693741                               N            06/01/32
    0

    7812331          286/286             F          109,200.00         ZZ
                                         360        108,973.06          3
                                       7.875            791.78         80
                                       7.625            791.78
    BOOTHWYN         PA   19061          1            05/14/02         00
    1099762                              05           07/01/02          0
    1099762                              N            06/01/32
    0

    7812381          286/286             F           54,000.00         ZZ
                                         360         53,927.28          1
                                       8.000            396.24         90
                                       7.750            396.24
    KANSAS CITY      MO   64130          1            06/07/02         11
    1311270                              05           08/01/02         25
    1311270                              N            07/01/32
    0

    7812389          286/286             F           58,050.00         ZZ
                                         360         57,919.92          1
                                       7.500            405.90         90
                                       7.250            405.90
    DAYTON           OH   45420          1            05/14/02         12
    1267846                              05           07/01/02         25
1

    1267846                              N            06/01/32
    0

    7812423          286/286             F          104,800.00         ZZ
                                         360        104,461.57          1
                                       7.375            723.83         80
                                       7.125            723.83
    DULUTH           MN   55811          5            05/21/02         00
    1272361                              05           07/01/02          0
    1272361                              O            06/01/32
    0

    7812427          286/286             F           94,500.00         ZZ
                                         360         94,313.29          3
                                       8.125            701.66         90
                                       7.875            701.66
    COLUMBUS         IN   47201          1            05/31/02         11
    1290202                              05           07/01/02         25
    1290202                              N            06/01/32
    0

    7812589          286/286             F           58,500.00         ZZ
                                         360         58,368.91          1
                                       7.500            409.05         90
                                       7.250            409.05
    DAYTON           OH   45410          1            05/15/02         10
    1292263                              05           07/01/02         25
    1292263                              N            06/01/32
    0

    7812601          286/286             F           85,050.00         ZZ
                                         360         84,873.23          3
                                       7.875            616.68         90
                                       7.625            616.68
    PROVIDENCE       RI   02909          1            05/31/02         14
    794832                               05           07/01/02         25
    794832                               N            06/01/32
    0

    7812631          286/286             F          127,500.00         ZZ
                                         360        127,168.80          4
                                       6.750            826.97         85
                                       6.500            826.97
    CLEVELAND        OH   44114          1            05/31/02         10
    1287358                              05           07/01/02         20
    1287358                              N            06/01/32
    0

1

    7812703          286/286             F          103,500.00         ZZ
                                         360        103,279.35          4
                                       8.125            768.49         90
                                       7.875            768.49
    SPRINGFIELD      MA   01107          1            05/22/02         14
    756060                               05           07/01/02         25
    756060                               N            06/01/32
    0

    7812721          286/286             F          129,600.00         ZZ
                                         360        129,316.77          1
                                       7.625            917.31         90
                                       7.375            917.31
    PALMER           MA   01069          1            05/31/02         11
    1285415                              05           07/01/02         25
    1285415                              O            06/01/32
    0

    7812795          286/286             F          256,000.00         ZZ
                                         360        255,467.98          1
                                       7.875          1,856.18         80
                                       7.625          1,856.18
    VANCOUVER        WA   98686          2            05/06/02         00
    1275454                              05           07/01/02          0
    1275454                              N            06/01/32
    0

    7812869          286/286             F          141,550.00         ZZ
                                         360        141,232.87          1
                                       7.500            989.74         80
                                       7.250            989.74
    PUYALLUP         WA   98375          1            05/28/02         00
    816405                               03           07/01/02          0
    816405                               O            06/01/32
    0

    7812885          286/286             F          128,700.00         ZZ
                                         360        128,439.18          4
                                       8.000            944.36         90
                                       7.750            944.36
    SAN BERNARDINO   CA   92410          1            05/30/02         10
    798461                               05           07/01/02         25
    798461                               N            06/01/32
    0

    7813193          Q87/G02             F          108,000.00         ZZ
                                         360        107,822.42          1
                                       7.000            718.53         90
                                       6.750            718.53
1

    MARBURY          AL   36051          5            06/25/02         10
    0434229365                           05           08/01/02         25
    PECO01                               O            07/01/32
    0

    7814273          E82/G02             F          105,800.00         ZZ
                                         360        105,626.05          1
                                       7.000            703.89         67
                                       6.750            703.89
    BOYNTON BEACH    FL   33436          2            06/24/02         00
    0400641049                           05           08/01/02          0
    0400641049                           O            07/01/32
    0

    7814455          E82/G02             F          107,950.00         ZZ
                                         360        107,776.83          1
                                       7.125            727.28         80
                                       6.875            727.28
    POWDER SPRINGS   GA   30127          5            06/24/02         00
    0400637583                           05           08/01/02          0
    0400637583                           O            07/01/32
    0

    7814679          286/286             F           73,125.00         ZZ
                                         360         72,957.03          1
                                       7.375            505.06         75
                                       7.125            505.06
    NEWPORT NEWS     VA   23601          5            05/20/02         00
    1288445                              05           07/01/02          0
    1288445                              N            06/01/32
    0

    7814699          286/286             F           92,700.00         ZZ
                                         360         92,512.16          2
                                       8.000            680.20         90
                                       7.750            680.20
    PLAINFIELD       NJ   07060          1            05/21/02         14
    863757                               05           07/01/02         25
    863757                               N            06/01/32
    0

    7814715          286/286             F           76,550.00         ZZ
                                         360         76,369.76          1
                                       7.250            522.21         87
                                       7.000            522.21
    PALM HARBOR      FL   34684          1            06/03/02         11
    1326873                              03           07/01/02         25
    1326873                              N            06/01/32
    0
1

    7814739          286/286             F           80,750.00         ZZ
                                         360         80,632.73          1
                                       7.625            571.55         85
                                       7.375            571.55
    NEWNAN           GA   30263          5            06/10/02         10
    1302064                              05           08/01/02         12
    1302064                              N            07/01/32
    0

    7814769          286/286             F           71,200.00         ZZ
                                         360         71,032.72          2
                                       7.375            491.77         80
                                       7.125            491.77
    THE DALLES       OR   97058          1            05/09/02         00
    1296928                              05           07/01/02          0
    1296928                              N            06/01/32
    0

    7814809          286/286             F           84,000.00         ZZ
                                         360         83,811.78          1
                                       7.500            587.35         69
                                       7.250            587.35
    MIDLOTHIAN       VA   23112          2            05/24/02         00
    1285580                              03           07/01/02          0
    1285580                              N            06/01/32
    0

    7814819          286/286             F           87,200.00         ZZ
                                         360         85,988.47          1
                                       7.375            602.27         80
                                       7.125            602.27
    HAMILTON         OH   45015          5            05/30/02         00
    1322704                              05           07/01/02          0
    1322704                              N            06/01/32
    0

    7814821          286/286             F           88,000.00         ZZ
                                         360         86,465.55          1
                                       7.375            607.80         80
                                       7.125            607.80
    HAMILTON         OH   45015          5            05/30/02         00
    1326593                              05           07/01/02          0
    1326593                              N            06/01/32
    0

    7814825          286/286             F           72,000.00         ZZ
                                         360         71,895.43          1
1

                                       7.625            509.62         90
                                       7.375            509.62
    IRVING           TX   75060          1            06/04/02         11
    1281852                              05           08/01/02         25
    1281852                              N            07/01/32
    0

    7814835          286/286             F           85,100.00         ZZ
                                         360         84,904.55          1
                                       7.375            587.76         75
                                       7.125            587.76
    CUYAHOGA FALLS   OH   44221          1            05/21/02         00
    1297433                              05           07/01/02          0
    1297433                              N            06/01/32
    0

    7814861          286/286             F           70,400.00         ZZ
                                         360         70,292.53          1
                                       7.375            486.24         80
                                       7.125            486.24
    MANALAPAN        NJ   07726          1            06/06/02         00
    1281187                              01           08/01/02          0
    1281187                              N            07/01/32
    0

    7814865          286/286             F           68,950.00         ZZ
                                         360         68,791.61          1
                                       7.375            476.23         80
                                       7.125            476.23
    STAR VALLEY      AZ   85541          1            05/17/02         00
    1048311                              03           07/01/02          0
    1048311                              N            06/01/32
    0

    7814867          286/286             F           86,400.00         ZZ
                                         360         86,206.41          1
                                       7.500            604.13         80
                                       7.250            604.13
    PORTSMOUTH       VA   23703          5            05/25/02         00
    1322694                              05           07/01/02          0
    1322694                              N            06/01/32
    0

    7814881          286/286             F           98,000.00         ZZ
                                         360         97,774.88          1
                                       7.375            676.87         75
                                       7.125            676.87
    WALKERSVILLE     MD   21793          1            05/31/02         00
    1091376                              03           07/01/02          0
1

    1091376                              N            06/01/32
    0

    7814899          286/286             F           79,400.00         ZZ
                                         360         79,281.77          2
                                       7.500            555.18         64
                                       7.250            555.18
    NORMAL           IL   61761          2            06/07/02         00
    1302751                              05           08/01/02          0
    1302751                              N            07/01/32
    0

    7814901          286/286             F           54,450.00         ZZ
                                         360         54,333.96          2
                                       7.750            390.09         90
                                       7.500            390.09
    GWYNN OAK        MD   21207          1            05/20/02         10
    1308188                              05           07/01/02         25
    1308188                              N            06/01/32
    0

    7814905          286/286             F           71,000.00         ZZ
                                         360         70,901.96          2
                                       7.875            514.80         90
                                       7.625            514.80
    GRAND RAPIDS     MI   49505          1            06/07/02         10
    1302744                              05           08/01/02         25
    1302744                              N            07/01/32
    0

    7814913          286/286             F           67,500.00         ZZ
                                         360         67,352.48          1
                                       7.625            477.77         90
                                       7.375            477.77
    CORNELIUS        NC   28031          1            05/31/02         11
    1317612                              05           07/01/02         25
    1317612                              N            06/01/32
    0

    7814917          286/286             F           84,800.00         ZZ
                                         360         84,628.13          1
                                       8.000            622.24         80
                                       7.750            622.24
    BELEN            NM   87002          1            05/13/02         00
    1008872                              05           07/01/02          0
    1008872                              N            06/01/32
    0

1

    7814919          286/286             F           89,600.00         ZZ
                                         360         89,324.75          1
                                       7.375            618.85         70
                                       7.125            618.85
    PORTLAND         OR   97203          2            04/03/02         00
    1082309                              05           06/01/02          0
    1082309                              N            05/01/32
    0

    7814923          286/286             F           64,000.00         ZZ
                                         360         63,833.94          1
                                       7.500            447.50         80
                                       7.250            447.50
    MUNCIE           IN   47304          5            05/17/02         00
    1271765                              05           07/01/02          0
    1271765                              N            06/01/32
    0

    7814937          286/286             F          254,400.00         ZZ
                                         360        253,786.02          3
                                       7.125          1,713.95         80
                                       6.875          1,713.95
    SAN PEDRO        CA   90731          1            05/09/02         00
    1301539                              05           07/01/02          0
    1301539                              N            06/01/32
    0

    7814943          286/286             F           68,850.00         ZZ
                                         360         68,691.86          2
                                       7.375            475.53         90
                                       7.125            475.53
    COVINGTON        KY   41011          1            05/20/02         11
    1271841                              05           07/01/02         25
    1271841                              N            06/01/32
    0

    7814955          286/286             F           73,600.00         ZZ
                                         360         73,484.81          1
                                       7.250            502.09         80
                                       7.000            502.09
    CONYERS          GA   30013          1            06/06/02         00
    1291003                              05           08/01/02          0
    1291003                              N            07/01/32
    0

    7814967          286/286             F          212,000.00         ZZ
                                         360        211,525.03          4
                                       7.500          1,482.34         80
                                       7.250          1,482.34
1

    HAMDEN           CT   06514          1            05/30/02         00
    795870                               05           07/01/02          0
    795870                               N            06/01/32
    0

    7814973          286/286             F           86,850.00         ZZ
                                         360         86,669.49          1
                                       7.875            629.73         90
                                       7.625            629.73
    BRADLEY          IL   60915          1            05/30/02         10
    1283072                              05           07/01/02         25
    1283072                              N            06/01/32
    0

    7814981          286/286             F           84,600.00         ZZ
                                         360         84,400.83          1
                                       7.250            577.12         90
                                       7.000            577.12
    TUCSON           AZ   85730          1            05/22/02         11
    1294090                              03           07/01/02         25
    1294090                              N            06/01/32
    0

    7814993          286/286             F           75,000.00         ZZ
                                         360         74,408.08          1
                                       7.875            543.81         75
                                       7.625            543.81
    ROUND ROCK       TX   78664          2            05/24/02         00
    1272765                              05           07/01/02          0
    1272765                              N            06/01/32
    0

    7815001          286/286             F           88,000.00         ZZ
                                         360         87,787.60          1
                                       7.125            592.88         80
                                       6.875            592.88
    AUGUSTA          GA   30904          1            05/30/02         00
    1317290                              05           07/01/02          0
    1317290                              N            06/01/32
    0

    7815007          286/286             F           75,000.00         ZZ
                                         360         74,896.42          1
                                       7.875            543.81         69
                                       7.625            543.81
    OAKWOOD          OH   45409          5            06/07/02         00
    1009544                              05           08/01/02          0
    1009544                              N            07/01/32
    0
1

    7815023          286/286             F           80,010.00         ZZ
                                         360         79,847.85          1
                                       8.000            587.09         90
                                       7.750            587.09
    ST LOUIS         MO   63116          1            05/23/02         11
    1087404                              05           07/01/02         25
    1087404                              N            06/01/32
    0

    7815025          286/286             F          114,300.00         ZZ
                                         360        114,056.42          1
                                       7.750            818.86         90
                                       7.500            818.86
    WALDORF          MD   20603          1            05/24/02         10
    1287013                              03           07/01/02         25
    1287013                              N            06/01/32
    0

    7815051          286/286             F           71,250.00         ZZ
                                         360         71,138.48          1
                                       7.250            486.06         75
                                       7.000            486.06
    BALTIMORE        MD   21230          5            06/07/02         00
    104856                               05           08/01/02          0
    104856                               N            07/01/32
    0

    7815081          286/286             F           68,000.00         ZZ
                                         360         67,865.65          2
                                       8.125            504.90         80
                                       7.875            504.90
    ST LOUIS         MO   63118          1            05/14/02         00
    1017600                              05           07/01/02          0
    1017600                              N            06/01/32
    0

    7815109          286/286             F          230,664.00         ZZ
                                         360        230,110.82          2
                                       8.000          1,692.53         80
                                       7.750          1,692.53
    SAN MARCOS       TX   78666          1            05/31/02         00
    1307288                              05           07/01/02          0
    1307288                              N            06/01/32
    0

    7815113          286/286             F          230,664.00         ZZ
                                         360        230,110.82          2
1

                                       8.000          1,692.53         80
                                       7.750          1,692.53
    SAN MARCOS       TX   78666          1            05/31/02         00
    1307293                              05           07/01/02          0
    1307293                              N            06/01/32
    0

    7815115          286/286             F          230,664.00         ZZ
                                         360        230,172.42          2
                                       7.750          1,652.51         80
                                       7.500          1,652.51
    SAN MARCOS       TX   78666          1            05/30/02         00
    1331248                              05           07/01/02          0
    1331248                              N            06/01/32
    0

    7815119          286/286             F          114,000.00         ZZ
                                         360        113,216.08          4
                                       7.250            777.69         80
                                       7.000            777.69
    MIAMI            FL   33130          1            05/30/02         00
    1271826                              05           07/01/02          0
    1271826                              N            06/01/32
    0

    7815133          286/286             F          130,000.00         ZZ
                                         360        129,736.56          1
                                       8.000            953.90         90
                                       7.750            953.90
    ROMEOVILLE       IL   60446          2            05/17/02         10
    1065752                              05           07/01/02         25
    1065752                              N            06/01/32
    0

    7815137          286/286             F           76,750.00         ZZ
                                         360         76,586.44          1
                                       7.750            549.85         90
                                       7.500            549.85
    PHOENIX          AZ   85015          1            05/24/02         12
    1315207                              05           07/01/02         25
    1315207                              N            06/01/32
    0

    7815163          286/286             F           71,200.00         ZZ
                                         360         71,036.44          1
                                       7.375            491.77         80
                                       7.125            491.77
    ROCKFORD         IL   61107          1            05/16/02         00
    1292857                              05           07/01/02          0
1

    1292857                              N            06/01/32
    0

    7815175          286/286             F          300,000.00         ZZ
                                         360        299,327.87          1
                                       7.500          2,097.65         84
                                       7.250          2,097.65
    LAS VEGAS        NV   89139          1            05/30/02         21
    458732                               03           07/01/02         12
    458732                               N            06/01/32
    0

    7815207          286/286             F           72,900.00         ZZ
                                         360         72,752.26          1
                                       8.000            534.92         90
                                       7.750            534.92
    SPRINGFIELD      OH   45506          2            05/20/02         12
    1275991                              05           07/01/02         25
    1275991                              N            06/01/32
    0

    7815209          286/286             F           91,000.00         ZZ
                                         360         90,713.42          1
                                       7.250            620.79         74
                                       7.000            620.79
    CRAWFORDSVILLE   IN   47933          5            04/24/02         00
    999456                               05           06/01/02          0
    999456                               N            05/01/32
    0

    7815213          286/286             F           79,350.00         ZZ
                                         360         79,189.19          1
                                       8.000            582.25         90
                                       7.750            582.25
    ROYAL OAK        MI   48073          1            05/17/02         11
    1312329                              01           07/01/02         25
    1312329                              N            06/01/32
    0

    7815219          286/286             F           74,700.00         ZZ
                                         360         74,594.22          1
                                       7.750            535.16         90
                                       7.500            535.16
    MARENGO          IL   60152          1            06/06/02         12
    1304247                              05           08/01/02         25
    1304247                              N            07/01/32
    0

1

    7815223          286/286             F           67,200.00         ZZ
                                         360         67,056.79          1
                                       7.750            481.43         70
                                       7.500            481.43
    MILWAUKEE        WI   53227          5            05/29/02         00
    1288287                              05           07/01/02          0
    1288287                              N            06/01/32
    0

    7815239          286/286             F          104,000.00         ZZ
                                         360        103,776.74          4
                                       7.750            745.07         80
                                       7.500            745.07
    OAKMONT          PA   15139          1            05/30/02         00
    1285109                              05           07/01/02          0
    1285109                              N            06/01/32
    0

    7815245          286/286             F           87,750.00         ZZ
                                         360         87,548.45          1
                                       7.375            606.07         90
                                       7.125            606.07
    PRINCE GEORGE    VA   23875          1            06/03/02         11
    1293398                              05           07/01/02         25
    1293398                              N            06/01/32
    0

    7815259          286/286             F           72,000.00         ZZ
                                         360         71,838.68          1
                                       7.500            503.44         90
                                       7.250            503.44
    PORT ORCHARD     WA   98366          1            05/22/02         11
    1291908                              05           07/01/02         25
    1291908                              N            06/01/32
    0

    7815261          286/286             F           73,600.00         ZZ
                                         360         73,379.43          1
                                       7.500            514.63         80
                                       7.250            514.63
    HYATTSVILLE      MD   20785          5            04/04/02         00
    1084664                              05           06/01/02          0
    1084664                              N            05/01/32
    0

    7815271          286/286             F           90,400.00         ZZ
                                         360         90,187.15          1
                                       7.250            616.69         90
                                       7.000            616.69
1

    GARLAND          TX   75044          1            05/13/02         12
    1326869                              05           07/01/02         25
    1326869                              N            06/01/32
    0

    7815283          286/286             F           87,300.00         ZZ
                                         360         87,118.57          1
                                       7.875            632.99         90
                                       7.625            632.99
    FREDERICK        MD   21702          1            05/30/02         10
    1099731                              03           07/01/02         30
    1099731                              N            06/01/32
    0

    7815285          286/286             F           84,800.00         ZZ
                                         360         84,623.77          1
                                       7.875            614.86         80
                                       7.625            614.86
    OREM             UT   84058          1            05/30/02         00
    816311                               01           07/01/02          0
    816311                               N            06/01/32
    0

    7815293          286/286             F           67,950.00         ZZ
                                         360         67,808.77          1
                                       7.875            492.69         90
                                       7.625            492.69
    CONLEY           GA   30288          1            05/28/02         10
    1324632                              05           07/01/02         25
    1324632                              N            06/01/32
    0

    7815303          286/286             F           69,300.00         ZZ
                                         360         69,152.30          2
                                       7.750            496.48         87
                                       7.500            496.48
    INDIANAPOLIS     IN   46219          2            05/10/02         11
    1277470                              05           07/01/02         25
    1277470                              N            06/01/32
    0

    7815307          286/286             F           68,000.00         ZZ
                                         360         67,855.06          1
                                       7.750            487.17         80
                                       7.500            487.17
    INDIANAPOLIS     IN   46218          1            05/29/02         00
    1293320                              05           07/01/02          0
    1293320                              N            06/01/32
    0
1

    7815323          286/286             F           63,040.00         ZZ
                                         360         62,851.12          4
                                       7.500            440.78         80
                                       7.250            440.78
    PORTSMOUTH       VA   23701          1            04/10/02         00
    754073                               05           06/01/02          0
    754073                               N            05/01/32
    0

    7815337          286/286             F           75,600.00         ZZ
                                         360         75,446.79          1
                                       8.000            554.73         90
                                       7.750            554.73
    MURRAY           UT   84107          1            05/20/02         11
    794816                               05           07/01/02         25
    794816                               N            06/01/32
    0

    7815345          286/286             F           49,500.00         ZZ
                                         360         49,399.61          1
                                       8.000            363.21         90
                                       7.750            363.21
    BALTIMORE        MD   21223          1            05/22/02         11
    815556                               05           07/01/02         25
    815556                               N            06/01/32
    0

    7815347          286/286             F           65,100.00         ZZ
                                         360         64,968.09          1
                                       8.000            477.68         70
                                       7.750            477.68
    SUSANVILLE       CA   96130          5            05/15/02         00
    794581                               05           07/01/02          0
    794581                               N            06/01/32
    0

    7815355          286/286             F           65,800.00         ZZ
                                         360         65,666.66          1
                                       8.000            482.82         70
                                       7.750            482.82
    SUSANVILLE       CA   96130          5            05/16/02         00
    797707                               05           07/01/02          0
    797707                               N            06/01/32
    0

    7815365          286/286             F          114,750.00         ZZ
                                         360        114,205.67          2
1

                                       7.500            802.35         75
                                       7.250            802.35
    ESTACADA         OR   97023          1            05/09/02         00
    821597                               05           07/01/02          0
    821597                               N            06/01/32
    0

    7815369          286/286             F          114,750.00         ZZ
                                         360        114,260.89          2
                                       7.500            802.35         75
                                       7.250            802.35
    ESTACADA         OR   97023          1            05/09/02         00
    821599                               05           07/01/02          0
    821599                               N            06/01/32
    0

    7815393          286/286             F          124,000.00         ZZ
                                         360        123,637.60          3
                                       7.625            877.66         80
                                       7.375            877.66
    SHASTA LAKE      CA   96019          1            04/23/02         00
    739155                               05           06/01/02          0
    739155                               N            05/01/32
    0

    7815411          286/286             F           87,300.00         ZZ
                                         360         87,104.43          1
                                       7.500            610.41         90
                                       7.250            610.41
    SPOKANE          WA   99203          1            05/10/02         10
    818667                               05           07/01/02         25
    818667                               N            06/01/32
    0

    7815417          286/286             F           75,750.00         ZZ
                                         360         75,576.01          1
                                       7.375            523.19         75
                                       7.125            523.19
    ALBANY           OR   97321          2            05/28/02         00
    823874                               05           07/01/02          0
    823874                               N            06/01/32
    0

    7815419          286/286             F           75,750.00         ZZ
                                         360         75,576.01          1
                                       7.375            523.19         75
                                       7.125            523.19
    ALBANY           OR   97321          2            05/28/02         00
    823877                               05           07/01/02          0
1

    823877                               N            06/01/32
    0

    7815421          286/286             F           72,000.00         ZZ
                                         360         71,834.61          1
                                       7.375            497.29         75
                                       7.125            497.29
    ALBANY           OR   97321          2            05/28/02         00
    823881                               05           07/01/02          0
    823881                               N            06/01/32
    0

    7815423          286/286             F           72,000.00         ZZ
                                         360         71,834.61          1
                                       7.375            497.29         75
                                       7.125            497.29
    ALBANY           OR   97321          2            05/28/02         00
    823883                               05           07/01/02          0
    823883                               N            06/01/32
    0

    7815425          286/286             F           75,750.00         ZZ
                                         360         75,576.01          1
                                       7.375            523.19         75
                                       7.125            523.19
    ALBANY           OR   97321          2            05/13/02         00
    824561                               05           07/01/02          0
    824561                               N            06/01/32
    0

    7815427          286/286             F           84,350.00         ZZ
                                         360         84,156.28          1
                                       7.375            582.58         75
                                       7.125            582.58
    ALBANY           OR   97321          2            05/13/02         00
    824562                               05           07/01/02          0
    824562                               N            06/01/32
    0

    7815429          286/286             F           84,350.00         ZZ
                                         360         84,156.28          1
                                       7.375            582.58         75
                                       7.125            582.58
    ALBANY           OR   97321          2            05/13/02         00
    824568                               05           07/01/02          0
    824568                               N            06/01/32
    0

1

    7815431          286/286             F           75,750.00         ZZ
                                         360         75,576.01          1
                                       7.375            523.19         75
                                       7.125            523.19
    ALBANY           OR   97321          2            05/13/02         00
    824571                               05           07/01/02          0
    824571                               N            06/01/32
    0

    7815445          286/286             F           81,750.00         ZZ
                                         360         81,557.52          1
                                       7.250            557.68         75
                                       7.000            557.68
    WILLITS          CA   95490          5            05/20/02         00
    796236                               05           07/01/02          0
    796236                               N            06/01/32
    0

    7815447          286/286             F          128,000.00         ZZ
                                         360        127,698.61          2
                                       7.250            873.19         80
                                       7.000            873.19
    WILLITS          CA   95490          5            05/20/02         00
    796266                               05           07/01/02          0
    796266                               N            06/01/32
    0

    7815459          286/286             F           65,250.00         ZZ
                                         360         65,107.41          1
                                       7.625            461.84         90
                                       7.375            461.84
    GLENDALE         AZ   85301          1            05/20/02         21
    796323                               03           07/01/02         25
    796323                               N            06/01/32
    0

    7815461          286/286             F           94,500.00         ZZ
                                         360         94,288.29          1
                                       7.500            660.76         90
                                       7.250            660.76
    MORENO VALLEY    CA   92553          1            05/17/02         10
    798565                               05           07/01/02         25
    798565                               N            06/01/32
    0

    7815491          286/286             F          248,950.00         ZZ
                                         360        248,349.18          1
                                       7.125          1,677.23         90
                                       6.875          1,677.23
1

    FORT WASHINGTON  MD   20744          2            05/31/02         12
    660740                               03           07/01/02         25
    660740                               O            06/01/32
    0

    7815529          286/286             F          107,900.00         ZZ
                                         360        107,722.60          1
                                       7.000            717.86         90
                                       6.750            717.86
    BARNEGAT         NJ   08005          1            06/17/02         10
    1301785                              05           08/01/02         17
    1301785                              O            07/01/32
    0

    7815537          286/286             F           90,000.00         ZZ
                                         360         89,713.98          1
                                       6.875            591.24         61
                                       6.625            591.24
    HENDERSON        NV   89015          1            06/12/02         00
    1024616                              05           08/01/02          0
    1024616                              O            07/01/32
    0

    7815541          286/286             F          103,000.00         ZZ
                                         360        102,826.43          1
                                       6.875            676.64         63
                                       6.625            676.64
    BARNEGAT         NJ   08005          5            06/13/02         00
    1333770                              05           08/01/02          0
    1333770                              O            07/01/32
    0

    7815561          286/286             F          114,300.00         ZZ
                                         360        114,121.12          1
                                       7.250            779.73         90
                                       7.000            779.73
    ROANOKE          VA   24018          1            06/17/02         12
    1010394                              05           08/01/02         25
    1010394                              O            07/01/32
    0

    7816197          N74/G02             F          107,000.00         ZZ
                                         360        106,810.68          1
                                       6.625            685.13         70
                                       6.375            685.13
    RICHMOND         VA   23227          2            06/21/02         00
    0434213302                           05           08/01/02          0
    0030357010                           O            07/01/32
    0
1

    7820453          E22/G02             F           86,000.00         ZZ
                                         360         85,865.42          1
                                       7.250            586.67         77
                                       7.000            586.67
    WELLINGTON       FL   33414          1            06/28/02         00
    0414321505                           09           08/01/02          0
    0414321505                           N            07/01/32
    0

    7820469          E22/G02             F          108,000.00         ZZ
                                         360        107,826.75          1
                                       7.125            727.62         80
                                       6.875            727.62
    PLANO            TX   75075          1            06/27/02         00
    0414328716                           05           08/01/02          0
    0414328716                           O            07/01/32
    0

    7820555          E22/G02             F          140,000.00         ZZ
                                         360        139,775.42          1
                                       7.125            943.21         80
                                       6.875            943.21
    MESQUITE         TX   75149          2            06/24/02         00
    0414353201                           05           08/01/02          0
    0414353201                           O            07/01/32
    0

    7822213          L68/G02             F          306,600.00         ZZ
                                         360        306,342.42          1
                                       6.875          2,014.14         70
                                       6.625          2,014.14
    CLINTON          MI   49236          5            07/23/02         00
    0434433553                           05           09/01/02          0
    7265010                              O            08/01/32
    0

    7823453          E22/G02             F          310,000.00         ZZ
                                         360        309,451.49          1
                                       6.625          1,984.96         69
                                       6.375          1,984.96
    ARDEN            NC   28704          1            07/01/02         00
    0414152371                           05           08/01/02          0
    0414152371                           O            07/01/32
    0

    7823483          E22/G02             F          100,600.00         ZZ
                                         360        100,430.48          1
1

                                       6.875            660.87         83
                                       6.625            660.87
    SAND SPRINGS     OK   74063          2            06/26/02         04
    0414221853                           05           08/01/02         12
    0414221853                           O            07/01/32
    0

    7823493          E22/G02             F           47,600.00         ZZ
                                         360         47,529.12          1
                                       7.500            332.83         85
                                       7.250            332.83
    HUNTSVILLE       AL   35810          2            06/26/02         04
    0414226894                           05           08/01/02         12
    0414226894                           O            07/01/32
    0

    7823651          E22/G02             F          100,000.00         ZZ
                                         360         99,839.59          1
                                       7.125            673.72         71
                                       6.875            673.72
    GARDENDALE       AL   35180          2            06/21/02         00
    0414331892                           05           08/01/02          0
    0414331892                           O            07/01/32
    0

    7823691          E22/G02             F           90,300.00         ZZ
                                         360         90,151.53          1
                                       7.000            600.77         80
                                       6.750            600.77
    SAN ANTONIO      TX   78232          1            06/28/02         00
    0414385161                           05           08/01/02          0
    0414385161                           N            07/01/32
    0

    7823731          N74/G02             F          103,428.00         ZZ
                                         360        103,165.83          1
                                       6.875            679.45         75
                                       6.625            679.45
    OLIVE BRANCH     MS   38654          2            06/24/02         00
    0434374971                           05           07/28/02          0
    0030371010                           O            06/28/32
    0

    7823773          822/G02             F           94,250.00         ZZ
                                         360         94,098.81          3
                                       7.125            634.98         65
                                       6.875            634.98
    PROVIDENCE       RI   02909          5            06/21/02         00
    0434364907                           05           08/01/02          0
1

    3806053022                           N            07/01/32
    0

    7825801          N74/G02             F          107,200.00         ZZ
                                         360        106,912.13          1
                                       7.000            713.20         80
                                       6.750            713.20
    DRY FORK         VA   24549          5            06/28/02         00
    0434245742                           05           09/01/02          0
    0030402010                           O            08/01/32
    0

    7827473          E47/G02             F          110,000.00         ZZ
                                         360        109,790.71          1
                                       6.250            677.29         64
                                       6.000            677.29
    SACRAMENTO       CA   95820          5            06/03/02         00
    0434322921                           05           08/01/02          0
    7333012241                           O            07/01/32
    0

    7828139          B57/G02             F          100,000.00         ZZ
                                         360         99,831.50          1
                                       6.875            656.93         80
                                       6.625            656.93
    MESA             AZ   85201          1            06/20/02         00
    0434232781                           05           08/01/02          0
    20000447                             O            07/01/32
    0

    7829783          E22/G02             F          100,000.00         ZZ
                                         360         99,764.08          1
                                       7.375            690.68         72
                                       7.125            690.68
    HOBE SOUND       FL   33455          5            06/28/02         00
    0414215525                           05           08/01/02          0
    0414215525                           O            07/01/32
    0

    7830381          U05/G02             F          162,000.00         ZZ
                                         360        161,727.04          1
                                       6.875          1,064.22         80
                                       6.625          1,064.22
    VANCOUVER        WA   98662          1            06/19/02         00
    0434345500                           05           08/01/02          0
    3237135                              O            07/01/32
    0

1

    7830667          144/144             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         73
                                       6.625          4,270.04
    CHAPPAQUA        NY   10514          2            06/13/02         00
    01EROBINSR                           05           08/01/02          0
    01EROBINSR                           O            07/01/32
    0

    7831451          601/G02             F          108,900.00         ZZ
                                         360        108,749.60          1
                                       7.875            789.61         88
                                       7.625            789.61
    WORCESTER        MA   01605          1            06/13/02         11
    0434232583                           05           08/01/02         25
    61468039                             O            07/01/32
    0

    7833781          E22/G02             F          205,600.00         ZZ
                                         360        205,278.27          1
                                       7.250          1,402.55         80
                                       7.000          1,402.55
    DRIGGS           ID   83422          5            06/26/02         00
    0414142224                           05           08/01/02          0
    0414142224                           O            07/01/32
    0

    7833877          E22/G02             F           58,500.00         ZZ
                                         360         58,461.73          1
                                       8.125            434.36         90
                                       7.875            434.36
    NEW ORLEANS      LA   70119          1            07/05/02         01
    0414356527                           05           09/01/02         25
    0414356527                           N            08/01/32
    0

    7833891          E22/G02             F           84,000.00         ZZ
                                         360         83,858.46          1
                                       6.875            551.82         80
                                       6.625            551.82
    ST. PETERSBURG   FL   33710          1            07/05/02         00
    0414396499                           05           08/01/02          0
    0414396499                           N            07/01/32
    0

    7834467          E45/G02             F          440,000.00         ZZ
                                         360        439,240.21          1
                                       6.750          2,853.83         80
                                       6.500          2,853.83
1

    VENTURA          CA   93003          5            06/03/02         00
    0434243309                           05           08/01/02          0
    248290                               O            07/01/32
    0

    7834943          405/405             F          328,000.00         ZZ
                                         360        327,433.59          1
                                       6.750          2,127.41         80
                                       6.500          2,127.41
    BURBANK          CA   91504          1            06/19/02         00
    0018523605                           05           08/01/02          0
    0018523605                           O            07/01/32
    0

    7836117          Q87/G02             F          102,150.00         ZZ
                                         360        101,990.16          1
                                       7.250            696.84         90
                                       7.000            696.84
    TIMBERVILLE      VA   22853          5            06/25/02         10
    0434324596                           05           08/01/02         25
    DOED01                               O            07/01/32
    0

    7838177          E22/G02             F          131,100.00         ZZ
                                         360        130,927.92          2
                                       8.125            973.41         95
                                       7.875            973.41
    BRISTOL          CT   06010          5            07/01/02         10
    0414135723                           05           08/01/02         30
    0414135723                           O            07/01/32
    0

    7838211          E22/G02             F          100,000.00         ZZ
                                         360         99,915.99          1
                                       6.875            656.93         80
                                       6.625            656.93
    PUEBLO           CO   81005          5            07/01/02         00
    0414208520                           05           09/01/02          0
    0414208520                           O            08/01/32
    0

    7838277          E22/G02             F          108,000.00         ZZ
                                         360        107,911.47          1
                                       7.000            718.53         80
                                       6.750            718.53
    BAY SAINT LOUIS  MS   39520          5            07/02/02         00
    0414274340                           05           09/01/02          0
    0414274340                           O            08/01/32
    0
1

    7838459          E22/G02             F          334,400.00         ZZ
                                         360        334,112.09          1
                                       6.750          2,168.91         80
                                       6.500          2,168.91
    BELLEVUE         WA   98006          5            07/01/02         00
    0414370288                           05           09/01/02          0
    0414370288                           O            08/01/32
    0

    7842721          E22/G02             F          231,000.00         ZZ
                                         360        230,819.80          1
                                       7.250          1,575.83         70
                                       7.000          1,575.83
    HOWELL           NJ   07731          5            07/03/02         00
    0414268128                           05           09/01/02          0
    0414268128                           O            08/01/32
    0

    7843813          601/G02             F          109,700.00         ZZ
                                         360        109,544.64          1
                                       7.750            785.91         90
                                       7.500            785.91
    CANTON           GA   30114          1            06/25/02         10
    0434247904                           05           08/01/02         25
    61558060                             O            07/01/32
    0

    7843819          601/G02             F          123,500.00         ZZ
                                         360        123,301.89          1
                                       7.125            832.05         80
                                       6.875            832.04
    OAK FOREST       IL   60452          1            06/26/02         00
    0434244059                           05           08/01/02          0
    61566451                             O            07/01/32
    0

    7845591          E57/G02             F          112,000.00         ZZ
                                         360        111,910.44          1
                                       7.125            754.56         54
                                       6.875            754.56
    MURRIETA         CA   92562          5            07/01/02         00
    0434315693                           05           09/01/02          0
    6008107                              O            08/01/32
    0

    7846139          783/G02             F          112,000.00         ZZ
                                         360        111,841.90          2
1

                                       6.625            717.15         68
                                       6.375            717.15
    ELLENSBURG       WA   98926          5            06/27/02         00
    0434264537                           05           09/01/02          0
    9420060006                           O            08/01/32
    0

    7846305          N74/G02             F          106,800.00         ZZ
                                         360        106,718.74          1
                                       7.375            737.64         74
                                       7.125            737.64
    AUSTIN           TX   78745          5            07/01/02         00
    0434337523                           05           09/01/02          0
    0030409010                           O            08/01/32
    0

    7847207          196/G02             F           79,450.00         ZZ
                                         360         79,334.61          2
                                       7.625            562.35         70
                                       7.375            562.35
    LAKEWOOD         OH   44107          5            06/06/02         00
    0434297180                           05           08/01/02          0
    1535160                              N            07/01/32
    0

    7847309          196/G02             F          110,000.00         ZZ
                                         360        109,819.13          1
                                       7.000            731.84         80
                                       6.750            731.84
    HAMDEN           CT   06517          5            06/18/02         00
    0434321147                           05           08/01/02          0
    1542615                              O            07/01/32
    0

    7847329          196/G02             F          148,000.00         ZZ
                                         360        147,750.60          2
                                       6.875            972.26         67
                                       6.625            972.26
    LOS ANGELES      CA   90007          5            06/13/02         00
    0434326450                           05           08/01/02          0
    1543527                              O            07/01/32
    0

    7847349          196/G02             F          164,792.00         ZZ
                                         360        164,507.44          1
                                       6.750          1,068.84         80
                                       6.500          1,068.84
    BEAUMONT         CA   92223          1            06/13/02         00
    0434395935                           05           08/01/02          0
1

    1544357                              O            07/01/32
    0

    7848845          X67/G02             F          110,000.00         ZZ
                                         360        107,293.73          1
                                       6.875            722.62         58
                                       6.625            722.62
    CHESTER          NY   10918          1            06/27/02         00
    0434281796                           05           08/01/02          0
    240765                               O            07/01/32
    0

    7848911          E22/G02             F           76,500.00         ZZ
                                         360         76,444.63          1
                                       7.625            541.46         90
                                       7.375            541.46
    KALAMAZOO        MI   49008          1            07/11/02         04
    0414288944                           05           09/01/02         25
    0414288944                           N            08/01/32
    0

    7848937          E22/G02             F          355,200.00         ZZ
                                         360        354,894.18          1
                                       6.750          2,303.82         80
                                       6.500          2,303.82
    SANTA CLARA      CA   95050          1            07/02/02         00
    0414341917                           05           09/01/02          0
    0414341917                           O            08/01/32
    0

    7850087          J95/G02             F          113,000.00         ZZ
                                         360        112,843.95          3
                                       7.875            819.33         95
                                       7.625            819.33
    BRIDGEPORT       CT   06604          1            06/14/02         10
    0434244596                           05           08/01/02         30
    0029264264                           O            07/01/32
    0

    7851639          196/G02             F          421,000.00         ZZ
                                         360        420,324.66          1
                                       7.125          2,836.36         71
                                       6.875          2,836.36
    BRIGHTON         MI   48116          2            06/28/02         00
    0434284543                           29           08/01/02          0
    1539272                              O            07/01/32
    0

1

    7851649          196/G02             F          171,563.00         ZZ
                                         360        171,280.90          1
                                       7.000          1,141.42         75
                                       6.750          1,141.42
    BEAUMONT         CA   92223          1            06/21/02         00
    0434396685                           05           08/01/02          0
    1540906                              O            07/01/32
    0

    7851659          196/G02             F          366,400.00         ZZ
                                         360        365,448.26          1
                                       6.750          2,376.47         80
                                       6.500          2,376.47
    ANAHEIM          CA   92807          1            05/31/02         00
    0434288650                           29           07/01/02          0
    1542645                              O            06/01/32
    0

    7853091          K15/G02             F          112,100.00         ZZ
                                         360        112,008.12          1
                                       7.000            745.80         54
                                       6.750            745.80
    CAPE NEDDICK     ME   03902          5            07/08/02         00
    0434288338                           05           09/01/02          0
    007105309680                         O            08/01/32
    0

    7854383          822/G02             F          103,200.00         ZZ
                                         360        103,030.31          1
                                       7.000            686.60         80
                                       6.750            686.60
    WEST WARWICK     RI   02893          1            06/28/02         00
    0434296869                           05           08/01/02          0
    3446027297                           O            07/01/32
    0

    7854427          A46/G02             F          102,600.00         ZZ
                                         360        102,447.22          1
                                       7.500            717.40         95
                                       7.250            717.40
    WILLIS           TX   77318          1            06/28/02         04
    0434329553                           03           08/01/02         30
    0560107                              O            07/01/32
    0

    7855527          Q14/G02             F          100,000.00         ZZ
                                         360         99,921.99          1
                                       7.250            682.18         80
                                       7.000            682.18
1

    FARMINGTON       NM   87401          1            07/11/02         00
    0434330403                           05           09/01/02          0
    02W1906                              O            08/01/32
    0

    7856261          F62/G02             F          430,000.00         ZZ
                                         360        429,656.14          1
                                       7.125          2,896.99         78
                                       6.875          2,896.99
    PARKLAND         FL   33076          1            07/11/02         00
    0434433256                           05           09/01/02          0
    MFFL3120                             O            08/01/32
    0

    7857025          N67/G02             F          234,000.00         ZZ
                                         360        233,729.76          2
                                       8.750          1,840.88         90
                                       8.500          1,840.88
    CHICAGO          IL   60639          1            06/06/02         01
    0434286530                           05           08/01/02         30
    3261001037A                          O            07/01/32
    0

    7857329          E22/G02             F           32,000.00         ZZ
                                         360         31,978.53          1
                                       8.000            234.80         80
                                       7.750            234.80
    GREENACRES       FL   33415          1            07/15/02         00
    0413978859                           01           09/01/02          0
    0413978859                           O            08/01/32
    0

    7857419          E22/G02             F          100,800.00         ZZ
                                         360        100,725.19          1
                                       7.500            704.81         90
                                       7.250            704.81
    HOUSTON          TX   77075          2            07/09/02         04
    0414289553                           05           09/01/02         25
    0414289553                           O            08/01/32
    0

    7857509          E22/G02             F           52,360.00         ZZ
                                         360         52,319.15          1
                                       7.250            357.19         75
                                       7.000            357.19
    KALAMAZOO        MI   49001          1            07/15/02         00
    0414348052                           05           09/01/02          0
    0414348052                           N            08/01/32
    0
1

    7857609          E22/G02             F          119,700.00         ZZ
                                         360        119,611.17          1
                                       7.500            836.96         95
                                       7.250            836.96
    MIAMI            FL   33055          1            07/15/02         04
    0414410514                           05           09/01/02         30
    0414410514                           O            08/01/32
    0

    7857611          E22/G02             F          109,600.00         ZZ
                                         360        109,503.30          1
                                       6.625            701.78         80
                                       6.375            701.78
    REDMOND          OR   97756          1            07/03/02         00
    0414412007                           05           09/01/02          0
    0414412007                           O            08/01/32
    0

    7860441          964/G02             F           77,400.00         ZZ
                                         360         77,338.10          1
                                       7.125            521.46         90
                                       6.875            521.46
    FORT WORTH       TX   76107          1            07/11/02         04
    0434328605                           05           09/01/02         25
    230169                               N            08/01/32
    0

    7860785          E22/G02             F          103,500.00         ZZ
                                         360        103,321.30          1
                                       7.500            723.69         90
                                       7.250            723.69
    HAZEL PARK       MI   48030          2            07/11/02         01
    0414274464                           05           09/01/02         25
    0414274464                           O            08/01/32
    0

    7860815          E22/G02             F          104,100.00         ZZ
                                         360        104,026.52          1
                                       7.750            745.79         74
                                       7.500            745.79
    RICHARDSON       TX   75080          5            07/11/02         00
    0414331090                           05           09/01/02          0
    0414331090                           O            08/01/32
    0

    7860919          E22/G02             F          103,000.00         T
                                         360        102,925.45          1
1

                                       7.625            729.03         61
                                       7.375            729.03
    LAKE ARROWHEAD   CA   92352          5            07/10/02         00
    0414407783                           05           09/01/02          0
    0414407783                           O            08/01/32
    0

    7860943          E22/G02             F           81,000.00         ZZ
                                         360         80,945.65          1
                                       8.000            594.35         90
                                       7.750            594.35
    HOUSTON          TX   77007          1            07/12/02         01
    0414435743                           05           09/01/02         25
    0414435743                           N            08/01/32
    0

    7862015          737/G02             F          193,500.00         ZZ
                                         360        193,232.79          4
                                       7.875          1,403.01         90
                                       7.625          1,403.01
    CHICAGO          IL   60651          1            06/27/02         12
    0434324299                           05           08/01/02         25
    2071345                              N            07/01/32
    0

    7862617          R65/G02             F          351,000.00         ZZ
                                         360        350,697.80          1
                                       6.750          2,276.58         80
                                       6.500          2,276.58
    LOS ANGELES      CA   91325          1            07/03/02         00
    0434410775                           05           09/01/02          0
    00407743                             O            08/01/32
    0

    7862761          E44/G02             F          110,250.00         ZZ
                                         360        110,168.18          4
                                       7.500            770.88         90
                                       7.250            770.88
    LOGAN            UT   84321          1            07/12/02         01
    0434315990                           05           09/01/02         25
    45020140                             N            08/01/32
    0

    7865977          U05/G02             F          109,000.00         ZZ
                                         360        108,829.43          1
                                       7.250            743.57         95
                                       7.000            743.57
    INDIANAPOLIS     IN   46237          2            06/26/02         11
    0434324745                           05           08/01/02         30
1

    3240473                              O            07/01/32
    0

    7867055          E22/G02             F           83,250.00         ZZ
                                         360         83,192.71          1
                                       7.875            603.62         90
                                       7.625            603.62
    WOODSTOCK        IL   60098          1            07/18/02         11
    0414474486                           05           09/01/02         25
    0414474486                           N            08/01/32
    0

    7867057          E22/G02             F           63,000.00         ZZ
                                         360         62,950.86          1
                                       7.250            429.77         90
                                       7.000            429.77
    WEST PALM BEACH  FL   33409          1            07/18/02         04
    0414477331                           05           09/01/02         25
    0414477331                           N            08/01/32
    0

    7868487          E65/G02             F          116,720.00         ZZ
                                         360        116,633.38          1
                                       7.500            816.12         80
                                       7.250            816.12
    ZEELAND          MI   49464          1            07/17/02         00
    0434332557                           29           09/01/02          0
    250043                               O            08/01/32
    0

    7869235          737/G02             F           76,000.00         ZZ
                                         360         75,946.36          1
                                       7.750            544.47         80
                                       7.500            544.47
    PALMDALE         CA   93550          2            07/05/02         00
    0434337333                           05           09/01/02          0
    2070751                              N            08/01/32
    0

    7871127          E22/G02             F          184,000.00         ZZ
                                         360        183,849.17          2
                                       7.000          1,224.16         80
                                       6.750          1,224.16
    SOUTH LAKE TAHO  CA   96150          1            07/12/02         00
    0414401935                           05           09/01/02          0
    0414401935                           N            08/01/32
    0

1

    7871185          E22/G02             F           27,900.00         ZZ
                                         360         27,882.21          1
                                       8.250            209.60         90
                                       8.000            209.60
    DAYTON           OH   45404          1            07/19/02         11
    0414432294                           05           09/01/02         25
    0414432294                           N            08/01/32
    0

    7871205          E22/G02             F          103,550.00         ZZ
                                         360        103,475.05          1
                                       7.625            732.92         95
                                       7.375            732.92
    OGDEN            UT   84403          1            07/12/02         04
    0414442533                           05           09/01/02         25
    0414442533                           O            08/01/32
    0

    7871221          E22/G02             F           84,000.00         ZZ
                                         360         83,942.19          1
                                       7.875            609.06         69
                                       7.625            609.06
    DETROIT          MI   48098          5            07/19/02         00
    0414449330                           05           09/01/02          0
    0414449330                           N            08/01/32
    0

    7871265          E22/G02             F          216,000.00         ZZ
                                         360        215,716.10          1
                                       7.250          1,473.50         90
                                       7.000          1,473.50
    MAYNARD          MA   01754          1            07/19/02         01
    0414487140                           05           09/01/02         25
    0414487140                           O            08/01/32
    0

    7872583          R84/G02             F           93,600.00         ZZ
                                         360         93,526.98          1
                                       7.250            638.52         80
                                       7.000            638.52
    CROSBY           TX   77532          5            07/12/02         00
    0434330528                           05           09/01/02          0
    0588219                              O            08/01/32
    0

    7873047          964/G02             F          386,400.00         T
                                         360        386,075.38          1
                                       6.875          2,538.37         80
                                       6.625          2,538.37
1

    LAS VEGAS        NV   89129          1            07/15/02         00
    0434489720                           03           09/01/02          0
    227831                               O            08/01/32
    0

    7873115          U85/G02             F           97,000.00         ZZ
                                         360         96,903.44          2
                                       6.000            581.56         61
                                       5.750            581.56
    MILWAUKEE        WI   53225          2            07/10/02         00
    0434325759                           05           09/01/02          0
    LIDDELL                              O            08/01/32
    0

    7874245          N67/G02             F          235,000.00         ZZ
                                         360        234,570.88          2
                                       8.125          1,744.86         89
                                       7.875          1,744.86
    LINDEN           NJ   07036          1            06/27/02         01
    0434305439                           05           08/01/02         35
    3261000865A                          O            07/01/32
    0

    7874891          B39/G02             F          171,000.00         ZZ
                                         360        170,873.09          1
                                       7.500          1,195.66        100
                                       7.250          1,195.66
    PRIOR LAKE       MN   55372          1            07/19/02         04
    0434346292                           05           09/01/02         35
    20021711F                            O            08/01/32
    0

    7875189          E22/G02             F          153,000.00         ZZ
                                         360        152,886.45          1
                                       7.500          1,069.80         90
                                       7.250          1,069.80
    CROMWELL         CT   06416          1            07/22/02         01
    0414298497                           05           09/01/02         25
    0414298497                           O            08/01/32
    0

    7875381          E22/G02             F           49,600.00         ZZ
                                         360         49,564.99          1
                                       7.750            355.34         80
                                       7.500            355.34
    PASCO            WA   99301          1            07/11/02         00
    0414446401                           05           09/01/02          0
    0414446401                           O            08/01/32
    0
1

    7876781          S27/G02             F          200,250.00         ZZ
                                         360        200,093.78          1
                                       7.250          1,366.06         90
                                       7.000          1,366.06
    TOMS RIVER       NJ   08753          1            07/15/02         11
    0434380044                           01           09/01/02         30
    1130009412                           O            08/01/32
    0

    7878115          E22/G02             F           75,000.00         ZZ
                                         360         74,947.06          1
                                       7.750            537.31         75
                                       7.500            537.31
    SPRING           TX   77375          5            07/22/02         00
    0414449116                           03           09/01/02          0
    0414449116                           N            08/01/32
    0

    7880035          116/116             F          452,800.00         ZZ
                                         360        452,800.00          1
                                       6.625          2,899.33         53
                                       6.375          2,899.33
    HOUSTON          TX   77024          2            08/16/02         00
    091022200                            03           10/01/02          0
    091022200                            O            09/01/32
    0

    7880471          E22/G02             F          341,800.00         ZZ
                                         360        341,505.72          1
                                       6.750          2,216.91         87
                                       6.500          2,216.91
    STATELINE        NV   89449          5            07/11/02         01
    0414188391                           05           09/01/02         25
    0414188391                           O            08/01/32
    0

    7880517          E22/G02             F           65,600.00         ZZ
                                         360         65,551.32          1
                                       7.500            458.68         80
                                       7.250            458.68
    FRESNO           CA   93702          1            07/02/02         00
    0414310110                           05           09/01/02          0
    0414310110                           N            08/01/32
    0

    7880777          E22/G02             F           62,100.00         ZZ
                                         360         62,047.83          1
1

                                       6.875            407.95         90
                                       6.625            407.95
    STUART           FL   34997          1            07/24/02         01
    0414528356                           05           09/01/02         25
    0414528356                           N            08/01/32
    0

    7880789          E22/G02             F          152,000.00         ZZ
                                         360        151,895.39          4
                                       7.875          1,102.11         80
                                       7.625          1,102.11
    LAKE WORTH       FL   33460          1            07/24/02         00
    0414554402                           05           09/01/02          0
    0414554402                           N            08/01/32
    0

    7880817          E82/G02             F           67,000.00         ZZ
                                         360         66,945.08          2
                                       7.000            445.75         69
                                       6.750            445.75
    MYRTLE BEACH     SC   29577          2            07/24/02         00
    0400653879                           05           09/01/02          0
    0400653879                           N            08/01/32
    0

    7880851          738/G02             F          108,900.00         ZZ
                                         360        108,745.77          1
                                       7.750            780.18         90
                                       7.500            780.18
    MIAMI BEACH      FL   33139          1            06/26/02         10
    0434328720                           01           08/01/02         25
    40482844                             O            07/01/32
    0

    7881133          E47/G02             F          160,000.00         ZZ
                                         360        159,858.83          1
                                       6.625          1,024.50         78
                                       6.375          1,024.50
    STOCKTON         CA   95206          5            07/16/02         00
    0434330833                           05           09/01/02          0
    7333012297                           O            08/01/32
    0

    7881331          F61/G02             F          112,500.00         ZZ
                                         360        112,410.04          1
                                       7.125            757.93         84
                                       6.875            757.93
    SEATTLE          WA   98101          1            07/19/02         04
    0434343729                           01           09/01/02         12
1

    020903S                              O            08/01/32
    0

    7882099          W02/G02             F          100,000.00         ZZ
                                         360         99,913.90          1
                                       6.750            648.60         74
                                       6.500            648.60
    LITHONIA         GA   30058          5            07/17/02         00
    0434334165                           05           09/01/02          0
    1001312410                           O            08/01/32
    0

    7882485          964/G02             F          399,950.00         ZZ
                                         360        399,605.65          1
                                       6.750          2,594.07         80
                                       6.500          2,594.07
    SAN MATEO        CA   94403          2            07/18/02         00
    0434335915                           01           09/01/02          0
    224952                               O            08/01/32
    0

    7883011          E22/G02             F          149,000.00         ZZ
                                         360        148,880.85          3
                                       7.125          1,003.84         73
                                       6.875          1,003.84
    LOS ANGELES      CA   90031          2            07/16/02         00
    0414266999                           05           09/01/02          0
    0414266999                           O            08/01/32
    0

    7883103          E22/G02             F           89,100.00         ZZ
                                         360         89,028.75          1
                                       7.125            600.28         90
                                       6.875            600.28
    DELRAY BEACH     FL   33444          1            07/25/02         01
    0414469007                           05           09/01/02         25
    0414469007                           N            08/01/32
    0

    7883241          E82/G02             F          195,700.00         ZZ
                                         360        195,551.09          1
                                       7.375          1,351.65         79
                                       7.125          1,351.65
    DRAPER           UT   84020          2            07/19/02         00
    0400656088                           05           09/01/02          0
    1931116                              O            08/01/32
    0

1

    7883281          E82/G02             F          336,300.00         ZZ
                                         360        336,017.47          1
                                       6.875          2,209.25         80
                                       6.625          2,209.25
    ELIZABETH        CO   80107          2            07/19/02         00
    0400663035                           05           09/01/02          0
    4703148                              O            08/01/32
    0

    7883835          313/G02             F          207,000.00         ZZ
                                         360        206,676.06          1
                                       7.250          1,412.11         90
                                       7.000          1,412.11
    ATLANTA          GA   30328          1            06/12/02         11
    0434329595                           05           08/01/02         25
    8787640                              O            07/01/32
    0

    7883865          313/G02             F           88,000.00         ZZ
                                         360         87,797.86          1
                                       7.375            607.80         67
                                       7.125            607.80
    ALEXANDRIA       VA   22314          5            05/23/02         00
    0434331963                           01           07/01/02          0
    8757106                              N            06/01/32
    0

    7883879          313/G02             F          100,800.00         ZZ
                                         360        100,512.27          4
                                       7.750            722.15         80
                                       7.500            722.15
    PAWTUCKET        RI   02860          1            06/04/02         00
    0434338737                           05           07/01/02          0
    8760043                              N            06/01/32
    0

    7884053          N74/G02             F           80,000.00         ZZ
                                         360         79,940.63          1
                                       7.500            559.37         73
                                       7.250            559.37
    GREENSBORO       NC   27406          5            07/24/02         00
    0434340196                           03           09/01/02          0
    0030488010                           N            08/01/32
    0

    7884175          X16/G02             F           76,000.00         ZZ
                                         360         75,943.60          1
                                       7.500            531.40         76
                                       7.250            531.40
1

    STOUTSVILLE      OH   43154          2            07/22/02         00
    0434342945                           05           09/01/02          0
    0010068302                           N            08/01/32
    0

    7884257          S27/G02             F          108,000.00         ZZ
                                         360        107,915.74          1
                                       7.250            736.75         80
                                       7.000            736.75
    NAPLES           FL   34116          5            07/18/02         00
    0434337226                           05           09/01/02          0
    1010020940                           O            08/01/32
    0

    7884587          U05/G02             F           69,750.00         ZZ
                                         360         69,701.99          1
                                       7.875            505.74         70
                                       7.625            505.74
    FORT WORTH       TX   76137          5            07/09/02         00
    0434401790                           05           09/01/02          0
    3236752                              N            08/01/32
    0

    7884663          N74/G02             F          102,000.00         ZZ
                                         360        101,910.01          1
                                       6.625            653.12         87
                                       6.375            653.12
    JACKSONVILLE     NC   28540          2            07/23/02         10
    0434367942                           05           09/01/02         25
    003450010                            O            08/01/32
    0

    7884791          286/286             F           54,050.00         ZZ
                                         360         53,957.25          1
                                       8.000            396.60         95
                                       7.750            396.60
    FONTANA          CA   92335          1            06/26/02         14
    1325555                              01           08/01/02         30
    1325555                              O            07/01/32
    0

    7885225          964/G02             F           90,000.00         ZZ
                                         360         89,931.52          2
                                       7.375            621.61         90
                                       7.125            621.61
    SHOW LOW         AZ   85901          1            07/01/02         02
    0434328621                           05           09/01/02         25
    213830                               N            08/01/32
    0
1

    7885301          964/G02             F          161,250.00         ZZ
                                         360        160,957.67          1
                                       6.500          1,019.21         75
                                       6.250          1,019.21
    VANCOUVER        WA   98665          5            07/03/02         00
    0434334868                           05           08/01/02          0
    226758                               O            07/01/32
    0

    7885571          E22/G02             F          230,000.00         ZZ
                                         360        229,820.57          2
                                       7.250          1,569.01         75
                                       7.000          1,569.01
    MILWAUKIE        OR   97222          2            07/23/02         00
    0413067836                           05           09/01/02          0
    0413067836                           N            08/01/32
    0

    7885577          E22/G02             F          122,600.00         ZZ
                                         360        122,489.16          1
                                       6.500            774.92         88
                                       6.250            774.92
    CLEVELAND        OH   44120          5            07/22/02         11
    0414063503                           05           09/01/02         25
    0414063503                           O            08/01/32
    0

    7885673          E22/G02             F          110,000.00         ZZ
                                         360        109,907.59          1
                                       6.875            722.62         80
                                       6.625            722.62
    JUPITER          FL   33458          1            07/25/02         00
    0414397331                           05           09/01/02          0
    0414397331                           O            08/01/32
    0

    7885961          E82/G02             F          106,000.00         ZZ
                                         360        105,910.95          1
                                       6.875            696.34         76
                                       6.625            696.34
    TACOMA           WA   98408          2            07/19/02         00
    0400658373                           05           09/01/02          0
    1873790                              O            08/01/32
    0

    7885965          E82/G02             F          111,000.00         ZZ
                                         360        110,906.75          1
1

                                       6.875            729.19         74
                                       6.625            729.19
    DISTRICT HEIGHT  MD   20747          2            07/22/02         00
    0400652293                           05           09/01/02          0
    1929990                              O            08/01/32
    0

    7886533          822/G02             F          123,300.00         ZZ
                                         360        123,198.93          3
                                       7.000            820.32         90
                                       6.750            820.32
    WOONSOCKET       RI   02869          1            07/10/02         10
    0434348447                           05           09/01/02         25
    3446027955                           N            08/01/32
    0

    7886589          A06/G02             F          115,600.00         ZZ
                                         360        115,414.57          1
                                       7.125            778.82         85
                                       6.875            778.82
    ADRIAN           MI   49221          5            06/28/02         11
    0434341772                           05           08/01/02         12
    021000020207983                      O            07/01/32
    0

    7886843          L20/G02             F           75,000.00         ZZ
                                         360         74,947.06          1
                                       7.750            537.31         68
                                       7.500            537.31
    BOISE            ID   83704          5            07/19/02         00
    0434343059                           05           09/01/02          0
    716067                               N            08/01/32
    0

    7888411          E22/G02             F          112,800.00         ZZ
                                         360        112,712.01          1
                                       7.250            769.49         80
                                       7.000            769.49
    MIAMI            FL   33184          1            07/29/02         00
    0414273573                           09           09/01/02          0
    0414273573                           O            08/01/32
    0

    7888485          E22/G02             F           87,300.00         ZZ
                                         360         87,231.90          1
                                       7.250            595.54         90
                                       7.000            595.54
    MOODY            AL   35004          1            07/29/02         04
    0414401018                           05           09/01/02         25
1

    0414401018                           N            08/01/32
    0

    7888987          E82/G02             F           70,600.00         ZZ
                                         360         70,544.92          1
                                       7.250            481.62         65
                                       7.000            481.62
    LAS VEGAS        NV   89107          2            07/30/02         00
    0400656716                           05           09/01/02          0
    0400656716                           N            08/01/32
    0

    7889989          X31/G02             F          145,000.00         ZZ
                                         360        144,892.39          2
                                       7.500          1,013.86         66
                                       7.250          1,013.86
    LOS ANGELES      CA   90011          2            07/19/02         00
    0434343810                           05           09/01/02          0
    40102907                             O            08/01/32
    0

    7890147          L16/G02             F          142,450.00         ZZ
                                         360        142,333.24          1
                                       7.000            947.72         75
                                       6.750            947.72
    BAKERSFIELD      CA   93312          1            07/25/02         00
    0434355285                           05           09/01/02          0
    12060368                             O            08/01/32
    0

    7890177          P59/G02             F           46,800.00         ZZ
                                         360         46,761.64          1
                                       7.000            311.36         90
                                       6.750            311.36
    CALIFORNIA CITY  CA   93505          1            07/16/02         01
    0434344198                           05           09/01/02         25
    AT003957                             N            08/01/32
    0

    7890213          U87/G02             F          365,000.00         ZZ
                                         360        364,693.36          1
                                       6.875          2,397.79         71
                                       6.625          2,397.79
    HALF MOON BAY    CA   94019          5            07/19/02         00
    0434422762                           05           09/01/02          0
    1608                                 O            08/01/32
    0

1

    7890333          N74/G02             F          115,425.00         ZZ
                                         360        115,334.96          1
                                       7.250            787.40         95
                                       7.000            787.40
    LOWELL           AR   72745          2            07/26/02         10
    0434347258                           05           09/01/02         30
    0030510010                           O            08/01/32
    0

    7890571          253/253             F           89,950.00         ZZ
                                         360         89,888.10          3
                                       7.875            652.20         90
                                       7.625            652.20
    CLEVELAND        OH   44112          2            07/15/02         10
    994121                               05           09/01/02         35
    994121                               N            08/01/32
    0

    7892117          E22/G02             F           71,250.00         ZZ
                                         360         71,200.97          1
                                       7.875            516.61         75
                                       7.625            516.61
    SPARKS           NV   89431          5            07/22/02         00
    0414228296                           01           09/01/02          0
    0414228296                           N            08/01/32
    0

    7892163          E22/G02             F          232,000.00         ZZ
                                         360        231,805.10          1
                                       6.875          1,524.07         93
                                       6.625          1,524.07
    NAVARRE          FL   32566          2            07/25/02         04
    0414340687                           05           09/01/02         30
    0414340687                           O            08/01/32
    0

    7892231          E22/G02             F          108,000.00         ZZ
                                         360        107,902.37          1
                                       6.500            682.63         67
                                       6.250            682.63
    STOCKTON         CA   95210          5            07/24/02         00
    0414409896                           05           09/01/02          0
    0414409896                           O            08/01/32
    0

    7892401          E22/G02             F           67,500.00         ZZ
                                         360         67,453.55          2
                                       7.875            489.42         90
                                       7.625            489.42
1

    NEW ORLEANS      LA   70118          1            07/30/02         01
    0414496653                           05           09/01/02         25
    0414496653                           N            08/01/32
    0

    7892461          E22/G02             F           92,000.00         ZZ
                                         360         91,936.69          1
                                       7.875            667.06         80
                                       7.625            667.06
    DOUGASVILLE      GA   30135          2            07/30/02         00
    0414535328                           05           09/01/02          0
    0414535328                           N            08/01/32
    0

    7893173          Q57/G02             F          141,000.00         ZZ
                                         360        140,887.25          1
                                       7.125            949.94         75
                                       6.875            949.94
    BULLHEAD CITY    AZ   86442          1            07/19/02         00
    0434344412                           03           09/01/02          0
    43700365                             O            08/01/32
    0

    7893545          R84/G02             F          218,500.00         ZZ
                                         360        218,320.89          1
                                       7.000          1,453.69         95
                                       6.750          1,453.69
    LAS VEGAS        NV   89117          1            07/18/02         12
    0434365292                           03           09/01/02         30
    LVW4282                              O            08/01/32
    0

    7893621          N47/G02             F          376,000.00         ZZ
                                         360        375,676.27          1
                                       6.750          2,438.73         80
                                       6.500          2,438.73
    LAGUNA NIGUEL    CA   92677          2            07/18/02         00
    0434355640                           09           09/01/02          0
    30220131                             O            08/01/32
    0

    7893651          X31/G02             F          124,000.00         ZZ
                                         360        123,907.97          1
                                       7.500            867.03         80
                                       7.250            867.03
    LOS ANGELES      CA   90011          2            07/12/02         00
    0434354957                           05           09/01/02          0
    40102826                             O            08/01/32
    0
1

    7895775          U05/G02             F          144,000.00         ZZ
                                         360        143,879.02          1
                                       6.875            945.98         80
                                       6.625            945.98
    LOS BANOS        CA   93635          5            07/09/02         00
    0434381505                           05           09/01/02          0
    3241223                              O            08/01/32
    0

    7897573          E22/G02             F          200,000.00         ZZ
                                         360        199,827.80          1
                                       6.750          1,297.20         78
                                       6.500          1,297.20
    ALTADENA         CA   91001          5            07/24/02         00
    0414196790                           05           09/01/02          0
    0414196790                           O            08/01/32
    0

    7897671          E22/G02             F           88,000.00         ZZ
                                         360         87,934.69          1
                                       7.500            615.31         74
                                       7.250            615.31
    MIAMI            FL   33157          2            07/31/02         00
    0414364539                           03           09/01/02          0
    0414364539                           N            08/01/32
    0

    7897673          E22/G02             F          253,650.00         ZZ
                                         360        253,456.99          1
                                       7.375          1,751.90         95
                                       7.125          1,751.90
    SALT LAKE CITY   UT   84124          1            07/26/02         01
    0414364729                           05           09/01/02         25
    0414364729                           O            08/01/32
    0

    7897697          E22/G02             F          126,380.00         ZZ
                                         360        126,293.03          4
                                       7.875            916.34         80
                                       7.625            916.34
    WARWICK          RI   02893          1            07/31/02         00
    0414378380                           05           09/01/02          0
    0414378380                           N            08/01/32
    0

    7897723          E22/G02             F           62,400.00         ZZ
                                         360         62,351.32          1
1

                                       7.250            425.68         80
                                       7.000            425.68
    PUEBLO           CO   81004          2            07/31/02         00
    0414392977                           05           09/01/02          0
    0414392977                           N            08/01/32
    0

    7897729          E22/G02             F           80,000.00         ZZ
                                         360         79,944.94          3
                                       7.875            580.06         80
                                       7.625            580.06
    KENNER           LA   70065          1            07/31/02         00
    0414404046                           05           09/01/02          0
    0414404046                           N            08/01/32
    0

    7897735          E22/G02             F          140,000.00         ZZ
                                         360        139,885.25          1
                                       7.000            931.42         85
                                       6.750            931.42
    WEST JORDAN      UT   84088          5            07/24/02         01
    0414408211                           05           09/01/02         20
    0414408211                           O            08/01/32
    0

    7897763          E22/G02             F          113,600.00         ZZ
                                         360        113,506.89          1
                                       7.000            755.78         78
                                       6.750            755.78
    ROWLETT          TX   75088          2            07/26/02         00
    0414420455                           05           09/01/02          0
    0414420455                           O            08/01/32
    0

    7897813          E22/G02             F          190,000.00         ZZ
                                         360        189,790.38          1
                                       6.875          1,248.16         95
                                       6.625          1,248.16
    VERNON           NJ   07462          1            07/31/02         04
    0414444919                           05           09/01/02         30
    0414444919                           O            08/01/32
    0

    7897861          E22/G02             F          104,850.00         ZZ
                                         360        104,776.00          3
                                       7.750            751.16         90
                                       7.500            751.16
    BAKERSFIELD      CA   93304          1            07/25/02         01
    0414458463                           05           09/01/02         25
1

    0414458463                           N            08/01/32
    0

    7897941          E22/G02             F          112,100.00         ZZ
                                         360        112,024.78          1
                                       8.000            822.55         95
                                       7.750            822.55
    MIAMI            FL   33193          1            07/31/02         01
    0414482133                           01           09/01/02         30
    0414482133                           O            08/01/32
    0

    7898059          E22/G02             F           90,400.00         ZZ
                                         360         90,337.79          1
                                       7.875            655.46         72
                                       7.625            655.46
    VICTORIA         TX   77901          2            07/31/02         00
    0414536938                           09           09/01/02          0
    0414536938                           N            08/01/32
    0

    7898065          E22/G02             F           67,000.00         ZZ
                                         360         66,947.73          1
                                       7.250            457.06         75
                                       7.000            457.06
    LAKE WORTH       FL   33460          5            08/01/02         00
    0414540427                           05           09/01/02          0
    0414540427                           N            08/01/32
    0

    7898151          E22/G02             F           55,200.00         ZZ
                                         360         55,153.63          1
                                       6.875            362.62         80
                                       6.625            362.62
    DENVER           CO   80231          1            07/31/02         00
    0414576835                           01           09/01/02          0
    0414576835                           N            08/01/32
    0

    7898961          K15/G02             F          120,600.00         ZZ
                                         360        120,517.01          1
                                       7.875            874.43         95
                                       7.625            874.43
    ELLSWORTH        ME   04605          5            07/18/02         11
    0434346003                           05           09/01/02         30
    013805501209                         O            08/01/32
    0

1

    7899337          T29/G02             F          102,400.00         ZZ
                                         360        102,313.97          1
                                       6.875            672.70         80
                                       6.625            672.70
    CHEYENNE         WY   82009          1            07/19/02         00
    0434357745                           05           09/01/02          0
    1013096                              O            08/01/32
    0

    7899495          W02/G02             F           71,250.00         ZZ
                                         360         71,190.14          1
                                       6.875            468.06         90
                                       6.625            468.06
    FORT MYERS       FL   33905          2            07/25/02         14
    0434410189                           05           09/01/02         25
    1001327956                           O            08/01/32
    0

    7899891          E45/G02             F          480,000.00         ZZ
                                         360        479,596.74          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    LOS ANGELES      CA   90045          5            07/08/02         00
    0434344057                           05           09/01/02          0
    249149                               O            08/01/32
    0

    7904673          F61/G02             F          101,600.00         ZZ
                                         360        101,518.75          1
                                       7.125            684.50         80
                                       6.875            684.50
    DUPONT           WA   98327          1            07/25/02         00
    0434385050                           05           09/01/02          0
    020128L                              O            08/01/32
    0

    7904893          003/G02             F           89,600.00         ZZ
                                         360         89,530.10          1
                                       7.250            611.23         70
                                       7.000            611.23
    MCDONOUGH        GA   30253          1            07/29/02         00
    0434356184                           03           09/01/02          0
    0021780622                           N            08/01/32
    0

    7905017          T44/G02             F          156,800.00         ZZ
                                         360        156,662.84          1
                                       7.250          1,069.65         80
                                       7.000          1,069.65
1

    PORT ORCHARD     WA   98367          5            07/22/02         00
    0434359022                           05           09/01/02          0
    1047776                              O            08/01/32
    0

    7905177          P01/G02             F          108,600.00         ZZ
                                         360        108,508.76          1
                                       6.875            713.43         79
                                       6.625            713.43
    GAINESVILLE      GA   30506          2            07/26/02         00
    0434365656                           05           09/01/02          0
    02002959                             O            08/01/32
    0

    7905301          K15/G02             F          104,400.00         ZZ
                                         360        104,326.32          1
                                       7.750            747.93         90
                                       7.500            747.93
    BREAUX BRIDGE    LA   70517          5            07/26/02         10
    0434358685                           05           09/01/02         25
    000805501785                         O            08/01/32
    0

    7905345          K15/G02             F          107,200.00         ZZ
                                         360        107,112.13          1
                                       7.000            713.20         80
                                       6.750            713.20
    FRANKLIN         NH   03235          5            07/25/02         00
    0434359808                           05           09/01/02          0
    033105501689                         O            08/01/32
    0

    7905705          X05/G02             F          140,000.00         ZZ
                                         360        139,882.38          1
                                       6.875            919.70         76
                                       6.625            919.70
    ONTARIO          CA   91764          5            07/22/02         00
    0434365649                           05           09/01/02          0
    01207139                             O            08/01/32
    0

    7906789          E22/G02             F           45,000.00         ZZ
                                         360         44,966.60          1
                                       7.500            314.65         75
                                       7.250            314.65
    PUEBLO           CO   81001          5            08/02/02         00
    0414404376                           05           09/01/02          0
    0414404376                           N            08/01/32
    0
1

    7906813          E22/G02             F           89,000.00         ZZ
                                         360         88,932.28          1
                                       7.375            614.70         75
                                       7.125            614.70
    HUDSON           FL   34667          5            08/02/02         00
    0414435016                           05           09/01/02          0
    0414435016                           N            08/01/32
    0

    7906815          E22/G02             F           72,500.00         ZZ
                                         360         72,444.83          1
                                       7.375            500.74         75
                                       7.125            500.74
    HUDSON           FL   34667          5            08/02/02         00
    0414436709                           05           09/01/02          0
    0414436709                           N            08/01/32
    0

    7906965          E22/G02             F           96,750.00         ZZ
                                         360         96,674.52          1
                                       7.250            660.01         90
                                       7.000            660.01
    DAYTON           NV   89403          1            07/31/02         01
    0414591677                           05           09/01/02         30
    0414591677                           O            08/01/32
    0

    7906983          E22/G02             F           85,000.00         ZZ
                                         360         84,936.92          1
                                       7.500            594.33         74
                                       7.250            594.33
    SYLVA            NC   28779          1            08/02/02         00
    0414613802                           05           09/01/02          0
    0414613802                           N            08/01/32
    0

    7907251          B76/G02             F          238,400.00         ZZ
                                         360        238,223.07          1
                                       7.500          1,666.93         90
                                       7.250          1,666.93
    HASLETT          MI   48840          1            07/31/02         10
    0434363180                           01           09/01/02         25
    00044933268                          O            08/01/32
    0

    7909613          K15/G02             F          115,200.00         ZZ
                                         360        115,118.69          1
1

                                       7.750            825.31         86
                                       7.500            825.31
    CANMER           KY   42722          5            07/26/02         10
    0434361382                           05           09/01/02         25
    002905302472                         O            08/01/32
    0

    7909753          461/G02             F          379,500.00         ZZ
                                         360        379,500.00          1
                                       6.500          2,398.70         69
                                       6.250          2,398.70
    SUNLAND          CA   91040          2            08/06/02         00
    0434375317                           05           10/01/02          0
    9031546047                           O            09/01/32
    0

    7909755          461/G02             F          543,900.00         ZZ
                                         360        543,900.00          1
                                       6.875          3,573.04         73
                                       6.625          3,573.04
    SAN FRANCISCO    CA   94132          2            07/31/02         00
    0434360129                           05           10/01/02          0
    9031618812                           O            09/01/32
    0

    7909865          S48/S48             F          225,200.00         ZZ
                                         360        224,838.75          1
                                       7.125          1,517.22        100
                                       6.875          1,517.22
    PHILADELPHIA     PA   19119          1            07/01/02         14
    6095503287                           05           08/01/02         35
    6095503287                           O            07/01/32
    0

    7909867          S48/S48             F          244,466.00         ZZ
                                         360        244,260.62          1
                                       6.875          1,605.97         98
                                       6.625          1,605.97
    LYNN             MA   01902          1            07/26/02         14
    6107990548                           05           09/01/02         35
    6107990548                           O            08/01/32
    0

    7909873          S48/S48             F          156,500.00         ZZ
                                         360        156,355.05          1
                                       6.375            976.36        100
                                       6.125            976.36
    MCDONOUGH        GA   30252          1            07/26/02         14
    6128997407                           05           09/01/02         35
1

    6128997407                           O            08/01/32
    0

    7909875          S48/S48             F          175,000.00         ZZ
                                         360        174,712.27          1
                                       7.000          1,164.28        100
                                       6.750          1,164.28
    MOUNT PLEASANT   SC   29466          1            06/28/02         14
    6135535406                           05           08/01/02         35
    6135535406                           O            07/01/32
    0

    7909881          S48/S48             F          167,000.00         ZZ
                                         360        166,863.11          1
                                       7.000          1,111.06        100
                                       6.750          1,111.06
    FORT WORTH       TX   76109          1            07/08/02         14
    6167239208                           05           09/01/02         35
    6167239208                           O            08/01/32
    0

    7909883          S48/S48             F          365,000.00         ZZ
                                         360        364,428.80          1
                                       7.250          2,489.95        100
                                       7.000          2,489.95
    OLDSMAR          FL   34677          1            06/28/02         14
    6179227811                           03           08/01/02         35
    6179227811                           O            07/01/32
    0

    7909885          S48/S48             F          300,700.00         ZZ
                                         360        300,459.53          1
                                       7.125          2,025.88        100
                                       6.875          2,025.88
    ARLINGTON        VA   22206          1            07/19/02         14
    6192994439                           01           09/01/02         35
    6192994439                           O            08/01/32
    0

    7909887          S48/S48             F          111,000.00         ZZ
                                         360        110,905.80          1
                                       7.000            738.49        100
                                       6.750            738.49
    AMES             IA   50010          1            07/08/02         14
    6231350569                           05           09/01/02         35
    6231350569                           O            08/01/32
    0

1

    7909897          S48/S48             F          220,000.00         ZZ
                                         360        217,775.29          1
                                       7.125          1,482.19        100
                                       6.875          1,482.19
    WOODBINE         MD   21797          1            06/27/02         14
    6283792932                           05           08/01/02         35
    6283792932                           O            07/01/32
    0

    7909899          S48/S48             F          230,000.00         ZZ
                                         360        229,612.43          1
                                       6.875          1,510.94        100
                                       6.625          1,510.94
    HAMER            SC   29547          1            06/26/02         14
    6292613053                           05           08/01/02         35
    6292613053                           O            07/01/32
    0

    7909903          S48/S48             F          102,900.00         ZZ
                                         360        102,821.70          1
                                       7.375            710.71        100
                                       7.125            710.71
    GULF BREEZE      FL   32561          1            07/22/02         14
    6324373437                           05           09/01/02         35
    6324373437                           O            08/01/32
    0

    7909905          S48/S48             F          315,000.00         ZZ
                                         360        314,435.24          1
                                       7.250          2,148.86        100
                                       7.000          2,148.86
    JOPPA            MD   21085          1            06/25/02         14
    6335707516                           03           08/01/02         35
    6335707516                           O            07/01/32
    0

    7909907          S48/S48             F          103,000.00         ZZ
                                         360        102,915.56          1
                                       7.000            685.27        100
                                       6.750            685.27
    PENSACOLA        FL   32514          1            07/09/02         14
    6340699633                           05           09/01/02         35
    6340699633                           O            08/01/32
    0

    7909911          S48/S48             F          250,000.00         ZZ
                                         360        249,795.07          1
                                       7.000          1,663.26        100
                                       6.750          1,663.26
1

    CHICAGO          IL   60634          1            07/15/02         14
    6382458856                           05           09/01/02         35
    6382458856                           O            08/01/32
    0

    7909913          S48/S48             F          173,000.00         ZZ
                                         360        172,858.19          1
                                       7.000          1,150.98        100
                                       6.750          1,150.98
    DESTIN           FL   32541          1            07/15/02         14
    6398881760                           03           09/01/02         35
    6398881760                           O            08/01/32
    0

    7909917          S48/S48             F          163,500.00         ZZ
                                         360        163,362.64          1
                                       6.875          1,074.08        100
                                       6.625          1,074.08
    BEAVERTON        OR   97008          1            07/24/02         14
    6412878735                           05           09/01/02         35
    6412878735                           O            08/01/32
    0

    7909929          S48/S48             F          106,965.00         ZZ
                                         360        106,872.90          1
                                       6.750            693.78        100
                                       6.500            693.78
    SYLVESTER        GA   31791          1            07/26/02         14
    6470353357                           05           09/01/02         35
    6470353357                           O            08/01/32
    0

    7909931          S48/S48             F           98,900.00         ZZ
                                         360         98,818.93          1
                                       7.000            657.99        100
                                       6.750            657.99
    MEMPHIS          TN   38134          1            07/03/02         14
    6481100219                           05           09/01/02         35
    6481100219                           O            08/01/32
    0

    7909935          S48/S48             F          187,400.00         ZZ
                                         360        187,234.65          1
                                       6.625          1,199.95        100
                                       6.375          1,199.95
    SPRING           TX   77381          1            07/02/02         14
    6500717571                           03           09/01/02         35
    6500717571                           O            08/01/32
    0
1

    7909943          S48/S48             F          164,000.00         ZZ
                                         360        163,730.35          1
                                       7.000          1,091.10        100
                                       6.750          1,091.10
    ALBUQUERQUE      NM   87109          1            06/26/02         14
    6601495507                           05           08/01/02         35
    6601495507                           O            07/01/32
    0

    7909949          S48/S48             F          325,000.00         ZZ
                                         360        324,726.96          1
                                       6.875          2,135.02        100
                                       6.625          2,135.02
    SAN RAMON        CA   94583          1            07/01/02         14
    6650774877                           03           09/01/02         35
    6650774877                           O            08/01/32
    0

    7909953          S48/S48             F          279,000.00         ZZ
                                         360        278,529.85          1
                                       6.875          1,832.84        100
                                       6.625          1,832.84
    RAYNHAM          MA   02767          1            06/27/02         14
    6677858059                           05           08/01/02         35
    6677858059                           O            07/01/32
    0

    7909957          S48/S48             F          158,000.00         ZZ
                                         360        157,780.78          1
                                       6.875          1,037.95        100
                                       6.625          1,037.95
    SPARTANBURG      SC   29302          1            07/01/02         14
    6725074766                           05           09/01/02         35
    6725074766                           O            08/01/32
    0

    7909961          S48/S48             F          207,000.00         ZZ
                                         360        206,830.32          1
                                       7.000          1,377.18        100
                                       6.750          1,377.18
    COLUMBIA         MO   65203          1            07/24/02         14
    6785868073                           05           09/01/02         35
    6785868073                           O            08/01/32
    0

    7909965          S48/S48             F          329,000.00         ZZ
                                         360        328,716.74          1
1

                                       6.750          2,133.89        100
                                       6.500          2,133.89
    FAIRFAX          VA   22030          1            07/26/02         14
    6944059754                           03           09/01/02         35
    6944059754                           O            08/01/32
    0

    7909971          S48/S48             F          175,400.00         ZZ
                                         360        175,248.98          1
                                       6.750          1,137.65        100
                                       6.500          1,137.65
    GAINESVILLE      FL   32606          1            07/12/02         14
    6980822065                           03           09/01/02         35
    6980822065                           O            08/01/32
    0

    7909975          S48/S48             F          195,000.00         ZZ
                                         360        194,840.15          1
                                       7.000          1,297.35        100
                                       6.750          1,297.35
    GREENVILLE       SC   29617          1            07/12/02         14
    6540613624                           03           09/01/02         35
    6540613624                           O            08/01/32
    0

    7909979          S48/S48             F          220,000.00         ZZ
                                         360        219,638.27          1
                                       7.000          1,463.67        100
                                       6.750          1,463.67
    WASHINGTON       DC   20003          1            06/28/02         14
    6590113954                           05           08/01/02         35
    6590113954                           O            07/01/32
    0

    7909983          S48/S48             F          108,585.00         ZZ
                                         360        108,500.28          1
                                       7.250            740.75        100
                                       7.000            740.75
    CHARLESTON       SC   29412          1            07/24/02         14
    6617284093                           03           09/01/02         35
    6617284093                           O            08/01/32
    0

    7909991          S48/S48             F          293,930.00         ZZ
                                         360        293,513.74          1
                                       7.750          2,105.76        100
                                       7.500          2,105.76
    LADERA RANC      CA   92694          1            06/17/02         14
    6708157562                           01           08/01/02         35
1

    6708157562                           O            07/01/32
    0

    7909993          S48/S48             F          154,500.00         ZZ
                                         360        154,258.21          1
                                       7.250          1,053.97        100
                                       7.000          1,053.97
    OAKDALE          MN   55128          1            06/27/02         14
    6719762202                           03           08/01/02         35
    6719762202                           O            07/01/32
    0

    7909995          S48/S48             F          101,450.00         ZZ
                                         360        101,130.55          1
                                       7.250            692.07        100
                                       7.000            692.07
    MOORE            SC   29369          1            04/25/02         14
    6719824069                           05           06/01/02         35
    6719824069                           O            05/01/32
    0

    7909997          S48/S48             F          157,000.00         ZZ
                                         360        156,647.55          1
                                       6.875          1,031.38        100
                                       6.625          1,031.38
    CONYERS          GA   30094          1            06/28/02         14
    6844850534                           05           08/01/02         35
    6844850534                           O            07/01/32
    0

    7910003          S48/S48             F          226,800.00         ZZ
                                         360        225,909.17          1
                                       6.750          1,471.03        100
                                       6.500          1,471.03
    WAIPAHU          HI   96797          1            05/13/02         14
    6903334966                           03           07/01/02         35
    6903334966                           O            06/01/32
    0

    7910209          E47/G02             F          148,750.00         ZZ
                                         360        148,639.61          2
                                       7.500          1,040.08         85
                                       7.250          1,040.08
    CHICAGO          IL   60623          2            07/25/02         26
    0434496782                           05           09/01/02         25
    7360513865                           O            08/01/32
    0

1

    7910219          E47/G02             F          165,000.00         ZZ
                                         360        164,861.38          1
                                       6.875          1,083.93         80
                                       6.625          1,083.93
    AURORA           CO   80013          5            07/18/02         00
    0434472155                           09           09/01/02          0
    7332020940                           O            08/01/32
    0

    7910521          U35/G02             F          157,950.00         ZZ
                                         360        157,838.52          4
                                       7.750          1,131.57         90
                                       7.500          1,131.57
    FRESNO           CA   93701          1            07/26/02         01
    0434463873                           05           09/01/02         25
    7188499                              N            08/01/32
    0

    7910525          W39/G02             F           88,750.00         ZZ
                                         360         88,687.36          1
                                       7.750            635.82         69
                                       7.500            635.82
    ARLINGTON        TX   76016          5            07/26/02         00
    0434382149                           05           09/01/02          0
    PNI20736                             N            08/01/32
    0

    7914573          964/G02             F          390,000.00         ZZ
                                         360        389,672.36          1
                                       6.875          2,562.02         75
                                       6.625          2,562.02
    SAN FRANCISCO    CA   94122          1            07/26/02         00
    0434366969                           07           09/01/02          0
    233766                               O            08/01/32
    0

    7915639          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       6.750            797.78         77
                                       6.500            797.78
    BAKERSFIELD      CA   93309          2            07/29/02         00
    0414410175                           05           10/01/02          0
    0414410175                           O            09/01/32
    0

    7915721          E22/G02             F          295,480.00         ZZ
                                         360        295,480.00          1
                                       7.625          2,091.39         83
                                       7.375          2,091.39
1

    MIAMI LAKES      FL   33014          1            08/05/02         04
    0414479147                           05           10/01/02         25
    0414479147                           O            09/01/32
    0

    7915757          E22/G02             F           52,800.00         ZZ
                                         360         52,759.82          2
                                       7.375            364.68         80
                                       7.125            364.68
    WINSTED          CT   06098          1            08/05/02         00
    0414497727                           05           09/01/02          0
    0414497727                           N            08/01/32
    0

    7915771          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
                                       7.125            490.47         80
                                       6.875            490.47
    PUEBLO           CO   81006          2            08/05/02         00
    0414508127                           05           10/01/02          0
    0414508127                           N            09/01/32
    0

    7915981          E82/G02             F          126,500.00         ZZ
                                         360        126,500.00          1
                                       6.875            831.01         60
                                       6.625            831.01
    HYPOLUXO         FL   33462          2            08/01/02         00
    0400659421                           09           10/01/02          0
    0400659421                           O            09/01/32
    0

    7916535          X67/G02             F          124,400.00         ZZ
                                         360        124,302.95          1
                                       7.250            848.63         80
                                       7.000            848.63
    PALM SPRINGS     CA   92262          1            07/19/02         00
    0434373981                           05           09/01/02          0
    00268313                             O            08/01/32
    0

    7916731          X47/G02             F          272,000.00         ZZ
                                         360        271,754.10          1
                                       6.500          1,719.23         80
                                       6.250          1,719.23
    ALISO VIEJO      CA   92656          1            07/29/02         00
    0434475174                           01           09/01/02          0
    K10948                               O            08/01/32
    0
1

    7916811          U35/G02             F           63,200.00         ZZ
                                         360         63,155.40          2
                                       7.750            452.77         80
                                       7.500            452.77
    APPLETON         WI   54914          1            07/31/02         00
    0434447686                           05           09/01/02          0
    7197464                              N            08/01/32
    0

    7916855          Q14/G02             F           85,850.00         ZZ
                                         360         85,774.25          1
                                       6.625            549.71         85
                                       6.375            549.71
    PHOENIX          AZ   85033          2            07/29/02         01
    0434388609                           05           09/01/02         12
    0207820                              O            08/01/32
    0

    7916913          W39/G02             F           84,900.00         ZZ
                                         360         84,840.07          1
                                       7.750            608.24         78
                                       7.500            608.24
    FORT WORTH       TX   76112          2            07/26/02         00
    0434412177                           05           09/01/02          0
    PN120731                             N            08/01/32
    0

    7917025          B76/G02             F          180,000.00         ZZ
                                         360        179,863.03          1
                                       7.375          1,243.22        100
                                       7.125          1,243.22
    SHELBY TOWNSHIP  MI   48316          1            07/31/02         10
    0434395398                           01           09/01/02         35
    0004458402                           O            08/01/32
    0

    7917107          E47/G02             F           80,000.00         ZZ
                                         360         79,940.63          1
                                       7.500            559.37         80
                                       7.250            559.37
    SACRAMENTO       CA   95820          1            07/22/02         00
    0434398988                           05           09/01/02          0
    7333012356                           N            08/01/32
    0

    7917745          742/G02             F           66,400.00         ZZ
                                         360         66,349.47          1
1

                                       7.375            458.61         80
                                       7.125            458.61
    SCHENECTADY      NY   12304          1            07/31/02         00
    0434388534                           05           09/01/02          0
    8929358                              N            08/01/32
    0

    7917937          E11/G02             F          229,500.00         ZZ
                                         360        229,316.48          2
                                       7.125          1,546.18         90
                                       6.875          1,546.18
    MINNEAPOLIS      MN   55408          1            08/02/02         10
    0434406427                           05           09/01/02         25
    0010001046303                        O            08/01/32
    0

    7918213          E76/G02             F           60,800.00         ZZ
                                         360         60,751.38          1
                                       7.125            409.62         80
                                       6.875            409.62
    EDMOND           OK   73003          1            07/30/02         00
    0434386793                           05           09/01/02          0
    10015139                             N            08/01/32
    0

    7920555          E22/G02             F           52,200.00         ZZ
                                         360         52,200.00          1
                                       7.500            364.99         90
                                       7.250            364.99
    GOOSE CREEK      SC   29445          1            08/06/02         10
    0414338129                           05           10/01/02         25
    0414338129                           N            09/01/32
    0

    7920663          E22/G02             F          166,250.00         ZZ
                                         360        166,250.00          1
                                       7.500          1,162.44         95
                                       7.250          1,162.44
    CARMICHAEL       CA   95608          1            08/01/02         01
    0414513424                           05           10/01/02         30
    0414513424                           O            09/01/32
    0

    7920705          E22/G02             F          220,500.00         ZZ
                                         360        220,500.00          1
                                       7.000          1,466.99         90
                                       6.750          1,466.99
    SUMNER           WA   98390          1            08/01/02         04
    0414551267                           03           10/01/02         25
1

    0414551267                           O            09/01/32
    0

    7920709          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       6.875          1,093.79         90
                                       6.625          1,093.79
    LODI             CA   95242          1            08/02/02         01
    0414557835                           05           10/01/02         25
    0414557835                           N            09/01/32
    0

    7920741          E22/G02             F           72,000.00         ZZ
                                         360         71,939.51          1
                                       6.875            472.99         90
                                       6.625            472.99
    LEICESTER        NC   28748          1            08/06/02         10
    0414602854                           05           09/01/02         25
    0414602854                           N            08/01/32
    0

    7920745          E22/G02             F           86,400.00         ZZ
                                         360         86,340.54          2
                                       7.875            626.46         90
                                       7.625            626.46
    KANSAS CITY      MO   64124          2            08/06/02         01
    0414624692                           05           09/01/02         25
    0414624692                           N            08/01/32
    0

    7920753          E22/G02             F          123,500.00         ZZ
                                         360        123,500.00          1
                                       6.750            801.02         95
                                       6.500            801.02
    EUGENE           OR   97404          1            08/02/02         01
    0414663443                           05           10/01/02         35
    0414663443                           O            09/01/32
    0

    7920775          E82/G02             F           70,400.00         ZZ
                                         360         70,342.30          1
                                       7.000            468.37         77
                                       6.750            468.37
    YUMA             AZ   85364          2            07/29/02         00
    0400655015                           05           09/01/02          0
    1391784                              N            08/01/32
    0

1

    7921513          P34/G02             F          121,500.00         ZZ
                                         360        121,414.24          3
                                       7.750            870.45         90
                                       7.500            870.45
    PROVIDENCE       RI   02905          1            07/26/02         04
    0434397873                           05           09/01/02         25
    61969                                N            08/01/32
    0

    7921817          Q51/G02             F          242,900.00         ZZ
                                         360        242,900.00          2
                                       7.000          1,616.02         70
                                       6.750          1,616.02
    HAWTHORNE        CA   90250          1            08/01/02         00
    0434456067                           05           10/01/02          0
    0586290W2072299                      N            09/01/32
    0

    7922141          T44/G02             F          192,000.00         ZZ
                                         360        191,850.22          1
                                       7.250          1,309.78         80
                                       7.000          1,309.78
    RIVERSIDE        CA   92507          5            07/22/02         00
    0434384889                           05           09/01/02          0
    1040369                              N            08/01/32
    0

    7922327          G27/G02             F          134,910.00         ZZ
                                         360        134,804.76          3
                                       7.250            920.32         90
                                       7.000            920.32
    VISALIA          CA   93277          1            07/23/02         01
    0434383642                           05           09/01/02         25
    20502066                             N            08/01/32
    0

    7922387          G34/G02             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         52
                                       6.500          4,215.89
    SAN JOSE         CA   95138          2            07/29/02         00
    0434454211                           05           09/01/02          0
    48200294                             O            08/01/32
    0

    7924111          E22/G02             F          150,461.95         ZZ
                                         360        150,461.95          1
                                       8.000          1,104.04         95
                                       7.750          1,104.04
1

    MIAMI            FL   33185          1            08/06/02         04
    0414175091                           05           10/01/02         35
    0414175091                           O            09/01/32
    0

    7924117          E22/G02             F          192,100.00         ZZ
                                         360        192,100.00          1
                                       7.625          1,359.67         85
                                       7.375          1,359.67
    TEMECULA         CA   92592          1            08/02/02         04
    0414232744                           05           10/01/02         12
    0414232744                           O            09/01/32
    0

    7924135          E22/G02             F           66,200.00         ZZ
                                         360         66,147.06          1
                                       7.125            446.00         95
                                       6.875            446.00
    HUDSON           IN   46747          2            08/02/02         11
    0414371682                           05           09/01/02         25
    0414371682                           O            08/01/32
    0

    7924139          E22/G02             F          112,400.00         ZZ
                                         360        112,400.00          1
                                       6.750            729.02         89
                                       6.500            729.02
    WILMINGTON       NC   28403          1            08/07/02         10
    0414381673                           09           10/01/02         25
    0414381673                           O            09/01/32
    0

    7924175          E22/G02             F           60,000.00         ZZ
                                         360         59,955.47          1
                                       7.500            419.53         80
                                       7.250            419.53
    AUBURN           CA   95602          1            07/12/02         00
    0414445742                           01           09/01/02          0
    0414445742                           N            08/01/32
    0

    7924199          E22/G02             F           62,000.00         ZZ
                                         360         61,951.63          1
                                       7.250            422.95         80
                                       7.000            422.95
    FRESNO           CA   93703          1            07/26/02         00
    0414474965                           05           09/01/02          0
    0414474965                           N            08/01/32
    0
1

    7924227          E22/G02             F           92,800.00         ZZ
                                         360         92,800.00          1
                                       7.375            640.95         80
                                       7.125            640.95
    MIAMI            FL   33196          1            08/07/02         00
    0414484857                           09           10/01/02          0
    0414484857                           N            09/01/32
    0

    7924285          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       7.500            391.56         80
                                       7.250            391.56
    LEXINGTON        KY   40508          2            08/07/02         00
    0414518548                           05           10/01/02          0
    0414518548                           N            09/01/32
    0

    7924457          E82/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.750            622.65         69
                                       6.500            622.65
    TALLAHASSEE      FL   32308          5            08/02/02         00
    0400661831                           05           10/01/02          0
    0400661831                           O            09/01/32
    0

    7924807          E11/G02             F          129,500.00         ZZ
                                         360        129,401.47          1
                                       7.375            894.42         79
                                       7.125            894.42
    PLYMOUTH         MN   55446          1            07/26/02         00
    0434386678                           01           09/01/02          0
    0002001045749                        N            08/01/32
    0

    7925363          Q49/G02             F           76,000.00         ZZ
                                         360         75,949.01          1
                                       8.000            557.66         80
                                       7.750            557.66
    HILLSBOROUGH     NJ   08844          1            07/26/02         00
    0434386231                           01           09/01/02          0
    30105202                             N            08/01/32
    0

    7925429          F62/F62             F          225,000.00         ZZ
                                         360        224,815.57          1
1

                                       7.000          1,496.93         90
                                       6.750          1,496.93
    MIAMI            FL   33143          1            08/01/02         04
    27188                                09           09/01/02         25
    27188                                O            08/01/32
    0

    7925581          S27/G02             F           83,600.00         ZZ
                                         360         83,600.00          1
                                       7.500            584.55         95
                                       7.250            584.55
    SPRING HILL      FL   34608          5            07/30/02         11
    0434385217                           05           10/01/02         25
    1010020754                           O            09/01/32
    0

    7927411          F25/G02             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       7.125          4,311.80         80
                                       6.875          4,311.80
    BRIARCLIFF MANO  NY   10510          1            08/08/02         00
    0434400735                           05           10/01/02          0
    064504646                            O            09/01/32
    0

    7927505          601/G02             F          346,430.00         ZZ
                                         360        344,701.15          1
                                       7.000          2,304.81         73
                                       6.750          2,304.81
    MORGAN HILL      CA   95037          5            02/20/02         00
    0434586152                           05           04/01/02          0
    22310106                             O            03/01/32
    0

    7927917          E22/G02             F          180,000.00         ZZ
                                         360        179,848.78          1
                                       6.875          1,182.47         90
                                       6.625          1,182.47
    LOS ANGELES      CA   90018          2            07/30/02         04
    0414385625                           05           09/01/02         30
    0414385625                           O            08/01/32
    0

    7927931          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.500          1,748.04         73
                                       7.250          1,748.04
    LAHAINA          HI   96761          1            07/31/02         00
    0414424648                           09           10/01/02          0
1

    0414424648                           N            09/01/32
    0

    7927949          E22/G02             F          290,400.00         ZZ
                                         360        290,400.00          1
                                       6.500          1,835.53         80
                                       6.250          1,835.53
    HAYWARD          CA   94544          5            07/29/02         00
    0414482687                           05           10/01/02          0
    0414482687                           O            09/01/32
    0

    7928359          U05/G02             F           78,300.00         ZZ
                                         360         78,244.74          4
                                       7.750            560.95         90
                                       7.500            560.95
    SOUTH BEND       IN   46601          1            07/19/02         10
    0434433199                           03           09/01/02         25
    3236551                              N            08/01/32
    0

    7930027          U36/G02             F          102,000.00         ZZ
                                         360        101,916.39          1
                                       7.000            678.61         85
                                       6.750            678.61
    DECATUR          GA   30035          5            07/18/02         12
    0434389714                           05           09/01/02         17
    979101001                            O            08/01/32
    0

    7930389          964/G02             F          255,900.00         ZZ
                                         360        255,679.68          1
                                       6.750          1,659.76         80
                                       6.500          1,659.76
    SAN DIEGO        CA   92130          1            07/31/02         00
    0434418299                           01           09/01/02          0
    235330                               O            08/01/32
    0

    7930391          964/G02             F          107,600.00         ZZ
                                         360        107,509.60          1
                                       6.875            706.86         80
                                       6.625            706.86
    SALEM            OR   97304          1            07/30/02         00
    0434418489                           03           09/01/02          0
    235774                               O            08/01/32
    0

1

    7930403          964/G02             F          115,000.00         ZZ
                                         360        114,896.04          1
                                       6.500            726.88         48
                                       6.250            726.88
    PASO ROBLES      CA   93446          5            07/27/02         00
    0434430302                           05           09/01/02          0
    237115                               O            08/01/32
    0

    7930407          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.250          1,847.15         57
                                       6.000          1,847.15
    SAN FRANCISCO    CA   94112          5            08/01/02         00
    0434410932                           05           10/01/02          0
    237269                               O            09/01/32
    0

    7930441          964/G02             F          300,700.00         ZZ
                                         360        300,441.11          1
                                       6.750          1,950.33         29
                                       6.500          1,950.33
    DANVILLE         CA   94526          5            07/26/02         00
    0434431334                           05           09/01/02          0
    226015                               O            08/01/32
    0

    7930483          964/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.125          2,122.21         90
                                       6.875          2,122.21
    NEVADA CITY      CA   95959          1            07/31/02         04
    0434413084                           05           10/01/02         25
    230373                               O            09/01/32
    0

    7930489          964/G02             F          217,300.00         ZZ
                                         360        217,300.00          1
                                       6.500          1,373.48         73
                                       6.250          1,373.48
    LA MIRADA        CA   90638          5            08/01/02         00
    0434416061                           05           10/01/02          0
    231149                               O            09/01/32
    0

    7930501          964/G02             F          591,600.00         ZZ
                                         360        591,090.64          1
                                       6.750          3,837.11         80
                                       6.500          3,837.11
1

    KIRKLAND         WA   98033          1            07/22/02         00
    0434430146                           05           09/01/02          0
    232346                               O            08/01/32
    0

    7930515          964/G02             F          250,000.00         ZZ
                                         360        249,762.79          1
                                       6.250          1,539.29         46
                                       6.000          1,539.29
    SAN FRANCISCO    CA   94134          5            07/31/02         00
    0434421491                           05           09/01/02          0
    232834                               O            08/01/32
    0

    7930521          964/G02             F          488,000.00         ZZ
                                         360        487,579.84          1
                                       6.750          3,165.16         76
                                       6.500          3,165.16
    SEBASTOPOL       CA   95472          2            07/30/02         00
    0434416376                           05           09/01/02          0
    232962                               O            08/01/32
    0

    7930533          964/G02             F          280,000.00         ZZ
                                         360        279,746.88          1
                                       6.500          1,769.79         70
                                       6.250          1,769.79
    ATASCADERO       CA   93422          5            07/26/02         00
    0434452454                           05           09/01/02          0
    233862                               O            08/01/32
    0

    7934013          E47/G02             F           56,400.00         ZZ
                                         360         56,358.14          1
                                       7.500            394.36         80
                                       7.250            394.36
    JACKSONVILLE     FL   32207          1            07/30/02         00
    0434467569                           05           09/01/02          0
    7361012694                           N            08/01/32
    0

    7934621          K15/G02             F          150,000.00         ZZ
                                         360        149,899.35          1
                                       8.000          1,100.65        100
                                       7.750          1,100.65
    FORT LUPTON      CO   80621          1            07/30/02         11
    0434416681                           05           09/01/02         35
    040000108023                         O            08/01/32
    0
1

    7936593          286/286             F          138,600.00         ZZ
                                         360        138,502.17          4
                                       7.750            992.95         90
                                       7.500            992.95
    NEW LONDON       CT   06320          1            07/17/02         12
    1392264                              05           09/01/02         25
    1392264                              N            08/01/32
    0

    7936595          286/286             F          140,000.00         ZZ
                                         360        139,879.46          1
                                       6.750            908.04         22
                                       6.500            908.04
    WARREN           NJ   07059          5            07/02/02         00
    1348671                              05           09/01/02          0
    1348671                              O            08/01/32
    0

    7936597          286/286             F          176,000.00         ZZ
                                         360        175,862.69          1
                                       7.250          1,200.64         80
                                       7.000          1,200.64
    CARDIFF          CA   92007          1            07/05/02         00
    1344846                              03           09/01/02          0
    1344846                              O            08/01/32
    0

    7936609          286/286             F           95,950.00         ZZ
                                         360         95,814.12          1
                                       7.750            687.40         95
                                       7.500            687.40
    POMPANO BEACH    FL   33064          1            06/28/02         12
    1382826                              01           08/01/02         35
    1382826                              O            07/01/32
    0

    7936611          286/286             F           99,895.00         ZZ
                                         360         99,820.85          1
                                       7.500            698.49         95
                                       7.250            698.49
    HAZEL CREST      IL   60429          1            07/11/02         11
    1359691                              05           09/01/02         30
    1359691                              O            08/01/32
    0

    7936615          286/286             F          125,680.00         ZZ
                                         360        125,492.86          1
1

                                       7.500            878.78         80
                                       7.250            878.78
    GRAIN VALLEY     MO   64029          5            06/21/02         00
    1353066                              05           08/01/02          0
    1353066                              O            07/01/32
    0

    7936617          286/286             F          105,000.00         ZZ
                                         360        104,827.36          1
                                       7.000            698.57         59
                                       6.750            698.57
    HAGERSTOWN       MD   21742          1            06/14/02         00
    1306129                              05           08/01/02          0
    1306129                              O            07/01/32
    0

    7936621          286/286             F          117,500.00         ZZ
                                         360        117,329.36          1
                                       7.625            831.66         90
                                       7.375            831.66
    CHICO            CA   95926          1            06/26/02         14
    1379961                              05           08/01/02         25
    1379961                              N            07/01/32
    0

    7936625          286/286             F          165,000.00         ZZ
                                         360        164,708.05          1
                                       6.625          1,056.51         75
                                       6.375          1,056.51
    INDIANAPOLIS     IN   46220          5            06/19/02         00
    1289596                              05           08/01/02          0
    1289596                              O            07/01/32
    0

    7936631          286/286             F          156,000.00         ZZ
                                         360        155,755.86          2
                                       7.250          1,064.20         80
                                       7.000          1,064.20
    NEW ORLEANS      LA   70119          5            06/17/02         00
    1334943                              05           08/01/02          0
    1334943                              O            07/01/32
    0

    7936635          286/286             F          120,600.00         ZZ
                                         360        120,433.45          4
                                       7.875            874.44         90
                                       7.625            874.44
    GRETNA           LA   70056          1            07/01/02         12
    1374496                              05           08/01/02         25
1

    1374496                              N            07/01/32
    0

    7936641          286/286             F          276,800.00         ZZ
                                         360        276,377.46          4
                                       7.375          1,911.79         80
                                       7.125          1,911.79
    PORTLAND         ME   04103          1            07/01/02         00
    1322799                              05           08/01/02          0
    1322799                              N            07/01/32
    0

    7936647          286/286             F          181,000.00         ZZ
                                         360        180,694.99          1
                                       6.875          1,189.05         74
                                       6.625          1,189.05
    HURST            TX   76180          2            06/28/02         00
    1008822                              05           08/01/02          0
    1008822                              N            07/01/32
    0

    7936655          286/286             F          163,200.00         ZZ
                                         360        163,081.88          1
                                       7.625          1,155.12         80
                                       7.375          1,155.12
    ELIZABETH        CO   80107          1            07/10/02         00
    1278447                              03           09/01/02          0
    1278447                              N            08/01/32
    0

    7936657          286/286             F          179,950.00         ZZ
                                         360        179,646.76          1
                                       6.875          1,182.15         79
                                       6.625          1,182.15
    SEATTLE          WA   98108          2            06/14/02         00
    1332235                              03           08/01/02          0
    1332235                              O            07/01/32
    0

    7936663          286/286             F          100,000.00         ZZ
                                         360         99,843.51          2
                                       7.250            682.18         55
                                       7.000            682.18
    CHICAGO          IL   60623          5            06/24/02         00
    1337293                              05           08/01/02          0
    1337293                              N            07/01/32
    0

1

    7936669          286/286             F          157,000.00         ZZ
                                         360        156,783.19          3
                                       7.875          1,138.36         83
                                       7.625          1,138.36
    ROCHESTER        NY   14610          2            07/01/02         12
    1101795                              05           08/01/02         20
    1101795                              N            07/01/32
    0

    7936671          286/286             F          100,000.00         ZZ
                                         360         99,872.92          1
                                       6.875            656.93         75
                                       6.625            656.93
    ANDERSON         IN   46011          2            06/27/02         00
    1331930                              05           09/01/02          0
    1331930                              O            08/01/32
    0

    7936681          286/286             F          300,000.00         ZZ
                                         360        299,513.73          1
                                       7.875          2,175.21         76
                                       7.625          2,175.21
    CHANDLER         AZ   85249          1            06/25/02         00
    1349211                              03           08/01/02          0
    1349211                              N            07/01/32
    0

    7936685          286/286             F          109,800.00         ZZ
                                         360        109,623.86          1
                                       7.125            739.75         79
                                       6.875            739.75
    PHOENIX          AZ   85032          1            06/25/02         00
    1376901                              05           08/01/02          0
    1376901                              N            07/01/32
    0

    7936695          286/286             F          180,000.00         ZZ
                                         360        179,686.63          1
                                       6.750          1,167.48         48
                                       6.500          1,167.48
    WEST BLOOOMFIEL  MI   48324          1            07/01/02         00
    1378777                              05           08/01/02          0
    1378777                              O            07/01/32
    0

    7936699          286/286             F          143,500.00         ZZ
                                         360        143,205.41          1
                                       6.750            930.74         73
                                       6.500            930.74
1

    GRAPEVINE        TX   76051          1            06/28/02         00
    1339707                              03           08/01/02          0
    1339707                              O            07/01/32
    0

    7936703          286/286             F           96,300.00         ZZ
                                         360         96,235.38          2
                                       8.000            706.62         90
                                       7.750            706.62
    WILMINGTON       DE   19805          1            07/09/02         11
    1344673                              05           09/01/02         25
    1344673                              N            08/01/32
    0

    7936705          286/286             F          500,500.00         ZZ
                                         360        499,697.12          1
                                       7.125          3,371.97         70
                                       6.875          3,371.97
    PARADISE VALLEY  AZ   85253          5            06/25/02         00
    1357642                              05           08/01/02          0
    1357642                              O            07/01/32
    0

    7936709          286/286             F          127,500.00         ZZ
                                         360        126,346.52          1
                                       7.500            891.50         75
                                       7.250            891.50
    PHOENIX          AZ   85014          1            06/28/02         00
    1356781                              05           08/01/02          0
    1356781                              N            07/01/32
    0

    7936737          286/286             F           88,000.00         ZZ
                                         360         87,858.82          1
                                       7.125            592.88         80
                                       6.875            592.88
    MIAMI            FL   33175          1            06/28/02         00
    1392525                              01           08/01/02          0
    1392525                              N            07/01/32
    0

    7936745          286/286             F          151,200.00         ZZ
                                         360        151,084.94          1
                                       7.375          1,044.31         90
                                       7.125          1,044.31
    GLADSTONE        OR   97027          1            07/09/02         12
    1346198                              05           09/01/02         25
    1346198                              N            08/01/32
    0
1

    7936747          286/286             F          103,000.00         ZZ
                                         360        102,842.62          1
                                       7.375            711.40         79
                                       7.125            711.40
    PHOENIX          AZ   85023          5            06/17/02         00
    1346173                              05           08/01/02          0
    1346173                              N            07/01/32
    0

    7936761          286/286             F          148,000.00         ZZ
                                         360        147,559.96          1
                                       7.000            984.65         78
                                       6.750            984.65
    METAIRIE         LA   70005          5            06/19/02         00
    1357946                              05           08/01/02          0
    1357946                              O            07/01/32
    0

    7936771          286/286             F           97,500.00         ZZ
                                         360         97,423.93          1
                                       7.250            665.13         90
                                       7.000            665.13
    HUMBLE           TX   77346          1            07/05/02         10
    1381153                              03           09/01/02         30
    1381153                              O            08/01/32
    0

    7936773          286/286             F          106,500.00         ZZ
                                         360        106,316.09          1
                                       6.750            690.76         75
                                       6.500            690.76
    PEORIA           AZ   85381          5            06/19/02         00
    1339760                              05           08/01/02          0
    1339760                              N            07/01/32
    0

    7936779          286/286             F          100,000.00         ZZ
                                         360         99,913.90          1
                                       6.750            648.60         68
                                       6.500            648.60
    PETERSBURG       MI   49270          1            07/11/02         00
    1383897                              05           09/01/02          0
    1383897                              N            08/01/32
    0

    7936781          286/286             F           78,400.00         ZZ
                                         360         78,294.43          1
1

                                       8.000            575.28         80
                                       7.750            575.28
    FORT OGLETHORPE  GA   30742          2            06/21/02         00
    1335023                              05           08/01/02          0
    1335023                              N            07/01/32
    0

    7936783          286/286             F           76,000.00         ZZ
                                         360         75,897.66          1
                                       8.000            557.67         80
                                       7.750            557.67
    FORT OGLETHORPE  GA   30742          2            06/21/02         00
    1335056                              05           08/01/02          0
    1335056                              N            07/01/32
    0

    7936787          286/286             F          135,000.00         ZZ
                                         360        134,769.20          1
                                       6.875            886.86         90
                                       6.625            886.86
    PORTLAND         OR   97211          2            06/27/02         21
    1346301                              05           08/01/02         25
    1346301                              O            07/01/32
    0

    7936795          286/286             F          105,750.00         ZZ
                                         360        105,571.79          1
                                       6.875            694.71         75
                                       6.625            694.71
    TUCKER           GA   30084          1            06/27/02         00
    1346479                              05           08/01/02          0
    1346479                              O            07/01/32
    0

    7936805          286/286             F          296,000.00         ZZ
                                         360        295,536.77          1
                                       7.250          2,019.25         80
                                       7.000          2,019.25
    CARLSBAD         CA   92008          1            06/28/02         00
    1385061                              05           08/01/02          0
    1385061                              N            07/01/32
    0

    7936809          286/286             F          160,000.00         ZZ
                                         360        159,743.34          1
                                       7.125          1,077.95         85
                                       6.875          1,077.95
    BLAIRSTOWN       NJ   07825          1            07/01/02         12
    1318058                              05           08/01/02         25
1

    1318058                              O            07/01/32
    0

    7936813          286/286             F          180,000.00         ZZ
                                         360        179,704.04          1
                                       7.000          1,197.55         80
                                       6.750          1,197.55
    PLANTATION       FL   33324          5            06/17/02         00
    1330163                              05           08/01/02          0
    1330163                              O            07/01/32
    0

    7936815          286/286             F           90,000.00         ZZ
                                         360         89,878.82          2
                                       8.000            660.39         90
                                       7.750            660.39
    NEW HAVEN        CT   06513          1            07/03/02         12
    1391699                              05           08/01/02         25
    1391699                              N            07/01/32
    0

    7936825          286/286             F          264,800.00         ZZ
                                         360        264,364.61          4
                                       7.000          1,761.73         80
                                       6.750          1,761.73
    PORTLAND         OR   97202          2            06/19/02         00
    1329241                              05           08/01/02          0
    1329241                              N            07/01/32
    0

    7936829          286/286             F          441,000.00         ZZ
                                         360        440,375.47          2
                                       7.750          3,159.38         63
                                       7.500          3,159.38
    MILPITAS         CA   95035          2            06/29/02         00
    1347272                              05           08/01/02          0
    1347272                              N            07/01/32
    0

    7936831          286/286             F          128,650.00         ZZ
                                         360        128,448.67          1
                                       7.250            877.62         90
                                       7.000            877.62
    MIAMI            FL   33178          1            06/28/02         10
    1350902                              01           08/01/02         25
    1350902                              O            07/01/32
    0

1

    7936835          286/286             F          365,600.00         ZZ
                                         360        365,013.53          1
                                       7.125          2,463.12         80
                                       6.875          2,463.12
    ELDERSBURG       MD   21784          5            06/17/02         00
    1348812                              05           08/01/02          0
    1348812                              O            07/01/32
    0

    7936839          286/286             F          136,000.00         ZZ
                                         360        135,911.03          1
                                       8.125          1,009.80         80
                                       7.875          1,009.80
    JERSEY CITY      NJ   07303          1            07/02/02         00
    1292558                              05           09/01/02          0
    1292558                              N            08/01/32
    0

    7936841          286/286             F           93,000.00         ZZ
                                         360         92,650.82          1
                                       7.125            626.56         71
                                       6.875            626.56
    CORAL GABLES     FL   33134          5            06/18/02         00
    1324941                              01           08/01/02          0
    1324941                              O            07/01/32
    0

    7936853          286/286             F          110,900.00         ZZ
                                         360        110,722.09          1
                                       7.125            747.16         77
                                       6.875            747.16
    HARRISBURG       PA   17110          1            06/14/02         00
    1309849                              05           08/01/02          0
    1309849                              O            07/01/32
    0

    7936859          286/286             F          186,000.00         ZZ
                                         360        185,723.06          2
                                       7.500          1,300.54         70
                                       7.250          1,300.54
    LONGMEADOW       MA   01106          1            06/28/02         00
    1350126                              05           08/01/02          0
    1350126                              N            07/01/32
    0

    7936871          286/286             F          113,450.00         ZZ
                                         360        113,359.27          1
                                       7.125            764.34         90
                                       6.875            764.34
1

    LITCHFIELD PARK  AZ   85340          1            07/01/02         12
    1392737                              03           09/01/02         25
    1392737                              N            08/01/32
    0

    7936909          286/286             F           27,010.00         ZZ
                                         360         26,969.78          1
                                       7.500            188.86         37
                                       7.250            188.86
    ZEPHYRHILLS      FL   33541          1            06/28/02         00
    1351280                              05           08/01/02          0
    1351280                              O            07/01/32
    0

    7936915          286/286             F          100,000.00         ZZ
                                         360         99,925.78          3
                                       7.500            699.22         58
                                       7.250            699.22
    PHILADELPHIA     PA   19119          5            07/01/02         00
    1336771                              05           09/01/02          0
    1336771                              O            08/01/32
    0

    7936917          286/286             F          119,900.00         ZZ
                                         360        119,819.54          4
                                       8.000            879.79         80
                                       7.750            879.79
    WORCESTER        MA   01606          1            07/10/02         00
    1319903                              05           09/01/02          0
    1319903                              N            08/01/32
    0

    7936933          286/286             F          330,000.00         ZZ
                                         360        329,430.14          1
                                       6.750          2,140.38         43
                                       6.500          2,140.38
    BETHESDA         MD   20816          1            07/03/02         00
    1327926                              05           08/01/02          0
    1327926                              N            07/01/32
    0

    7936937          286/286             F          115,100.00         ZZ
                                         360        114,869.24          1
                                       7.250            785.19         90
                                       7.000            785.19
    SHERMAN          TX   75092          1            06/28/02         11
    1334579                              03           08/01/02         25
    1334579                              N            07/01/32
    0
1

    7936945          286/286             F          181,800.00         ZZ
                                         360        181,542.54          4
                                       7.750          1,302.44         90
                                       7.500          1,302.44
    MESA             AZ   85203          1            06/24/02         10
    1316602                              05           08/01/02         25
    1316602                              N            07/01/32
    0

    7936947          286/286             F          161,100.00         ZZ
                                         360        160,871.86          3
                                       7.750          1,154.14         90
                                       7.500          1,154.14
    MESA             AZ   85205          1            06/24/02         12
    1316615                              05           08/01/02         25
    1316615                              N            07/01/32
    0

    7936949          286/286             F           90,000.00         ZZ
                                         360         89,878.82          3
                                       8.000            660.39         90
                                       7.750            660.39
    NEW HAVEN        CT   06511          1            06/20/02         12
    1349167                              05           08/01/02         25
    1349167                              N            07/01/32
    0

    7936955          286/286             F          116,720.00         ZZ
                                         360        116,489.96          1
                                       7.125            786.37         80
                                       6.875            786.37
    SAN MARCOS       CA   92069          1            06/07/02         00
    1316486                              01           08/01/02          0
    1316486                              O            07/01/32
    0

    7936969          286/286             F          608,530.00         T
                                         360        607,668.23          1
                                       7.750          4,359.59         65
                                       7.500          4,359.59
    EGG HARBOR       WI   54209          5            06/25/02         00
    1319119                              05           08/01/02          0
    1319119                              O            07/01/32
    0

    7936973          286/286             F          100,800.00         ZZ
                                         360        100,630.13          1
1

                                       6.875            662.19         80
                                       6.625            662.19
    GREENVILLE       SC   29609          1            06/28/02         00
    1349747                              05           08/01/02          0
    1349747                              O            07/01/32
    0

    7936983          286/286             F          161,400.00         ZZ
                                         360        161,089.01          1
                                       7.000          1,073.80         76
                                       6.750          1,073.80
    ANTELOPE         CA   95843          1            06/10/02         00
    1329089                              05           08/01/02          0
    1329089                              O            07/01/32
    0

    7936991          286/286             F          161,600.00         ZZ
                                         360        161,347.10          1
                                       7.250          1,102.40         80
                                       7.000          1,102.40
    BOYNTON BEACH    FL   33435          5            06/24/02         00
    1361446                              05           08/01/02          0
    1361446                              O            07/01/32
    0

    7936997          286/286             F          110,000.00         ZZ
                                         360        109,844.22          1
                                       7.750            788.06         41
                                       7.500            788.06
    JENSEN BEACH     FL   34957          5            06/24/02         00
    1361503                              05           08/01/02          0
    1361503                              O            07/01/32
    0

    7937007          286/286             F           79,200.00         ZZ
                                         360         79,076.05          1
                                       7.250            540.29         80
                                       7.000            540.29
    KATY             TX   77450          2            07/01/02         00
    1376397                              05           08/01/02          0
    1376397                              N            07/01/32
    0

    7937015          286/286             F           55,100.00         ZZ
                                         360         54,978.35          1
                                       7.750            394.75         95
                                       7.500            394.75
    ORLANDO          FL   32807          1            07/09/02         12
    1322028                              05           09/01/02         30
1

    1322028                              O            08/01/32
    0

    7937021          286/286             F          131,800.00         ZZ
                                         360        131,593.74          1
                                       7.250            899.11         55
                                       7.000            899.11
    PENN VALLEY      CA   95946          5            06/20/02         00
    800000                               03           08/01/02          0
    800000                               O            07/01/32
    0

    7937023          286/286             F          120,000.00         ZZ
                                         360        119,750.60          1
                                       7.875            870.09         80
                                       7.625            870.09
    GEORGETOWN       TX   78626          2            05/08/02         00
    663670                               05           07/01/02          0
    663670                               O            06/01/32
    0

    7937025          286/286             F          177,200.00         ZZ
                                         360        176,908.65          1
                                       7.000          1,178.92         84
                                       6.750          1,178.92
    COLLEGEVILLE     PA   19426          2            06/28/02         12
    1383183                              05           08/01/02         12
    1383183                              O            07/01/32
    0

    7937027          286/286             F           95,000.00         ZZ
                                         360         94,922.13          1
                                       7.000            632.04         48
                                       6.750            632.04
    FREMONT          OH   43420          1            07/10/02         00
    1314710                              05           09/01/02          0
    1314710                              N            08/01/32
    0

    7937029          286/286             F          109,800.00         ZZ
                                         360        109,632.37          1
                                       7.375            758.37         90
                                       7.125            758.37
    PHOENIX          AZ   85018          1            06/26/02         12
    1379199                              05           08/01/02         25
    1379199                              N            07/01/32
    0

1

    7937033          286/286             F           28,800.00         ZZ
                                         360         28,754.92          1
                                       7.250            196.47         80
                                       7.000            196.47
    TORRINGTON       CT   06790          1            06/28/02         00
    1334641                              01           08/01/02          0
    1334641                              O            07/01/32
    0

    7937035          286/286             F          107,200.00         ZZ
                                         360        107,036.34          1
                                       7.375            740.41         80
                                       7.125            740.41
    PORTLAND         OR   97220          2            06/18/02         00
    1081955                              05           08/01/02          0
    1081955                              N            07/01/32
    0

    7937041          286/286             F          220,773.00         ZZ
                                         360        220,418.85          1
                                       7.125          1,487.39         95
                                       6.875          1,487.39
    BEDFORD          TX   76021          1            06/28/02         11
    1381934                              03           08/01/02         30
    1381934                              O            07/01/32
    0

    7937043          286/286             F          116,450.00         ZZ
                                         360        116,289.18          4
                                       7.875            844.35         85
                                       7.625            844.35
    LAKE CHARLES     LA   70611          2            06/26/02         11
    1342668                              05           08/01/02         12
    1342668                              N            07/01/32
    0

    7937045          286/286             F          116,450.00         ZZ
                                         360        116,289.18          4
                                       7.875            844.35         85
                                       7.625            844.35
    LAKE CHARLES     LA   70611          2            06/26/02         11
    1343958                              05           08/01/02         12
    1343958                              N            07/01/32
    0

    7937047          286/286             F          116,450.00         ZZ
                                         360        116,289.18          4
                                       7.875            844.35         85
                                       7.625            844.35
1

    LAKE CHARLES     LA   70611          2            06/26/02         11
    1343961                              05           08/01/02         12
    1343961                              N            07/01/32
    0

    7937049          286/286             F          116,450.00         ZZ
                                         360        116,289.18          4
                                       7.875            844.35         85
                                       7.625            844.35
    LAKE CHARLES     LA   70611          2            06/26/02         11
    1343966                              05           08/01/02         12
    1343966                              N            07/01/32
    0

    7937053          286/286             F          146,000.00         ZZ
                                         360        145,886.10          1
                                       7.250            995.98         79
                                       7.000            995.98
    MINNEAPOLIS      MN   55407          5            06/27/02         00
    798638                               05           09/01/02          0
    798638                               O            08/01/32
    0

    7937067          286/286             F          108,000.00         ZZ
                                         360        107,808.89          1
                                       6.625            691.54         80
                                       6.375            691.54
    FORT WORTH       TX   76131          1            06/27/02         00
    1338238                              05           08/01/02          0
    1338238                              N            07/01/32
    0

    7937073          286/286             F           83,000.00         ZZ
                                         360         82,870.11          1
                                       7.250            566.21         66
                                       7.000            566.21
    BEND             OR   97702          1            06/24/02         00
    1381922                              01           08/01/02          0
    1381922                              N            07/01/32
    0

    7937097          286/286             F          120,600.00         ZZ
                                         360        120,433.45          4
                                       7.875            874.44         90
                                       7.625            874.44
    GRETNA           LA   70056          1            07/01/02         12
    1361274                              05           08/01/02         25
    1361274                              N            07/01/32
    0
1

    7937101          286/286             F          153,100.00         ZZ
                                         360        152,983.50          1
                                       7.375          1,057.43         90
                                       7.125          1,057.43
    FARMINGTON       NM   87401          1            07/01/02         12
    1388058                              05           09/01/02         25
    1388058                              N            08/01/32
    0

    7937109          286/286             F          150,000.00         ZZ
                                         360        149,759.38          1
                                       7.125          1,010.58         79
                                       6.875          1,010.58
    LAGRANGE         KY   40031          2            06/17/02         00
    1312357                              05           08/01/02          0
    1312357                              O            07/01/32
    0

    7937115          286/286             F          600,000.00         ZZ
                                         360        598,988.97          1
                                       6.875          3,941.57         75
                                       6.625          3,941.57
    KEY WEST         FL   33040          2            06/24/02         00
    1384673                              05           08/01/02          0
    1384673                              O            07/01/32
    0

    7937121          286/286             F          111,600.00         ZZ
                                         360        111,519.23          1
                                       7.625            789.90         90
                                       7.375            789.90
    PHOENIX          AZ   85016          1            07/08/02         12
    1373436                              05           09/01/02         25
    1373436                              N            08/01/32
    0

    7937135          286/286             F          186,400.00         ZZ
                                         360        186,235.54          1
                                       6.625          1,193.54         80
                                       6.375          1,193.54
    SPARKS           NV   89436          1            07/02/02         00
    812596                               03           09/01/02          0
    812596                               O            08/01/32
    0

    7937139          286/286             F          145,000.00         ZZ
                                         360        143,419.22          1
1

                                       7.375          1,001.48         47
                                       7.125          1,001.48
    CHATSWORTH       CA   91311          5            06/21/02         00
    795713                               05           08/01/02          0
    795713                               N            07/01/32
    0

    7937141          286/286             F          140,000.00         ZZ
                                         360        137,321.94          1
                                       7.375            966.95         53
                                       7.125            966.95
    NORTH HILLS ARE  CA   91343          5            06/21/02         00
    795716                               05           08/01/02          0
    795716                               N            07/01/32
    0

    7937143          286/286             F          180,000.00         ZZ
                                         360        179,704.06          1
                                       7.000          1,197.54         72
                                       6.750          1,197.54
    ST HELENS        OR   97051          5            06/27/02         00
    813308                               03           08/01/02          0
    813308                               O            07/01/32
    0

    7937145          286/286             F          100,000.00         ZZ
                                         360         99,854.80          1
                                       7.625            707.79         59
                                       7.375            707.79
    PHOENIX          AZ   85048          5            06/21/02         00
    803499                               03           08/01/02          0
    803499                               N            07/01/32
    0

    7937147          286/286             F          126,000.00         ZZ
                                         360        125,787.69          1
                                       6.875            827.73         56
                                       6.625            827.73
    SCOTTSDALE       AZ   85254          1            06/27/02         00
    804632                               05           08/01/02          0
    804632                               O            07/01/32
    0

    7937151          286/286             F          188,000.00         ZZ
                                         360        187,720.09          1
                                       7.500          1,314.52         80
                                       7.250          1,314.52
    NAPA             CA   94588          5            06/07/02         00
    815528                               01           08/01/02          0
1

    815528                               O            07/01/32
    0

    7937157          286/286             F           79,200.00         ZZ
                                         360         79,069.78          1
                                       7.000            526.92         80
                                       6.750            526.92
    ALBUQUERQUE      NM   87107          2            06/28/02         00
    806123                               05           08/01/02          0
    806123                               N            07/01/32
    0

    7937159          286/286             F          200,000.00         ZZ
                                         360        199,687.02          1
                                       7.250          1,364.35         50
                                       7.000          1,364.35
    OAKLAND          CA   94605          5            06/17/02         00
    802184                               05           08/01/02          0
    802184                               N            07/01/32
    0

    7937165          286/286             F           92,000.00         ZZ
                                         360         91,836.54          1
                                       7.750            659.10         80
                                       7.500            659.10
    SUN CITY         CA   92586          1            06/25/02         00
    802313                               03           08/01/02          0
    802313                               N            07/01/32
    0

    7937167          286/286             F          166,000.00         ZZ
                                         360        165,671.85          4
                                       7.000          1,104.40         58
                                       6.750          1,104.40
    LAS VEGAS        NV   89109          2            06/17/02         00
    781463                               03           08/01/02          0
    781463                               N            07/01/32
    0

    7937169          286/286             F          124,000.00         ZZ
                                         360        123,796.11          1
                                       7.000            824.98         77
                                       6.750            824.98
    SUN CITY         CA   92586          5            06/18/02         00
    802415                               03           08/01/02          0
    802415                               O            07/01/32
    0

1

    7937171          286/286             F           84,000.00         ZZ
                                         360         83,868.54          1
                                       7.250            573.03         80
                                       7.000            573.03
    SUN CITY         CA   92586          1            06/18/02         00
    802417                               03           08/01/02          0
    802417                               N            07/01/32
    0

    7937495          E82/G02             F          108,300.00         ZZ
                                         360        108,300.00          1
                                       7.000            720.52         78
                                       6.750            720.52
    MARTINEZ         GA   30907          2            08/05/02         00
    0400649398                           05           10/01/02          0
    0400649398                           O            09/01/32
    0

    7937501          E82/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.750            719.94         68
                                       6.500            719.94
    GREENBRIER       TN   37073          2            08/06/02         00
    0400656609                           05           10/01/02          0
    1577233                              O            09/01/32
    0

    7937561          E82/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
                                       7.875            253.77         14
                                       7.625            253.77
    ORANGE           NJ   07052          2            08/06/02         00
    0400662375                           01           10/01/02          0
    1640148                              O            09/01/32
    0

    7937929          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.750            648.60         65
                                       6.500            648.60
    LAKEPORT         CA   95453          5            08/05/02         00
    0414324368                           05           10/01/02          0
    0414324368                           O            09/01/32
    0

    7937939          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.875            435.04         80
                                       7.625            435.04
1

    N CHARLESTON     SC   29405          1            08/09/02         00
    0414370437                           05           10/01/02          0
    0414370437                           N            09/01/32
    0

    7937985          E22/G02             F           83,000.00         ZZ
                                         360         83,000.00          1
                                       7.000            552.20         65
                                       6.750            552.20
    FORT WORTH       TX   76137          5            08/05/02         00
    0414453001                           03           10/01/02          0
    0414453001                           O            09/01/32
    0

    7937995          E22/G02             F          101,000.00         ZZ
                                         360        101,000.00          1
                                       6.750            655.08         66
                                       6.500            655.08
    WEAVERVILLE      NC   28787          5            08/05/02         00
    0414462168                           05           10/01/02          0
    0414462168                           O            09/01/32
    0

    7938025          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.750            804.26         80
                                       6.500            804.26
    GRAND BLANC      MI   48439          5            08/05/02         00
    0414495978                           01           10/01/02          0
    0414495978                           O            09/01/32
    0

    7938027          E22/G02             F          189,600.00         ZZ
                                         360        189,600.00          1
                                       7.125          1,277.37         80
                                       6.875          1,277.37
    KEENESBURG       CO   80643          5            08/05/02         00
    0414499715                           05           10/01/02          0
    0414499715                           O            09/01/32
    0

    7938047          E22/G02             F           69,350.00         ZZ
                                         360         69,350.00          1
                                       7.375            478.98         95
                                       7.125            478.98
    BAY CITY         MI   48706          1            08/09/02         11
    0414512053                           05           10/01/02         30
    0414512053                           O            09/01/32
    0
1

    7938085          E22/G02             F           94,320.00         ZZ
                                         360         94,320.00          4
                                       7.500            659.50         90
                                       7.250            659.50
    BRYAN            TX   77801          1            08/06/02         04
    0414546077                           05           10/01/02         25
    0414546077                           N            09/01/32
    0

    7938109          E22/G02             F          161,900.00         ZZ
                                         360        161,900.00          4
                                       7.750          1,159.87         90
                                       7.500          1,159.87
    FRANKLIN         NH   03235          1            08/09/02         01
    0414573790                           05           10/01/02         25
    0414573790                           N            09/01/32
    0

    7938113          E22/G02             F          137,750.00         ZZ
                                         360        137,750.00          1
                                       7.500            963.17         95
                                       7.250            963.17
    LOS LUNAS        NM   87031          5            08/05/02         04
    0414577528                           05           10/01/02         30
    0414577528                           O            09/01/32
    0

    7938129          E22/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
                                       6.875            461.16         90
                                       6.625            461.16
    MISSOURI CITY    TX   77459          1            08/08/02         01
    0414587873                           09           10/01/02         25
    0414587873                           N            09/01/32
    0

    7938149          E22/G02             F          103,200.00         ZZ
                                         360        103,200.00          1
                                       7.000            686.59         80
                                       6.750            686.59
    MASHPEE          MA   02649          5            08/05/02         00
    0414603217                           01           10/01/02          0
    0414603217                           O            09/01/32
    0

    7938159          E22/G02             F           63,500.00         ZZ
                                         360         63,500.00          1
1

                                       7.375            438.58         85
                                       7.125            438.58
    HOLLYWOOD        FL   33023          2            08/05/02         01
    0414611921                           05           10/01/02         12
    0414611921                           O            09/01/32
    0

    7938181          E22/G02             F          146,240.00         ZZ
                                         360        146,240.00          1
                                       7.250            997.61         80
                                       7.000            997.61
    IRVING           TX   75038          1            08/09/02         00
    0414685586                           09           10/01/02          0
    0414685586                           O            09/01/32
    0

    7938253          F32/G02             F          174,800.00         ZZ
                                         360        174,653.14          1
                                       6.875          1,148.32         91
                                       6.625          1,148.32
    ATLANTA          GA   30311          1            07/29/02         14
    0434479952                           05           09/01/02         30
    596772                               O            08/01/32
    0

    7938411          A35/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.500          1,258.58         80
                                       7.250          1,258.58
    RIDGE            NY   11961          1            08/07/02         00
    0434414793                           05           10/01/02          0
    LG13913                              N            09/01/32
    0

    7939013          M27/G02             F          109,700.00         ZZ
                                         360        109,603.22          1
                                       6.625            702.42         88
                                       6.375            702.42
    MANCHESTER       TN   37355          2            07/29/02         01
    0434379921                           05           09/01/02         25
    1001332                              O            08/01/32
    0

    7939823          E22/G02             F          255,150.00         ZZ
                                         360        255,150.00          4
                                       8.000          1,872.20         90
                                       7.750          1,872.20
    BURLINGTON       VT   05401          1            08/12/02         04
    0414244418                           05           10/01/02         25
1

    0414244418                           N            09/01/32
    0

    7939837          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.750            573.13         80
                                       7.500            573.13
    LANSING          MI   48910          1            08/12/02         00
    0414330340                           05           10/01/02          0
    0414330340                           N            09/01/32
    0

    7939871          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       7.250            807.70         80
                                       7.000            807.70
    BRIGHTON         MI   48116          2            08/06/02         00
    0414423491                           01           10/01/02          0
    0414423491                           O            09/01/32
    0

    7939907          E22/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
                                       7.000            755.78         80
                                       6.750            755.78
    RIFLE            CO   81650          5            08/06/02         00
    0414459230                           05           10/01/02          0
    0414459230                           O            09/01/32
    0

    7939913          E22/G02             F          157,900.00         ZZ
                                         240        157,900.00          1
                                       7.000          1,224.20         49
                                       6.750          1,224.20
    BARTLETT         IL   60133          2            08/07/02         00
    0414459859                           05           10/01/02          0
    0414459859                           O            09/01/22
    0

    7939935          E22/G02             F          275,500.00         ZZ
                                         360        275,500.00          1
                                       6.750          1,786.89         71
                                       6.500          1,786.89
    ISLIP            NY   11751          5            08/07/02         00
    0414474239                           05           10/01/02          0
    0414474239                           O            09/01/32
    0

1

    7939955          E22/G02             F          156,500.00         ZZ
                                         360        156,500.00          1
                                       6.875          1,028.09         90
                                       6.625          1,028.09
    SPARKS           NV   89433          1            08/02/02         01
    0414493221                           05           10/01/02         25
    0414493221                           N            09/01/32
    0

    7939959          E22/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    HEMPSTEAD        NY   11550          5            08/06/02         00
    0414497016                           05           10/01/02          0
    0414497016                           O            09/01/32
    0

    7940003          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.750          2,568.45         69
                                       6.500          2,568.45
    DALY CITY        CA   94014          2            08/06/02         00
    0414512764                           05           10/01/02          0
    0414512764                           O            09/01/32
    0

    7940031          E22/G02             F          108,090.00         ZZ
                                         360        108,090.00          2
                                       7.875            783.73         90
                                       7.625            783.73
    SPRINGFIELD      MA   01107          1            08/12/02         01
    0414522292                           05           10/01/02         25
    0414522292                           N            09/01/32
    0

    7940047          E22/G02             F           38,925.00         ZZ
                                         360         38,896.11          1
                                       7.500            272.17         90
                                       7.250            272.17
    ARLINGTON        TX   76011          1            07/31/02         04
    0414528620                           01           09/01/02         25
    0414528620                           N            08/01/32
    0

    7940165          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.625            576.28         67
                                       6.375            576.28
1

    PORT SAINT LUCI  FL   34983          1            08/12/02         00
    0414609222                           05           10/01/02          0
    0414609222                           O            09/01/32
    0

    7940173          E22/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       6.875          1,786.85         80
                                       6.625          1,786.85
    PLANO            TX   75024          5            08/07/02         00
    0414611707                           05           10/01/02          0
    0414611707                           O            09/01/32
    0

    7940183          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.750            596.71         87
                                       6.500            596.71
    FORT LAUDERDALE  FL   33312          5            08/06/02         01
    0414629097                           05           10/01/02         25
    0414629097                           O            09/01/32
    0

    7940207          E22/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
                                       7.625            451.22         75
                                       7.375            451.22
    OKLAHOMA CITY    OK   73132          1            08/12/02         00
    0414645739                           05           10/01/02          0
    0414645739                           N            09/01/32
    0

    7940211          E22/G02             F          176,770.00         ZZ
                                         360        176,770.00          1
                                       7.125          1,190.93         71
                                       6.875          1,190.93
    PLANO            TX   75023          5            08/05/02         00
    0414648469                           05           10/01/02          0
    0414648469                           O            09/01/32
    0

    7940213          E22/G02             F          284,000.00         T
                                         360        284,000.00          1
                                       6.750          1,842.02         80
                                       6.500          1,842.02
    ANTONITO         CO   81120          1            08/12/02         00
    0414655993                           05           10/01/02          0
    0414655993                           O            09/01/32
    0
1

    7940579          U05/G02             F          352,000.00         ZZ
                                         360        351,704.28          1
                                       6.875          2,312.39         80
                                       6.625          2,312.39
    MILPITAS         CA   95035          1            07/24/02         00
    0434480786                           05           09/01/02          0
    3245701                              O            08/01/32
    0

    7941451          313/G02             F          473,000.00         ZZ
                                         360        472,183.22          1
                                       6.750          3,067.87         79
                                       6.500          3,067.87
    SHERMAN OAKS AR  CA   91423          5            06/19/02         00
    0434405056                           05           08/01/02          0
    8728149                              O            07/01/32
    0

    7941619          S54/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.875            656.93         80
                                       6.625            656.93
    INDIANAPOLIS     IN   46228          5            08/09/02         00
    0434382958                           05           10/01/02          0
    7136114                              O            09/01/32
    0

    7942453          W39/G02             F          175,600.00         ZZ
                                         360        175,456.05          1
                                       7.000          1,168.28         80
                                       6.750          1,168.28
    EL PASO          TX   79936          1            07/12/02         00
    0434455978                           05           09/01/02          0
    PN120242                             O            08/01/32
    0

    7942537          A06/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.375          2,339.52         75
                                       6.125          2,339.52
    W. BLOOMFIELD    MI   48323          5            08/05/02         00
    0434411278                           05           10/01/02          0
    1000020216416                        O            09/01/32
    0

    7943775          E22/G02             F          476,000.00         ZZ
                                         360        476,000.00          1
1

                                       7.125          3,206.90         89
                                       6.875          3,206.90
    CANON CITY       CO   81212          2            08/08/02         01
    0414193615                           05           10/01/02         25
    0414193615                           O            09/01/32
    0

    7943813          E22/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.875          2,167.87         90
                                       6.625          2,167.87
    HOLLISTER        CA   95023          2            08/01/02         04
    0414413146                           05           10/01/02         25
    0414413146                           O            09/01/32
    0

    7943845          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.875          2,233.56         80
                                       6.625          2,233.56
    FOUNTAIN VALLEY  CA   92708          5            07/31/02         00
    0414492561                           05           10/01/02          0
    0414492561                           O            09/01/32
    0

    7943909          E22/G02             F          274,550.00         ZZ
                                         360        274,550.00          1
                                       6.875          1,803.60         95
                                       6.625          1,803.60
    CLIFTON          NJ   07013          1            08/13/02         01
    0414555763                           05           10/01/02         30
    0414555763                           O            09/01/32
    0

    7943965          E22/G02             F           37,000.00         ZZ
                                         360         37,000.00          1
                                       7.875            268.28         79
                                       7.625            268.28
    FORT WAYNE       IN   46807          2            08/13/02         00
    0414600056                           05           10/01/02          0
    0414600056                           N            09/01/32
    0

    7943967          E22/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
                                       7.500            356.60         79
                                       7.250            356.60
    FORT WAYNE       IN   46807          2            08/13/02         00
    0414600098                           05           10/01/02          0
1

    0414600098                           N            09/01/32
    0

    7943977          E22/G02             F          151,750.00         ZZ
                                         360        151,750.00          1
                                       6.875            996.89         76
                                       6.625            996.89
    WESTMINISTER     CO   80031          5            08/08/02         00
    0414626440                           03           10/01/02          0
    0414626440                           O            09/01/32
    0

    7943981          E22/G02             F           78,500.00         ZZ
                                         360         78,500.00          1
                                       6.875            515.69         72
                                       6.625            515.69
    BIRMINGHAM       AL   35215          2            08/13/02         00
    0414629519                           05           10/01/02          0
    0414629519                           N            09/01/32
    0

    7944005          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       8.000            627.37         95
                                       7.750            627.37
    FAIRBORN         OH   45324          5            08/08/02         11
    0414657544                           09           10/01/02         30
    0414657544                           O            09/01/32
    0

    7944007          E22/G02             F           78,500.00         ZZ
                                         360         78,500.00          1
                                       6.875            515.69         72
                                       6.625            515.69
    BIRMINGHAM       AL   35215          2            08/13/02         00
    0414657643                           05           10/01/02          0
    0414657643                           N            09/01/32
    0

    7944009          E22/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       7.500            384.57         69
                                       7.250            384.57
    PUEBLO           CO   81001          2            08/12/02         00
    0414658070                           05           10/01/02          0
    0414658070                           N            09/01/32
    0

1

    7944337          W02/G02             F           71,000.00         ZZ
                                         360         70,938.87          1
                                       6.750            460.51         79
                                       6.500            460.51
    FRANKLIN         KY   42134          5            07/26/02         00
    0434452074                           05           09/01/02          0
    1001233715                           O            08/01/32
    0

    7944381          N47/G02             F          434,000.00         ZZ
                                         360        434,000.00          1
                                       6.875          2,851.07         73
                                       6.625          2,851.07
    MILPITAS         CA   95035          5            08/02/02         00
    0434406781                           05           10/01/02          0
    20320863                             O            09/01/32
    0

    7944393          N47/G02             F          350,600.00         ZZ
                                         360        350,600.00          1
                                       6.750          2,273.98         71
                                       6.500          2,273.98
    SAN JOSE         CA   95132          2            08/01/02         00
    0434406518                           05           10/01/02          0
    20120870                             O            09/01/32
    0

    7944453          K15/G02             F          111,000.00         ZZ
                                         360        110,899.65          1
                                       6.500            701.60         80
                                       6.250            701.60
    AURORA           CO   80010          5            07/25/02         00
    0434410437                           05           09/01/02          0
    233501871                            O            08/01/32
    0

    7944501          W17/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       7.625            923.67         87
                                       7.375            923.67
    CAPE CORAL       FL   33990          5            08/07/02         01
    0434456984                           05           10/01/02         25
    020135                               O            09/01/32
    0

    7944581          N16/G02             F          407,000.00         ZZ
                                         360        406,640.91          1
                                       6.625          2,606.07         73
                                       6.375          2,606.07
1

    EASTON           CT   06612          5            08/08/02         00
    0434430377                           05           09/13/02          0
    045740756                            O            08/13/32
    0

    7944615          A35/G02             F          164,500.00         ZZ
                                         360        164,500.00          1
                                       6.500          1,039.75         70
                                       6.250          1,039.75
    LAS VEGAS        NV   89134          5            08/07/02         00
    0434447058                           05           10/01/02          0
    00824                                O            09/01/32
    0

    7944661          M27/G02             F          618,000.00         ZZ
                                         360        617,480.81          1
                                       6.875          4,059.82         80
                                       6.625          4,059.82
    WILMINGTON       NC   28405          1            08/01/02         00
    0434460291                           03           09/01/02          0
    0100025036                           O            08/01/32
    0

    7944893          W02/G02             F           48,500.00         ZZ
                                         360         48,500.00          1
                                       6.875            318.61         86
                                       6.625            318.61
    JACKSONVILLE     FL   32218          5            08/05/02         12
    0434597746                           05           10/01/02         25
    1001352341                           O            09/01/32
    0

    7945151          E47/G02             F           90,000.00         ZZ
                                         360         89,929.79          1
                                       7.250            613.96         90
                                       7.000            613.96
    DETROIT          MI   48221          2            07/26/02         26
    0434430567                           05           09/01/02         35
    7360513844                           O            08/01/32
    0

    7945413          X67/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.750          2,334.95         80
                                       6.500          2,334.95
    NORTHRIDGE       CA   91326          5            08/01/02         00
    0434429593                           03           10/01/02          0
    00268612                             O            09/01/32
    0
1

    7946295          964/G02             F          136,000.00         ZZ
                                         360        135,561.06          1
                                       7.125            916.26         53
                                       6.875            916.26
    GOLDEN           CO   80403          5            04/12/02         00
    0434561759                           05           06/01/02          0
    201381                               O            05/01/32
    0

    7946539          964/G02             F          250,000.00         ZZ
                                         360        249,546.77          1
                                       6.500          1,580.17         43
                                       6.250          1,580.17
    SAN RAFAEL       CA   94901          5            06/12/02         00
    0434562252                           05           08/01/02          0
    218379                               O            07/01/32
    0

    7946603          964/G02             F          352,000.00         ZZ
                                         360        351,406.86          1
                                       6.875          2,312.39         80
                                       6.625          2,312.39
    SEATTLE          WA   98199          1            06/11/02         00
    0434467742                           05           08/01/02          0
    207126                               O            07/01/32
    0

    7946739          N74/G02             F          100,000.00         ZZ
                                         360         99,907.38          1
                                       6.375            623.87         76
                                       6.125            623.87
    CHARLESTON       SC   29407          5            08/09/02         00
    0434462610                           05           09/14/02          0
    0030561010                           O            08/14/32
    0

    7947469          E22/G02             F          190,400.00         ZZ
                                         360        190,400.00          1
                                       6.750          1,234.93         80
                                       6.500          1,234.93
    SENECA           SC   29678          5            08/09/02         00
    0414385443                           05           10/01/02          0
    0414385443                           O            09/01/32
    0

    7947477          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
1

                                       7.875            580.06         67
                                       7.625            580.06
    CALERA           AL   35040          5            08/09/02         00
    0414426205                           05           10/01/02          0
    0414426205                           O            09/01/32
    0

    7947483          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.500          1,896.20         90
                                       6.250          1,896.20
    WINDSOR          CA   95492          1            07/30/02         01
    0414431429                           05           10/01/02         30
    0414431429                           O            09/01/32
    0

    7947525          E22/G02             F           82,500.00         ZZ
                                         360         82,500.00          1
                                       6.875            541.97         84
                                       6.625            541.97
    ST. PETERSBURG   FL   33712          5            08/09/02         04
    0414490888                           05           10/01/02         12
    0414490888                           O            09/01/32
    0

    7947631          E22/G02             F          300,300.00         ZZ
                                         360        300,300.00          1
                                       6.375          1,873.48         75
                                       6.125          1,873.48
    AMERICAN CANYON  CA   94503          1            08/06/02         00
    0414581231                           05           10/01/02          0
    0414581231                           O            09/01/32
    0

    7947655          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.500            884.90         58
                                       6.250            884.90
    SOUTH BRUNSWICK  NJ   08824          5            08/08/02         00
    0414595587                           05           10/01/02          0
    0414595587                           O            09/01/32
    0

    7947671          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.875            945.98         80
                                       6.625            945.98
    HOUSTON          TX   77069          1            08/13/02         00
    0414602573                           03           10/01/02          0
1

    0414602573                           O            09/01/32
    0

    7947675          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.875          1,189.11         80
                                       7.625          1,189.11
    DALLAS           TX   75248          2            08/09/02         00
    0414604363                           05           10/01/02          0
    0414604363                           O            09/01/32
    0

    7947683          E22/G02             F          118,750.00         ZZ
                                         360        118,750.00          3
                                       8.000            871.35         95
                                       7.750            871.35
    PLAINFIELD       NJ   07060          1            08/14/02         01
    0414610550                           05           10/01/02         30
    0414610550                           O            09/01/32
    0

    7947691          E22/G02             F          172,500.00         ZZ
                                         360        172,500.00          1
                                       8.000          1,265.74         75
                                       7.750          1,265.74
    MIAMI LAKES      FL   33014          5            08/14/02         00
    0414614719                           05           10/01/02          0
    0414614719                           N            09/01/32
    0

    7947701          E22/G02             F           65,500.00         ZZ
                                         360         65,500.00          1
                                       6.750            424.83         95
                                       6.500            424.83
    DELRAY BEACH     FL   33484          5            08/09/02         01
    0414619908                           01           10/01/02         30
    0414619908                           O            09/01/32
    0

    7947703          E22/G02             F           49,600.00         T
                                         360         49,600.00          1
                                       7.875            359.63         80
                                       7.625            359.63
    ORLANDO          FL   32826          1            08/14/02         00
    0414620104                           07           10/01/02          0
    0414620104                           O            09/01/32
    0

1

    7947715          E22/G02             F           46,400.00         ZZ
                                         360         46,400.00          1
                                       7.375            320.47         80
                                       7.125            320.47
    LARGO            FL   33774          1            08/08/02         00
    0414635961                           01           10/01/02          0
    0414635961                           O            09/01/32
    0

    7947741          E22/G02             F          117,900.00         ZZ
                                         360        117,900.00          1
                                       6.625            754.93         60
                                       6.375            754.93
    COUNCIL BLUFFS   IA   51503          1            08/14/02         00
    0414688796                           05           10/01/02          0
    0414688796                           O            09/01/32
    0

    7947743          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          2
                                       7.875          1,595.15         80
                                       7.625          1,595.15
    DEERFIELD BEACH  FL   33441          1            08/14/02         00
    0414696690                           05           10/01/02          0
    0414696690                           N            09/01/32
    0

    7947861          U36/G02             F          176,400.00         ZZ
                                         360        176,251.81          2
                                       6.875          1,158.82         83
                                       6.625          1,158.82
    ALPHARETTA       GA   30004          1            07/19/02         12
    0434430948                           05           09/01/02         25
    984201001                            N            08/01/32
    0

    7948301          U05/G02             F          338,450.00         ZZ
                                         360        338,450.00          1
                                       7.000          2,251.72         95
                                       6.750          2,251.72
    CENTRAL POINT    OR   97502          1            08/06/02         14
    0434423844                           05           10/01/02         30
    3245838                              O            09/01/32
    0

    7948331          K15/G02             F           98,000.00         ZZ
                                         360         98,000.00          2
                                       7.750            702.08         94
                                       7.500            702.08
1

    WINDHAM(WILLIMA  CT   06226          5            08/08/02         11
    0434484556                           05           10/01/02         25
    029705501129                         O            09/01/32
    0

    7948461          X51/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.625          2,945.43         80
                                       6.375          2,945.43
    FREMONT          CA   94536          5            08/03/02         00
    0434412557                           05           10/01/02          0
    R2053489                             O            09/01/32
    0

    7948503          369/G02             F           25,000.00         ZZ
                                         360         24,982.35          1
                                       7.750            179.11         56
                                       7.500            179.11
    MORGAN CITY      LA   70380          5            07/30/02         00
    0434471256                           05           09/01/02          0
    22891568                             N            08/01/32
    0

    7948903          E45/G02             F          350,000.00         ZZ
                                         360        349,514.96          1
                                       6.875          2,299.25         44
                                       6.625          2,299.25
    TRABUCO CANYON   CA   92679          2            07/12/02         00
    0434453882                           03           09/01/02          0
    251433                               O            08/01/32
    0

    7949025          883/G02             F          104,537.00         ZZ
                                         360        104,537.00          1
                                       6.500            660.74         80
                                       6.250            660.74
    MALABAR          FL   32950          1            08/07/02         00
    0434458709                           05           10/01/02          0
    48000757                             O            09/01/32
    0

    7949047          950/G02             F          111,420.00         ZZ
                                         360        111,420.00          1
                                       7.125            750.66         90
                                       6.875            750.66
    PORT ORCHARD     WA   98366          1            08/06/02         11
    0434463584                           05           10/01/02         25
    E7206116                             O            09/01/32
    0
1

    7949101          E45/G02             F          373,600.00         ZZ
                                         360        373,293.76          1
                                       7.000          2,485.57         80
                                       6.750          2,485.57
    GLENDALE         CA   91207          1            07/22/02         00
    0434454229                           05           09/01/02          0
    245410                               O            08/01/32
    0

    7949111          E86/G02             F          188,000.00         ZZ
                                         360        187,845.90          1
                                       7.000          1,250.77         80
                                       6.750          1,250.77
    ROCKVILLE        MD   20853          5            07/18/02         00
    0434462883                           05           09/01/02          0
    0000205940                           O            08/01/32
    0

    7949407          F60/G02             F          100,000.00         ZZ
                                         360         99,913.90          2
                                       6.750            648.60         80
                                       6.500            648.60
    NEW ORLEANS      LA   70122          1            07/31/02         00
    0434448171                           05           09/01/02          0
    447270                               O            08/01/32
    0

    7949457          144/144             F          103,120.00         ZZ
                                         360        103,031.22          1
                                       6.750            668.83         80
                                       6.500            668.83
    YULAN T/HIGHLAN  NY   12792          1            07/29/02         00
    BUONAIUTO                            05           09/01/02          0
    BUONAIUTO                            O            08/01/32
    0

    7949805          E45/G02             F          392,000.00         ZZ
                                         360        391,694.20          1
                                       7.250          2,674.13         80
                                       7.000          2,674.13
    CORONA           CA   92882          5            07/18/02         00
    0434453809                           05           09/01/02          0
    254659                               O            08/01/32
    0

    7949861          Q87/G02             F          133,600.00         ZZ
                                         360        133,487.76          1
1

                                       6.875            877.66         79
                                       6.625            877.66
    FORT WALTON BEA  FL   32547          5            08/12/02         00
    0434460150                           05           09/16/02          0
    EDMA01                               O            08/16/32
    0

    7949907          W40/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.750            674.54         69
                                       6.500            674.54
    WATERFORD        MI   48328          1            08/14/02         00
    0434460598                           05           10/01/02          0
    101009541                            O            09/01/32
    0

    7950093          E45/G02             F          408,000.00         ZZ
                                         360        407,640.03          1
                                       6.625          2,612.47         80
                                       6.375          2,612.47
    BETHESDA         MD   20816          5            07/23/02         00
    0434451985                           05           09/01/02          0
    251719                               O            08/01/32
    0

    7950189          X82/G02             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.500          3,476.37         64
                                       6.250          3,476.37
    VIENNA           VA   22182          5            08/02/02         00
    0434424362                           03           10/01/02          0
    834593                               O            09/01/32
    0

    7950919          N74/G02             F           67,200.00         ZZ
                                         360         67,200.00          1
                                       7.500            469.87         80
                                       7.250            469.87
    SAN ANTONIO      TX   78228          5            08/09/02         00
    0434437802                           05           10/01/02          0
    0030535010                           N            09/01/32
    0

    7951771          E45/G02             F           71,200.00         ZZ
                                         360         71,119.46          1
                                       7.250            485.71         80
                                       7.000            485.71
    WOODBURY         CT   06798          1            07/22/02         00
    0434444204                           01           09/01/02          0
1

    256600                               O            08/01/32
    0

    7951937          E45/G02             F          448,300.00         ZZ
                                         360        446,923.38          1
                                       6.875          2,945.01         63
                                       6.625          2,945.01
    YORBA LINDA      CA   92886          2            07/22/02         00
    0434452439                           05           09/01/02          0
    255577                               O            08/01/32
    0

    7952069          E45/G02             F          390,000.00         ZZ
                                         360        389,688.13          1
                                       7.125          2,627.50         78
                                       6.875          2,627.50
    GAITHERSBURG     MD   20882          5            07/25/02         00
    0434444428                           05           09/01/02          0
    257107                               O            08/01/32
    0

    7952147          J95/G02             F          935,000.00         ZZ
                                         360        934,306.09          1
                                       7.500          6,537.66         55
                                       7.250          6,537.66
    CARMEL           CA   93923          1            07/03/02         00
    0434478210                           05           09/01/02          0
    0027886936                           O            08/01/32
    0

    7952163          J95/G02             F          396,600.00         ZZ
                                         360        395,931.69          1
                                       6.875          2,605.39         61
                                       6.625          2,605.39
    LA CANADA FLINT  CA   91011          2            06/24/02         00
    0434475331                           05           08/01/02          0
    0029213279                           O            07/01/32
    0

    7952173          J95/G02             F           99,920.00         ZZ
                                         360         99,842.04          1
                                       7.250            681.64         80
                                       7.000            681.64
    KANSAS CITY      MO   64114          1            07/18/02         00
    0434475000                           05           09/01/02          0
    0029304573                           O            08/01/32
    0

1

    7952185          J95/G02             F          342,000.00         ZZ
                                         360        341,758.61          1
                                       7.750          2,450.14         95
                                       7.500          2,450.14
    WESTBOROUGH      MA   01581          1            07/26/02         10
    0434475794                           05           09/01/02         30
    0029372448                           O            08/01/32
    0

    7952427          E22/G02             F          159,600.00         ZZ
                                         360        159,600.00          1
                                       7.375          1,102.32         95
                                       7.125          1,102.32
    BARNEGAT         NJ   08005          1            08/15/02         01
    0414267609                           05           10/01/02         30
    0414267609                           O            09/01/32
    0

    7952435          E22/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.375          1,996.38         80
                                       6.125          1,996.38
    LOVELAND         CO   80537          1            08/15/02         00
    0414347831                           05           10/01/02          0
    0414347831                           O            09/01/32
    0

    7952451          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          4
                                       7.375          1,864.82         90
                                       7.125          1,864.82
    TOLEDO           OH   43606          1            08/15/02         11
    0414391623                           05           10/01/02         25
    0414391623                           N            09/01/32
    0

    7952459          E22/G02             F          136,000.00         T
                                         360        136,000.00          1
                                       6.750            882.09         80
                                       6.500            882.09
    SEASIDE          OR   97138          1            08/06/02         00
    0414439745                           01           10/01/02          0
    0414439745                           O            09/01/32
    0

    7952493          E22/G02             F          166,300.00         ZZ
                                         360        166,300.00          2
                                       7.625          1,177.06         64
                                       7.375          1,177.06
1

    GLENDORA         CA   91741          1            08/12/02         00
    0414517656                           05           10/01/02          0
    0414517656                           N            09/01/32
    0

    7952505          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.750            726.43         80
                                       6.500            726.43
    ROY              UT   84067          2            07/31/02         00
    0414532028                           05           10/01/02          0
    0414532028                           O            09/01/32
    0

    7952531          E22/G02             F          147,500.00         ZZ
                                         360        147,500.00          1
                                       7.500          1,031.34         95
                                       7.250          1,031.34
    WATERFORD        MI   48328          5            08/10/02         04
    0414555045                           05           10/01/02         30
    0414555045                           O            09/01/32
    0

    7952555          E22/G02             F           67,500.00         ZZ
                                         360         67,452.36          1
                                       7.750            483.58         90
                                       7.500            483.58
    AUGUSTA          GA   30906          2            08/06/02         10
    0414596387                           05           09/01/02         25
    0414596387                           N            08/01/32
    0

    7952579          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       7.250          2,019.24         80
                                       7.000          2,019.24
    CHEYENNE         WY   82009          5            08/12/02         00
    0414623249                           05           10/01/02          0
    0414623249                           O            09/01/32
    0

    7952619          E22/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
                                       7.250            938.67         80
                                       7.000            938.67
    COMMERCE TOWNSH  MI   48382          1            08/15/02         00
    0414680546                           05           10/01/02          0
    0414680546                           O            09/01/32
    0
1

    7952621          E22/G02             F           75,500.00         ZZ
                                         360         75,500.00          1
                                       7.625            534.38         61
                                       7.375            534.38
    MONSON           MA   01057          5            08/14/02         00
    0414688267                           05           10/01/02          0
    0414688267                           N            09/01/32
    0

    7952779          U05/G02             F          282,000.00         ZZ
                                         360        281,768.85          1
                                       7.000          1,876.15         80
                                       6.750          1,876.15
    SAN JOSE         CA   95125          5            07/17/02         00
    0434465159                           01           09/01/02          0
    3238235                              O            08/01/32
    0

    7952783          S07/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.500          2,654.69         75
                                       6.250          2,654.69
    COLORADO SPRING  CO   80906          5            08/12/02         00
    0434465241                           05           10/01/02          0
    2200418                              O            09/01/32
    0

    7952833          737/G02             F          154,100.00         ZZ
                                         360        154,100.00          3
                                       7.750          1,103.99         95
                                       7.500          1,103.99
    NEW ORLEANS      LA   70115          1            08/08/02         12
    0434477691                           05           10/01/02         30
    2074504                              O            09/01/32
    0

    7953031          U05/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.875          2,167.87         73
                                       6.625          2,167.87
    SAN FRANCISCO    CA   94134          5            08/06/02         00
    0434463253                           07           10/01/02          0
    3251896                              O            09/01/32
    0

    7953093          477/G02             F          299,000.00         ZZ
                                         360        299,000.00          1
1

                                       6.875          1,964.22         60
                                       6.625          1,964.22
    SAN DIMAS        CA   91773          1            08/08/02         00
    0434458212                           05           10/01/02          0
    205125                               O            09/01/32
    0

    7953469          A06/G02             F          237,500.00         ZZ
                                         360        237,500.00          1
                                       7.375          1,640.36         94
                                       7.125          1,640.36
    CANTON TOWNSHIP  MI   48188          2            08/06/02         11
    0434445946                           05           10/01/02         30
    1                                    O            09/01/32
    0

    7953943          696/G02             F          312,200.00         ZZ
                                         360        312,200.00          1
                                       6.500          1,973.32         70
                                       6.250          1,973.32
    GERMANTOWN       MD   20876          1            08/14/02         00
    0434419735                           03           10/01/02          0
    31202317                             O            09/01/32
    0

    7954135          E22/G02             F          117,500.00         ZZ
                                         360        117,500.00          1
                                       7.625            831.66         71
                                       7.375            831.66
    MIAMI SPRINGS    FL   33166          2            08/16/02         00
    0414507327                           05           10/01/02          0
    0414507327                           N            09/01/32
    0

    7954157          E22/G02             F           37,500.00         ZZ
                                         360         37,500.00          1
                                       8.000            275.16         94
                                       7.750            275.16
    NORMAN           OK   73071          5            08/12/02         01
    0414541847                           01           10/01/02         30
    0414541847                           O            09/01/32
    0

    7954163          E22/G02             F          329,500.00         ZZ
                                         360        329,500.00          1
                                       6.750          2,137.13         80
                                       6.500          2,137.13
    AUSTIN           TX   78703          5            08/12/02         00
    0414545566                           05           10/01/02          0
1

    0414545566                           O            09/01/32
    0

    7954177          E22/G02             F          184,800.00         ZZ
                                         360        184,800.00          1
                                       7.500          1,292.15         80
                                       7.250          1,292.15
    DENVER           CO   80236          5            08/12/02         00
    0414563387                           05           10/01/02          0
    0414563387                           O            09/01/32
    0

    7954181          E22/G02             F          116,100.00         ZZ
                                         360        116,100.00          3
                                       7.875            841.81         90
                                       7.625            841.81
    NEW HAVEN        CT   06511          1            08/16/02         01
    0414566000                           05           10/01/02         25
    0414566000                           N            09/01/32
    0

    7954209          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       6.625            537.86         70
                                       6.375            537.86
    CORVALLIS        OR   97333          1            08/09/02         00
    0414590828                           05           10/01/02          0
    0414590828                           O            09/01/32
    0

    7954281          E22/G02             F          274,550.00         ZZ
                                         360        274,550.00          1
                                       6.875          1,803.60         95
                                       6.625          1,803.60
    FORT PIERCE      FL   34982          1            08/16/02         04
    0414669333                           05           10/01/02         30
    0414669333                           O            09/01/32
    0

    7954315          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       6.375            673.78         90
                                       6.125            673.78
    HOUSTON          TX   77064          1            08/16/02         01
    0414711713                           03           10/01/02         25
    0414711713                           O            09/01/32
    0

1

    7954331          X51/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
                                       7.000            705.22         89
                                       6.750            705.22
    TAMPA            FL   33624          2            08/08/02         10
    0434461190                           03           10/01/02         25
    R2053264                             O            09/01/32
    0

    7954555          225/G02             F          136,000.00         ZZ
                                         360        135,893.91          1
                                       7.250            927.76         80
                                       7.000            927.76
    BRICK            NJ   08723          2            07/18/02         00
    0434475398                           05           09/01/02          0
    006563830                            O            08/01/32
    0

    7954655          225/G02             F          760,000.00         ZZ
                                         348        758,725.53          1
                                       7.625          5,428.06         80
                                       7.375          5,428.06
    SHINGLE SPRIN    CA   95692          4            06/19/02         00
    0434486981                           05           08/01/02          0
    007262108                            O            07/01/31
    0

    7954831          225/G02             F           90,000.00         ZZ
                                         360         89,936.47          3
                                       7.750            644.78         90
                                       7.500            644.78
    MERIDEN          CT   06450          1            07/17/02         11
    0434461877                           05           09/01/02         25
    007370181                            N            08/01/32
    0

    7954841          225/G02             F          156,150.00         ZZ
                                         360        156,042.53          3
                                       7.875          1,132.20         90
                                       7.625          1,132.20
    WORCESTER        MA   01604          1            07/17/02         14
    0434459574                           05           09/01/02         25
    007376204                            N            08/01/32
    0

    7954845          225/G02             F           81,900.00         ZZ
                                         360         81,786.89          2
                                       7.875            593.84         90
                                       7.625            593.84
1

    PROVIDENCE       RI   02909          1            07/03/02         12
    0434457743                           05           08/01/02         25
    007380169                            N            07/01/32
    0

    7954849          225/G02             F          104,310.00         ZZ
                                         360        104,241.77          3
                                       8.125            774.50         90
                                       7.875            774.50
    VALPARAISO       IN   46383          1            07/24/02         11
    0434487195                           05           09/01/02         25
    007380748                            N            08/01/32
    0

    7955029          E82/G02             F           56,700.00         ZZ
                                         360         56,700.00          1
                                       7.125            382.00         62
                                       6.875            382.00
    TAYLOR           MI   48180          2            08/15/02         00
    0400670329                           05           10/01/02          0
    2763073                              N            09/01/32
    0

    7956667          L21/G02             F          491,500.00         ZZ
                                         360        491,055.67          1
                                       6.500          3,106.62         65
                                       6.250          3,106.62
    BAYSIDE          NY   11361          5            07/24/02         00
    0434450490                           05           09/01/02          0
    C0709218                             O            08/01/32
    0

    7957241          N67/G02             F          500,000.00         ZZ
                                         360        499,689.22          1
                                       8.375          3,800.36         88
                                       8.125          3,800.36
    SAN DIEGO        CA   92107          1            07/12/02         10
    0434421236                           03           09/01/02         30
    1781002182A                          O            08/01/32
    0

    7957309          N67/G02             F           38,000.00         ZZ
                                         360         37,975.14          1
                                       8.125            282.15         25
                                       7.875            282.15
    LAS VEGAS        NV   89108          5            07/10/02         00
    0434420964                           05           09/01/02          0
    1782001604A                          O            08/01/32
    0
1

    7957819          K15/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.875            739.57         85
                                       7.625            739.57
    BATON ROUGE      LA   70808          5            08/10/02         11
    0434450821                           05           10/01/02         12
    000905502128                         O            09/01/32
    0

    7958099          W02/G02             F           46,425.00         ZZ
                                         360         46,385.02          1
                                       6.750            301.12         75
                                       6.500            301.12
    LARGO            FL   33777          1            07/29/02         00
    0434475257                           01           09/01/02          0
    1001324704                           O            08/01/32
    0

    7958245          U05/G02             F          264,000.00         T
                                         360        264,000.00          1
                                       6.625          1,690.42         80
                                       6.375          1,690.42
    PORTLAND         OR   97217          1            08/01/02         00
    0434458022                           01           10/01/02          0
    3250721                              O            09/01/32
    0

    7959173          286/286             F          133,155.00         ZZ
                                         360        132,956.74          1
                                       7.500            931.04         90
                                       7.250            931.04
    WHEAT RIDGE      CO   80214          1            06/11/02         10
    1328548                              05           08/01/02         25
    1328548                              N            07/01/32
    0

    7959183          286/286             F          150,000.00         ZZ
                                         360        149,771.00          1
                                       7.375          1,036.02         77
                                       7.125          1,036.02
    LAS VEGAS        NV   89141          1            06/10/02         00
    1351282                              03           08/01/02          0
    1351282                              N            07/01/32
    0

    7959185          286/286             F          138,000.00         ZZ
                                         360        137,789.32          1
1

                                       7.375            953.14         78
                                       7.125            953.14
    LAS VEGAS        NV   89141          1            06/10/02         00
    1337695                              03           08/01/02          0
    1337695                              N            07/01/32
    0

    7959187          286/286             F           94,500.00         ZZ
                                         360         94,359.30          1
                                       7.500            660.76         90
                                       7.250            660.76
    ATLANTA          GA   30318          1            06/19/02         10
    1328292                              05           08/01/02         25
    1328292                              N            07/01/32
    0

    7959197          286/286             F          138,600.00         ZZ
                                         360        138,398.72          1
                                       7.625            981.01         90
                                       7.375            981.01
    HAYMARKET        VA   20169          1            06/13/02         11
    1302313                              05           08/01/02         25
    1302313                              N            07/01/32
    0

    7959231          286/286             F          116,000.00         ZZ
                                         360        115,256.65          1
                                       7.750            831.04         80
                                       7.500            831.04
    CINCINNATI       OH   45242          5            01/09/02         00
    862796                               05           03/01/02          0
    862796                               N            02/01/32
    0

    7959255          286/286             F           82,500.00         ZZ
                                         360         82,383.15          1
                                       7.750            591.05         72
                                       7.500            591.05
    KING GEORGE      VA   22485          5            06/19/02         00
    1293835                              05           08/01/02          0
    1293835                              N            07/01/32
    0

    7959257          286/286             F           92,000.00         ZZ
                                         360         91,783.39          1
                                       7.250            627.60         80
                                       7.000            627.60
    PHOENIX          AZ   85017          2            05/29/02         00
    1328457                              05           07/01/02          0
1

    1328457                              N            06/01/32
    0

    7959259          286/286             F           83,000.00         ZZ
                                         360         82,876.42          2
                                       7.500            580.35         67
                                       7.250            580.35
    PHILADELPHIA     PA   19114          2            06/26/02         00
    1303357                              05           08/01/02          0
    1303357                              N            07/01/32
    0

    7959271          286/286             F          101,050.00         ZZ
                                         360        100,975.00          1
                                       7.500            706.56         75
                                       7.250            706.56
    TEMPE            AZ   85282          5            07/01/02         00
    1337072                              03           09/01/02          0
    1337072                              N            08/01/32
    0

    7959275          286/286             F          160,000.00         ZZ
                                         360        159,485.52          2
                                       7.625          1,132.48         69
                                       7.375          1,132.48
    SUNDERLAND       MA   01375          5            06/27/02         00
    1327294                              05           08/01/02          0
    1327294                              N            07/01/32
    0

    7959277          286/286             F           99,500.00         ZZ
                                         360         99,331.76          3
                                       7.500            695.72         68
                                       7.250            695.72
    DETROIT          MI   48221          5            06/04/02         00
    1305858                              05           08/01/02          0
    1305858                              N            07/01/32
    0

    7959279          286/286             F          126,000.00         ZZ
                                         360        125,731.49          1
                                       7.750            902.68         90
                                       7.500            902.68
    PEMBROKE PINES   FL   33029          1            05/31/02         10
    1317913                              03           07/01/02         25
    1317913                              N            06/01/32
    0

1

    7959299          286/286             F           97,500.00         ZZ
                                         360         97,307.35          2
                                       8.125            723.94         75
                                       7.875            723.94
    SPRINGFIELD      MA   01108          1            05/06/02         00
    1101270                              05           07/01/02          0
    1101270                              N            06/01/32
    0

    7959301          286/286             F           88,800.00         ZZ
                                         360         88,738.88          2
                                       7.875            643.87         80
                                       7.625            643.87
    SPRINGFIELD      MA   01108          1            07/03/02         00
    1337989                              05           09/01/02          0
    1337989                              N            08/01/32
    0

    7959305          286/286             F          150,000.00         ZZ
                                         360        149,776.66          1
                                       7.500          1,048.82         56
                                       7.250          1,048.82
    DENVER           CO   80212          5            06/06/02         00
    1313270                              05           08/01/02          0
    1313270                              N            07/01/32
    0

    7959307          286/286             F           97,400.00         ZZ
                                         360         97,254.99          1
                                       7.500            681.03         75
                                       7.250            681.03
    MEBANE           NC   27302          1            06/18/02         00
    1288280                              05           08/01/02          0
    1288280                              N            07/01/32
    0

    7959311          286/286             F          116,800.00         ZZ
                                         360        116,617.21          1
                                       7.250            796.79         80
                                       7.000            796.79
    RICHFIELD        MN   55423          1            06/26/02         00
    1345896                              05           08/01/02          0
    1345896                              N            07/01/32
    0

    7959313          286/286             F          276,000.00         ZZ
                                         360        275,589.04          1
                                       7.500          1,929.84         80
                                       7.250          1,929.84
1

    WESTON           FL   33327          1            06/19/02         00
    1334988                              03           08/01/02          0
    1334988                              N            07/01/32
    0

    7959317          286/286             F          143,700.00         ZZ
                                         360        143,601.10          3
                                       7.875          1,041.93         75
                                       7.625          1,041.93
    NORTH PROVIDENC  RI   02904          1            07/09/02         00
    1350273                              05           09/01/02          0
    1350273                              N            08/01/32
    0

    7959327          286/286             F          161,100.00         ZZ
                                         360        160,877.53          1
                                       7.875          1,168.09         90
                                       7.625          1,168.09
    LITTLETON        CO   80127          1            06/25/02         11
    1379375                              05           08/01/02         25
    1379375                              N            07/01/32
    0

    7959331          286/286             F          179,000.00         ZZ
                                         360        178,746.51          1
                                       7.750          1,282.38         59
                                       7.500          1,282.38
    DULUTH           GA   30155          2            06/14/02         00
    1318056                              03           08/01/02          0
    1318056                              N            07/01/32
    0

    7959349          286/286             F           94,500.00         ZZ
                                         360         94,348.39          1
                                       7.125            636.67         90
                                       6.875            636.67
    BOSSIER CITY     LA   71111          1            07/01/02         11
    1362235                              05           08/01/02         25
    1362235                              N            07/01/32
    0

    7959351          286/286             F          150,000.00         ZZ
                                         360        149,829.53          1
                                       7.125          1,010.58         32
                                       6.875          1,010.58
    KEY WEST         FL   33040          1            07/17/02         00
    1374156                              05           09/01/02          0
    1374156                              N            08/01/32
    0
1

    7959355          286/286             F          103,500.00         ZZ
                                         360        103,426.95          1
                                       7.750            741.49         90
                                       7.500            741.49
    MANAHAWKIN       NJ   08050          1            07/15/02         10
    1309035                              05           09/01/02         25
    1309035                              N            08/01/32
    0

    7959357          286/286             F          114,300.00         ZZ
                                         360        114,221.33          1
                                       7.875            828.75         90
                                       7.625            828.75
    MANAHAWKIN       NJ   08050          1            07/12/02         10
    1377391                              05           09/01/02         25
    1377391                              N            08/01/32
    0

    7959363          286/286             F           95,250.00         ZZ
                                         360         95,177.52          3
                                       7.375            657.87         69
                                       7.125            657.87
    MESA             AZ   85202          5            07/18/02         00
    1314752                              05           09/01/02          0
    1314752                              N            08/01/32
    0

    7959367          286/286             F          355,000.00         ZZ
                                         300        354,570.36          3
                                       7.125          2,537.45         53
                                       6.875          2,537.45
    JERSEY CITY      NJ   07302          5            07/10/02         00
    547041                               05           09/01/02          0
    547041                               N            08/01/27
    0

    7959369          286/286             F           75,150.00         ZZ
                                         360         75,043.56          1
                                       7.750            538.39         90
                                       7.500            538.39
    SATELLITE BEACH  FL   32937          1            06/19/02         12
    1333425                              05           08/01/02         25
    1333425                              N            07/01/32
    0

    7959391          286/286             F          127,800.00         ZZ
                                         360        127,714.24          1
1

                                       8.000            937.76         90
                                       7.750            937.76
    GODDARD          KS   67052          2            07/12/02         11
    1303412                              03           09/01/02         30
    1303412                              N            08/01/32
    0

    7959399          286/286             F           96,000.00         ZZ
                                         360         95,849.77          2
                                       7.250            654.89         80
                                       7.000            654.89
    NASHVILLE        TN   37209          2            06/11/02         00
    1317962                              05           08/01/02          0
    1317962                              N            07/01/32
    0

    7959401          286/286             F           96,000.00         ZZ
                                         360         95,849.77          2
                                       7.250            654.89         80
                                       7.000            654.89
    NASHVILLE        TN   37209          2            06/11/02         00
    1317963                              05           08/01/02          0
    1317963                              N            07/01/32
    0

    7959425          286/286             F          225,000.00         ZZ
                                         360        224,704.64          1
                                       8.125          1,670.62         90
                                       7.875          1,670.62
    WASHINGTON       DC   20003          1            06/26/02         12
    1314022                              05           08/01/02         30
    1314022                              N            07/01/32
    0

    7959427          286/286             F          135,920.00         ZZ
                                         360        135,722.61          1
                                       7.625            962.04         80
                                       7.375            962.04
    DANBURY          CT   06810          1            06/26/02         00
    1336630                              05           08/01/02          0
    1336630                              N            07/01/32
    0

    7959443          286/286             F          121,500.00         ZZ
                                         360        121,319.09          1
                                       7.500            849.55         90
                                       7.250            849.55
    HUNTERSVILLE     NC   28078          1            06/13/02         12
    1341523                              05           08/01/02         25
1

    1341523                              N            07/01/32
    0

    7959453          286/286             F           72,800.00         ZZ
                                         360         72,688.86          1
                                       7.375            502.82         80
                                       7.125            502.82
    MCDONOUGH        GA   30253          1            06/13/02         00
    1335187                              05           08/01/02          0
    1335187                              N            07/01/32
    0

    7959459          286/286             F           83,000.00         ZZ
                                         360         82,526.60          1
                                       7.125            559.19         56
                                       6.875            559.19
    RANCHO CUCAMONG  CA   91731          2            01/30/02         00
    687842                               05           03/01/02          0
    687842                               N            02/01/32
    0

    7959463          286/286             F          300,000.00         ZZ
                                         360        299,530.53          1
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    DOVER TWP        NJ   08753          5            07/03/02         00
    1268702                              05           08/01/02          0
    1268702                              N            07/01/32
    0

    7959465          286/286             F          185,600.00         ZZ
                                         360        185,330.47          1
                                       7.625          1,313.67         49
                                       7.375          1,313.67
    MESA             AZ   85207          1            06/19/02         00
    1313669                              03           08/01/02          0
    1313669                              N            07/01/32
    0

    7959471          286/286             F          105,000.00         ZZ
                                         360        104,843.65          4
                                       7.500            734.18         75
                                       7.250            734.18
    ATLANTA          GA   30331          1            06/14/02         00
    1344271                              05           08/01/02          0
    1344271                              N            07/01/32
    0

1

    7959473          286/286             F          100,000.00         ZZ
                                         360         99,775.95          1
                                       7.500            699.22         73
                                       7.250            699.22
    LITHIA           FL   33547          1            05/01/02         00
    1291487                              03           07/01/02          0
    1291487                              N            06/01/32
    0

    7959477          286/286             F           80,000.00         ZZ
                                         360         79,939.11          1
                                       7.375            552.55         64
                                       7.125            552.55
    READING          PA   19605          5            07/12/02         00
    105029                               05           09/01/02          0
    105029                               N            08/01/32
    0

    7959481          286/286             F           73,600.00         ZZ
                                         360         73,498.35          2
                                       7.875            533.66         80
                                       7.625            533.66
    CANTON           OH   44707          1            06/20/02         00
    1298361                              05           08/01/02          0
    1298361                              N            07/01/32
    0

    7959489          286/286             F          247,860.00         ZZ
                                         360        247,689.42          2
                                       7.875          1,797.16         90
                                       7.625          1,797.16
    NEW YORK         NY   10469          1            07/12/02         12
    1303733                              05           09/01/02         25
    1303733                              N            08/01/32
    0

    7959491          286/286             F           90,000.00         ZZ
                                         360         89,881.85          2
                                       8.125            668.25         90
                                       7.875            668.25
    NEW HAVEN        CT   06510          1            06/14/02         12
    1334235                              05           08/01/02         25
    1334235                              N            07/01/32
    0

    7959497          286/286             F          117,900.00         ZZ
                                         360        112,422.87          1
                                       7.875            854.86         90
                                       7.625            854.86
1

    FOXBORO          MA   02035          1            03/29/02         12
    1084990                              01           05/01/02         25
    1084990                              N            04/01/32
    0

    7959513          286/286             F           99,400.00         ZZ
                                         360         99,252.00          1
                                       7.500            695.02         80
                                       7.250            695.02
    NORMAL           IL   61761          2            06/11/02         00
    1302775                              05           08/01/02          0
    1302775                              N            07/01/32
    0

    7959517          286/286             F           88,000.00         ZZ
                                         360         87,934.69          2
                                       7.500            615.31         80
                                       7.250            615.31
    NORMAL           IL   61761          2            07/09/02         00
    1340935                              05           09/01/02          0
    1340935                              N            08/01/32
    0

    7959519          286/286             F           84,000.00         ZZ
                                         360         83,936.08          1
                                       7.375            580.17         78
                                       7.125            580.17
    NORMAL           IL   61761          2            07/09/02         00
    1340969                              05           09/01/02          0
    1340969                              N            08/01/32
    0

    7959523          286/286             F          175,000.00         ZZ
                                         360        174,726.14          1
                                       7.250          1,193.81         73
                                       7.000          1,193.81
    COLLEGE PARK     MD   20740          5            07/03/02         00
    1372103                              05           08/01/02          0
    1372103                              N            07/01/32
    0

    7959527          286/286             F          105,500.00         ZZ
                                         360        105,217.14          2
                                       7.500            737.68         80
                                       7.250            737.68
    MILWAUKEE        WI   53222          2            06/07/02         00
    1308518                              05           08/01/02          0
    1308518                              N            07/01/32
    0
1

    7959537          286/286             F           87,894.00         ZZ
                                         360         87,744.61          1
                                       7.875            637.29         90
                                       7.625            637.29
    NEWBURGH         IN   47630          1            06/28/02         12
    1384470                              05           08/01/02         25
    1384470                              N            07/01/32
    0

    7959539          286/286             F          102,500.00         ZZ
                                         360        102,270.38          2
                                       7.500            716.69         75
                                       7.250            716.69
    GRAND PRARIE     TX   75051          1            05/17/02         00
    1344732                              05           07/01/02          0
    1344732                              N            06/01/32
    0

    7959557          286/286             F           80,000.00         ZZ
                                         360         79,943.54          2
                                       7.750            573.13         89
                                       7.500            573.13
    SEFFNER          FL   33584          1            07/17/02         11
    1405985                              05           09/01/02         25
    1405985                              N            08/01/32
    0

    7959571          286/286             F          103,200.00         ZZ
                                         360        103,046.34          1
                                       7.500            721.59         80
                                       7.250            721.59
    CANAL FULTON     OH   44614          1            06/10/02         00
    1305685                              05           08/01/02          0
    1305685                              N            07/01/32
    0

    7959581          286/286             F          161,000.00         ZZ
                                         360        160,880.51          1
                                       7.500          1,125.74         70
                                       7.250          1,125.74
    LOUISVILLE       KY   40205          5            07/11/02         00
    1379048                              05           09/01/02          0
    1379048                              N            08/01/32
    0

    7959585          286/286             F           75,000.00         ZZ
                                         360         74,775.22          1
1

                                       7.500            524.42         83
                                       7.250            524.42
    PORTSMOUTH       VA   23702          2            04/05/02         10
    1075493                              05           06/01/02         12
    1075493                              N            05/01/32
    0

    7959589          286/286             F           85,050.00         ZZ
                                         360         84,935.48          1
                                       8.000            624.07         90
                                       7.750            624.07
    GLENDALE         AZ   85302          1            06/18/02         12
    1347444                              05           08/01/02         25
    1347444                              N            07/01/32
    0

    7959595          286/286             F          108,000.00         ZZ
                                         360        107,927.53          1
                                       8.000            792.47         90
                                       7.750            792.47
    LEAVENWORTH      KS   66048          1            07/11/02         11
    1396162                              05           09/01/02         25
    1396162                              N            08/01/32
    0

    7959601          286/286             F          112,500.00         ZZ
                                         360        112,144.50          1
                                       7.250            767.45         90
                                       7.000            767.45
    NEWARK           NJ   07112          1            04/30/02         12
    1094286                              05           06/01/02         25
    1094286                              N            05/01/32
    0

    7959603          286/286             F           73,500.00         ZZ
                                         360         73,387.79          1
                                       7.375            507.65         70
                                       7.125            507.65
    ARLINGTON        VA   22207          5            06/28/02         00
    1348805                              01           08/01/02          0
    1348805                              N            07/01/32
    0

    7959611          286/286             F          128,000.00         ZZ
                                         360        127,753.34          2
                                       7.250            873.19         80
                                       7.000            873.19
    AUSTIN           TX   78704          1            06/13/02         00
    1333257                              05           08/01/02          0
1

    1333257                              N            07/01/32
    0

    7959613          286/286             F          142,200.00         ZZ
                                         360        142,094.47          1
                                       7.500            994.28         90
                                       7.250            994.28
    TUCSON           AZ   85719          1            07/02/02         12
    1379952                              05           09/01/02         25
    1379952                              N            08/01/32
    0

    7959617          286/286             F          106,000.00         ZZ
                                         360        105,853.62          1
                                       7.875            768.58         80
                                       7.625            768.58
    SAINT PAUL       MN   55106          5            06/14/02         00
    1319777                              05           08/01/02          0
    1319777                              N            07/01/32
    0

    7959619          286/286             F          104,800.00         ZZ
                                         360        104,655.27          1
                                       7.875            759.88         80
                                       7.625            759.88
    SAINT PAUL       MN   55107          5            06/14/02         00
    1320162                              05           08/01/02          0
    1320162                              N            07/01/32
    0

    7959621          286/286             F          105,200.00         ZZ
                                         360        105,058.33          1
                                       8.000            771.93         80
                                       7.750            771.93
    SAINT PAUL       MN   55106          5            06/14/02         00
    1323517                              05           08/01/02          0
    1323517                              N            07/01/32
    0

    7959633          286/286             F           88,200.00         ZZ
                                         360         88,078.18          1
                                       7.875            639.52         90
                                       7.625            639.52
    ZION             IL   60099          1            06/20/02         10
    1319662                              05           08/01/02         25
    1319662                              N            07/01/32
    0

1

    7959635          286/286             F          120,000.00         ZZ
                                         360        119,592.07          1
                                       8.125            891.00         80
                                       7.875            891.00
    BELTON           MO   64012          2            03/20/02         00
    1059471                              05           05/01/02          0
    1059471                              N            04/01/32
    0

    7959641          286/286             F           85,500.00         ZZ
                                         360         85,441.15          1
                                       7.875            619.94         90
                                       7.625            619.94
    FREEHOLD         NJ   07728          1            07/09/02         12
    1380842                              05           09/01/02         25
    1380842                              N            08/01/32
    0

    7959645          286/286             F          108,000.00         ZZ
                                         360        107,850.85          2
                                       7.875            783.08         90
                                       7.625            783.08
    NEW HAVEN        CT   06513          1            07/03/02         12
    1352207                              05           08/01/02         25
    1352207                              N            07/01/32
    0

    7959675          286/286             F           76,000.00         ZZ
                                         360         75,886.83          1
                                       7.500            531.41         50
                                       7.250            531.41
    HELMETTA         NJ   08828          2            06/21/02         00
    1301655                              01           08/01/02          0
    1301655                              N            07/01/32
    0

    7959679          286/286             F          106,000.00         ZZ
                                         360        105,731.65          1
                                       8.000            777.80         66
                                       7.750            777.80
    FREDERICKSBURG   VA   22405          5            06/14/02         00
    1307952                              05           08/01/02          0
    1307952                              N            07/01/32
    0

    7959681          286/286             F           85,500.00         ZZ
                                         360         85,375.83          1
                                       7.625            605.17         90
                                       7.375            605.17
1

    MOUNT STERLING   OH   43143          1            06/12/02         10
    1292755                              05           08/01/02         25
    1292755                              N            07/01/32
    0

    7959687          286/286             F          150,000.00         ZZ
                                         360        149,751.28          1
                                       8.250          1,126.91         76
                                       7.875          1,126.91
    BALTIMORE        MD   21224          2            06/11/02         00
    181742                               05           08/01/02          0
    181742                               N            07/01/32
    0

    7959691          286/286             F          126,000.00         ZZ
                                         360        125,821.57          1
                                       7.750            902.68         80
                                       7.500            902.68
    WESTON           FL   33332          1            06/28/02         00
    1314903                              03           08/01/02          0
    1314903                              N            07/01/32
    0

    7959699          286/286             F           85,450.00         ZZ
                                         360         85,328.97          1
                                       7.750            612.18         90
                                       7.500            612.18
    VINTON           VA   24179          1            06/21/02         12
    1334281                              05           08/01/02         25
    1334281                              N            07/01/32
    0

    7959705          286/286             F           86,250.00         ZZ
                                         360         86,139.62          1
                                       8.250            647.97         75
                                       7.875            647.97
    PHOENIX          AZ   85033          1            06/10/02         00
    1312828                              05           08/01/02          0
    1312828                              N            07/01/32
    0

    7959721          286/286             F           79,200.00         ZZ
                                         360         79,087.84          1
                                       7.750            567.40         80
                                       7.500            567.40
    CICERO           IN   46034          2            06/18/02         00
    1339695                              05           08/01/02          0
    1339695                              N            07/01/32
    0
1

    7959733          286/286             F           92,250.00         ZZ
                                         360         91,983.37          1
                                       7.500            645.03         90
                                       7.250            645.03
    ARLINGTON        TX   76018          1            05/14/02         12
    1344715                              05           07/01/02         25
    1344715                              N            06/01/32
    0

    7959753          286/286             F           85,850.00         ZZ
                                         360         85,786.28          1
                                       7.500            600.28         90
                                       7.250            600.28
    HURST            TX   76054          1            07/02/02         12
    1372142                              05           09/01/02         25
    1372142                              N            08/01/32
    0

    7959755          286/286             F           87,500.00         ZZ
                                         360         87,256.74          1
                                       7.875            634.44         80
                                       7.625            634.44
    RINCON           GA   31326          2            04/30/02         00
    1270216                              05           06/01/02          0
    1270216                              N            05/01/32
    0

    7959757          286/286             F          103,050.00         ZZ
                                         360        102,763.50          1
                                       7.875            747.19         88
                                       7.625            747.19
    RINCON           GA   31326          2            04/30/02         14
    1270250                              05           06/01/02         25
    1270250                              N            05/01/32
    0

    7959763          286/286             F          103,410.00         ZZ
                                         360        103,178.31          2
                                       7.500            723.06         90
                                       7.250            723.06
    HADDON TWP       NJ   08107          1            05/23/02         14
    1326413                              05           07/01/02         25
    1326413                              N            06/01/32
    0

    7959771          286/286             F          139,000.00         ZZ
                                         360        138,817.52          2
1

                                       8.125          1,032.08         77
                                       7.875          1,032.08
    OLATHE           KS   66062          2            06/19/02         00
    1295233                              05           08/01/02          0
    1295233                              N            07/01/32
    0

    7959787          286/286             F           90,000.00         ZZ
                                         360         87,753.11          1
                                       7.250            613.96         55
                                       7.000            613.96
    PENNINGTON       NJ   08534          1            06/14/02         00
    1310174                              01           08/01/02          0
    1310174                              N            07/01/32
    0

    7959801          286/286             F          134,500.00         ZZ
                                         360        134,309.52          4
                                       7.750            963.58         45
                                       7.500            963.58
    ESCONDIDO        CA   92025          5            06/21/02         00
    1306986                              05           08/01/02          0
    1306986                              N            07/01/32
    0

    7959803          286/286             F          122,400.00         ZZ
                                         360        122,222.26          1
                                       7.625            866.34         80
                                       7.375            866.34
    SEVIERVILLE      TN   37876          1            06/28/02         00
    1309961                              05           08/01/02          0
    1309961                              N            07/01/32
    0

    7959807          286/286             F          130,500.00         ZZ
                                         360        130,305.69          2
                                       7.500            912.48         77
                                       7.250            912.48
    NORTH AURORA     IL   60542          1            06/14/02         00
    1292750                              05           08/01/02          0
    1292750                              N            07/01/32
    0

    7959811          286/286             F          115,200.00         ZZ
                                         360        114,397.19          1
                                       7.250            785.87         80
                                       7.000            785.87
    TUCSON           AZ   85742          5            02/28/02         00
    1043652                              03           04/01/02          0
1

    1043652                              N            03/01/32
    0

    7959815          286/286             F           92,300.00         ZZ
                                         360         92,155.71          3
                                       7.625            653.30         65
                                       7.375            653.30
    PANAMA CITY      FL   32405          5            06/28/02         00
    1345602                              05           08/01/02          0
    1345602                              N            07/01/32
    0

    7959827          286/286             F           84,000.00         ZZ
                                         360         83,865.24          1
                                       7.125            565.93         80
                                       6.875            565.93
    DENVER           CO   80210          1            06/28/02         00
    1355450                              05           08/01/02          0
    1355450                              N            07/01/32
    0

    7959833          286/286             F          105,000.00         ZZ
                                         360        104,843.65          1
                                       7.500            734.18         68
                                       7.250            734.18
    JUPITER          FL   33477          1            06/19/02         00
    1344948                              01           08/01/02          0
    1344948                              N            07/01/32
    0

    7959837          286/286             F           88,000.00         ZZ
                                         360         86,756.06          2
                                       7.125            592.88         69
                                       6.875            592.88
    STEVENSVILLE     MI   49127          2            07/15/02         00
    1375257                              05           09/01/02          0
    1375257                              N            08/01/32
    0

    7959839          286/286             F           89,100.00         ZZ
                                         360         88,839.60          1
                                       7.625            630.65         90
                                       7.375            630.65
    ATHENS           GA   30606          1            04/04/02         11
    1103941                              05           06/01/02         25
    1103941                              N            05/01/32
    0

1

    7959841          286/286             F          109,300.00         ZZ
                                         360        108,954.54          1
                                       7.375            754.91         90
                                       7.125            754.91
    LITTLE ELM       TX   75068          1            05/24/02         12
    1355144                              03           07/01/02         25
    1355144                              N            06/01/32
    0

    7959843          286/286             F           77,580.00         ZZ
                                         360         77,410.47          1
                                       7.625            549.11         90
                                       7.375            549.11
    MILWAUKEE        WI   53219          1            05/31/02         11
    1327027                              05           07/01/02         25
    1327027                              N            06/01/32
    0

    7959853          286/286             F           85,000.00         ZZ
                                         360         84,780.94          1
                                       8.250            638.58         85
                                       7.875            638.58
    LITTLE EGG HARB  NJ   08087          1            04/29/02         10
    1087511                              05           06/01/02         12
    1087511                              N            05/01/32
    0

    7959857          286/286             F          149,308.00         ZZ
                                         360        149,038.00          1
                                       7.625          1,056.80         80
                                       7.375          1,056.80
    CHICAGO          IL   60605          1            06/21/02         00
    1330681                              01           08/01/02          0
    1330681                              N            07/01/32
    0

    7959903          286/286             F           85,000.00         ZZ
                                         360         84,873.43          1
                                       7.500            594.34         65
                                       7.250            594.34
    CANTON           MA   02021          5            06/19/02         00
    1349320                              01           08/01/02          0
    1349320                              N            07/01/32
    0

    7959917          286/286             F          104,000.00         ZZ
                                         360        103,848.97          1
                                       7.625            736.11         80
                                       7.375            736.11
1

    CRYSTAL LAKE     IL   60014          1            06/14/02         00
    1329247                              05           08/01/02          0
    1329247                              N            07/01/32
    0

    7959921          286/286             F          115,000.00         ZZ
                                         360        114,910.28          1
                                       7.250            784.51         32
                                       7.000            784.51
    ALEXANDRIA       VA   22310          1            07/03/02         00
    1381005                              03           09/01/02          0
    1381005                              N            08/01/32
    0

    7959931          286/286             F          153,750.00         ZZ
                                         360        153,521.06          3
                                       7.500          1,075.05         75
                                       7.250          1,075.05
    COLUMBUS         OH   43201          1            06/14/02         00
    1300757                              05           08/01/02          0
    1300757                              N            07/01/32
    0

    7959935          286/286             F          148,000.00         ZZ
                                         360        147,779.63          1
                                       7.500          1,034.84         80
                                       7.250          1,034.84
    HOPKINS          MN   55343          1            06/28/02         00
    1388513                              05           08/01/02          0
    1388513                              N            07/01/32
    0

    7959941          286/286             F          105,000.00         ZZ
                                         360        104,920.10          1
                                       7.375            725.21         90
                                       7.125            725.21
    CHESAPEAKE       VA   23322          1            07/12/02         10
    1389366                              03           09/01/02         25
    1389366                              N            08/01/32
    0

    7959943          286/286             F          100,000.00         ZZ
                                         360         99,847.34          1
                                       7.375            690.68         80
                                       7.125            690.68
    NEW PORT RICHEY  FL   34652          1            06/21/02         00
    1336968                              03           08/01/02          0
    1336968                              N            07/01/32
    0
1

    7959945          286/286             F           96,000.00         ZZ
                                         360         95,853.45          1
                                       7.375            663.05         80
                                       7.125            663.05
    NEW PORT RICHEY  FL   34652          1            06/21/02         00
    1349203                              03           08/01/02          0
    1349203                              N            07/01/32
    0

    7959955          286/286             F           75,000.00         ZZ
                                         360         74,888.31          1
                                       7.500            524.42         69
                                       7.250            524.42
    AKRON            OH   44314          5            06/14/02         00
    1308054                              05           08/01/02          0
    1308054                              N            07/01/32
    0

    7959963          286/286             F          186,400.00         ZZ
                                         360        186,274.93          2
                                       8.000          1,367.74         90
                                       7.750          1,367.74
    MILFORD          NH   03055          1            07/10/02         10
    849809                               05           09/01/02         25
    849809                               N            08/01/32
    0

    7959971          286/286             F           81,000.00         ZZ
                                         360         80,845.13          1
                                       7.250            552.57         90
                                       7.000            552.57
    ST PAUL          MN   55103          1            06/25/02         12
    1361727                              05           08/01/02         25
    1361727                              N            07/01/32
    0

    7959977          286/286             F          247,450.00         ZZ
                                         360        247,099.56          1
                                       7.750          1,772.77         90
                                       7.500          1,772.77
    COROLLA          NC   27927          1            06/28/02         10
    1019435                              03           08/01/02         25
    1019435                              N            07/01/32
    0

    7959979          286/286             F          101,700.00         ZZ
                                         360        101,437.90          1
1

                                       8.250            764.04         90
                                       7.875            764.04
    EAST POINT       GA   30344          1            04/12/02         11
    1285923                              05           06/01/02         25
    1285923                              N            05/01/32
    0

    7959983          286/286             F          100,000.00         ZZ
                                         360         99,839.59          1
                                       7.125            673.72         75
                                       6.875            673.72
    DECATUR          GA   30032          2            06/05/02         00
    1332309                              05           08/01/02          0
    1332309                              N            07/01/32
    0

    7959989          286/286             F           90,000.00         ZZ
                                         360         89,807.99          1
                                       7.750            644.78         90
                                       7.500            644.78
    CORAL SPRINGS    FL   33065          1            05/10/02         10
    1289404                              01           07/01/02         25
    1289404                              N            06/01/32
    0

    7959995          286/286             F           85,100.00         ZZ
                                         360         84,984.68          1
                                       8.000            624.44         75
                                       7.750            624.44
    MIAMI            FL   33177          1            06/26/02         00
    1371668                              01           08/01/02          0
    1371668                              N            07/01/32
    0

    7959999          286/286             F          119,250.00         ZZ
                                         360        119,081.11          1
                                       7.750            854.33         90
                                       7.500            854.33
    PANAMA CITY BCH  FL   32408          1            06/14/02         10
    1345673                              01           08/01/02         25
    1345673                              N            07/01/32
    0

    7960007          286/286             F          123,550.00         ZZ
                                         360        123,464.97          1
                                       7.875            895.83         75
                                       7.625            895.83
    GLENDALE         AZ   85303          2            07/10/02         00
    1338375                              03           09/01/02          0
1

    1338375                              N            08/01/32
    0

    7960009          286/286             F          132,800.00         ZZ
                                         360        132,708.60          1
                                       7.875            962.90         74
                                       7.625            962.90
    GLENDALE         AZ   85303          2            07/10/02         00
    1341062                              03           09/01/02          0
    1341062                              N            08/01/32
    0

    7960011          286/286             F          123,550.00         ZZ
                                         360        123,464.97          1
                                       7.875            895.83         71
                                       7.625            895.83
    GLENDALE         AZ   85303          2            07/10/02         00
    1341064                              03           09/01/02          0
    1341064                              N            08/01/32
    0

    7960017          286/286             F           85,600.00         ZZ
                                         360         85,467.31          1
                                       7.375            591.22         80
                                       7.125            591.22
    GOOSE CREEK      SC   29445          5            07/03/02         00
    1320955                              03           08/01/02          0
    1320955                              N            07/01/32
    0

    7960021          286/286             F           97,200.00         ZZ
                                         360         97,055.27          1
                                       7.500            679.64         90
                                       7.250            679.64
    MARIETTA         GA   30060          1            06/13/02         10
    1328011                              05           08/01/02         25
    1328011                              N            07/01/32
    0

    7960025          286/286             F          103,500.00         ZZ
                                         360        103,273.83          1
                                       7.625            732.57         90
                                       7.375            732.57
    DOVER            DE   19904          1            05/23/02         11
    1293604                              05           07/01/02         25
    1293604                              N            06/01/32
    0

1

    7960029          286/286             F          143,000.00         ZZ
                                         360        142,328.58          1
                                       8.125          1,061.78         90
                                       7.875          1,061.78
    ALEXANDRIA       VA   22302          1            01/11/02         11
    919652                               01           03/01/02         25
    919652                               N            02/01/32
    0

    7960043          286/286             F          121,050.00         ZZ
                                         360        120,874.23          1
                                       7.625            856.78         90
                                       7.375            856.78
    ALBUQUERQUE      NM   87122          1            06/17/02         01
    801064                               03           08/01/02         25
    801064                               N            07/01/32
    0

    7960049          286/286             F          100,000.00         ZZ
                                         360         99,925.78          1
                                       7.500            699.22         67
                                       7.250            699.22
    CHERRY VALLEY    MA   01611          5            07/10/02         00
    1357709                              05           09/01/02          0
    1357709                              N            08/01/32
    0

    7960053          286/286             F          285,300.00         ZZ
                                         360        284,842.34          1
                                       7.125          1,922.12         74
                                       6.875          1,922.12
    MEDFORD          MA   02155          5            06/27/02         00
    1375803                              05           08/01/02          0
    1375803                              N            07/01/32
    0

    7960067          286/286             F          112,500.00         ZZ
                                         360        112,332.49          1
                                       7.500            786.62         90
                                       7.250            786.62
    STOCKTON         CA   95205          1            06/13/02         10
    813187                               05           08/01/02         25
    813187                               N            07/01/32
    0

    7960071          286/286             F           74,700.00         ZZ
                                         360         74,548.64          1
                                       8.000            548.12         90
                                       7.750            548.12
1

    NEWARK           DE   19711          1            05/31/02         14
    824773                               05           07/01/02         25
    824773                               N            06/01/32
    0

    7960073          286/286             F          100,000.00         ZZ
                                         360         99,843.51          1
                                       7.250            682.18         48
                                       7.000            682.18
    RENO             NV   89503          1            06/11/02         00
    814366                               03           08/01/02          0
    814366                               N            07/01/32
    0

    7960079          286/286             F          113,400.00         ZZ
                                         360        113,231.15          1
                                       7.500            792.91         90
                                       7.250            792.91
    SCOTTSDALE       AZ   85250          1            06/25/02         12
    804562                               05           08/01/02         25
    804562                               N            07/01/32
    0

    7960089          286/286             F          162,900.00         ZZ
                                         360        162,663.43          1
                                       7.625          1,153.00         90
                                       7.375          1,153.00
    EL PASO          TX   79902          1            06/14/02         11
    802667                               05           08/01/02         30
    802667                               N            07/01/32
    0

    7960095          286/286             F           82,800.00         ZZ
                                         360         82,685.66          1
                                       7.875            600.36         90
                                       7.625            600.36
    INDIANAPOLIS     IN   46208          1            06/27/02         11
    1353449                              05           08/01/02         25
    1353449                              N            07/01/32
    0

    7960135          286/286             F           99,000.00         ZZ
                                         360         98,809.30          2
                                       8.250            743.75         90
                                       7.875            743.75
    LACONIA          NH   03246          1            05/15/02         14
    788347                               05           07/01/02         25
    788347                               N            06/01/32
    0
1

    7960141          286/286             F           76,500.00         ZZ
                                         360         76,446.00          1
                                       7.750            548.06         90
                                       7.500            548.06
    STOCKTON         CA   95205          1            07/03/02         12
    815720                               05           09/01/02         25
    815720                               N            08/01/32
    0

    7960143          286/286             F           74,700.00         ZZ
                                         360         74,585.95          1
                                       7.375            515.94         90
                                       7.125            515.94
    FRIENDSWOOD      TX   77546          1            06/25/02         10
    1375170                              05           08/01/02         25
    1375170                              N            07/01/32
    0

    7960147          286/286             F          135,000.00         ZZ
                                         360        134,813.59          1
                                       7.875            978.84         90
                                       7.625            978.84
    CARSON CITY      NV   89703          1            06/04/02         10
    801752                               05           08/01/02         25
    801752                               N            07/01/32
    0

    7960159          286/286             F          138,400.00         ZZ
                                         360        138,193.94          1
                                       7.500            967.71         80
                                       7.250            967.71
    RENO             NV   89509          1            06/25/02         00
    813837                               05           08/01/02          0
    813837                               N            07/01/32
    0

    7960161          286/286             F          148,000.00         ZZ
                                         360        147,779.63          1
                                       7.500          1,034.84         80
                                       7.250          1,034.84
    RENO             NV   89509          1            06/25/02         00
    814072                               05           08/01/02          0
    814072                               N            07/01/32
    0

    7960165          286/286             F          135,200.00         ZZ
                                         360        134,963.15          1
1

                                       7.875            980.29         80
                                       7.625            980.29
    SPARKS           NV   89434          1            06/24/02         00
    812398                               05           08/01/02          0
    812398                               N            07/01/32
    0

    7960181          286/286             F          111,000.00         ZZ
                                         360        110,826.29          2
                                       7.250            757.22         64
                                       7.000            757.22
    PORTLAND         OR   97217          2            06/20/02         00
    814764                               05           08/01/02          0
    814764                               N            07/01/32
    0

    7960183          286/286             F           85,500.00         ZZ
                                         360         85,322.33          3
                                       7.875            619.93         69
                                       7.625            619.93
    EL PASO          TX   79902          2            05/29/02         00
    751237                               05           07/01/02          0
    751237                               N            06/01/32
    0

    7960191          286/286             F           93,000.00         ZZ
                                         360         92,929.23          1
                                       7.375            642.33         60
                                       7.125            642.33
    FERNLEY          NV   89408          2            07/09/02         00
    805091                               03           09/01/02          0
    805091                               N            08/01/32
    0

    7960195          286/286             F           89,910.00         ZZ
                                         360         89,723.15          1
                                       7.875            651.91         90
                                       7.625            651.91
    INDIANAPOLIS     IN   46236          1            05/28/02         14
    797287                               05           07/01/02         25
    797287                               N            06/01/32
    0

    7960197          286/286             F           92,000.00         ZZ
                                         360         91,872.96          1
                                       7.875            667.06         80
                                       7.625            667.06
    CHICO            CA   95926          1            06/06/02         00
    802971                               05           08/01/02          0
1

    802971                               N            07/01/32
    0

    7960205          286/286             F          117,000.00         ZZ
                                         360        116,825.80          2
                                       7.500            818.08         90
                                       7.250            818.08
    CHESAPEAKE       VA   23325          1            06/27/02         10
    811656                               05           08/01/02         25
    811656                               N            07/01/32
    0

    7960227          286/286             F          126,900.00         ZZ
                                         360        126,675.99          1
                                       7.500            887.30         90
                                       7.250            887.30
    BOISE            ID   83704          1            06/26/02         11
    813170                               05           08/01/02         25
    813170                               N            07/01/32
    0

    7960229          286/286             F           79,200.00         ZZ
                                         360         79,060.82          1
                                       7.500            553.78         90
                                       7.250            553.78
    ARLINGTON        TX   76016          1            06/20/02         11
    1351441                              05           08/01/02         25
    1351441                              N            07/01/32
    0

    7960239          286/286             F           80,100.00         ZZ
                                         360         79,974.64          1
                                       7.250            546.43         90
                                       7.000            546.43
    DANVILLE         KY   40422          1            06/27/02         10
    1371508                              05           08/01/02         25
    1371508                              N            07/01/32
    0

    7960245          286/286             F          105,000.00         ZZ
                                         360        104,851.29          1
                                       7.750            752.24         59
                                       7.500            752.24
    ARLINGTON        WA   98223          2            06/21/02         00
    1376332                              05           08/01/02          0
    1376332                              N            07/01/32
    0

1

    7960251          286/286             F          112,500.00         ZZ
                                         360        112,265.88          1
                                       7.875            815.70         90
                                       7.625            815.70
    GERMANTOWN       MD   20874          1            05/29/02         14
    816639                               01           07/01/02         25
    816639                               N            06/01/32
    0

    7960255          286/286             F          152,000.00         ZZ
                                         360        151,773.67          1
                                       7.500          1,062.81         80
                                       7.250          1,062.81
    POULSBO          WA   98370          1            06/04/02         00
    817467                               03           08/01/02          0
    817467                               N            07/01/32
    0

    7960267          286/286             F          108,350.00         ZZ
                                         360        108,184.59          1
                                       7.375            748.35         80
                                       7.125            748.35
    RENO             NV   89506          1            05/30/02         00
    814465                               05           08/01/02          0
    814465                               N            07/01/32
    0

    7960637          E22/G02             F          174,500.00         ZZ
                                         360        174,500.00          1
                                       7.500          1,220.13         89
                                       7.250          1,220.13
    SUGAR LAND       TX   77478          2            08/13/02         04
    0414350546                           03           10/01/02         25
    0414350546                           O            09/01/32
    0

    7960643          E22/G02             F           75,200.00         ZZ
                                         360         75,200.00          1
                                       7.250            513.00         80
                                       7.000            513.00
    BALTIMORE        MD   21206          5            08/14/02         00
    0414363978                           05           10/01/02          0
    0414363978                           O            09/01/32
    0

    7960647          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.250            627.60         80
                                       7.000            627.60
1

    DICKINSON        TX   77539          5            08/13/02         00
    0414382291                           05           10/01/02          0
    0414382291                           O            09/01/32
    0

    7960657          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          3
                                       8.000            561.33         90
                                       7.750            561.33
    JACKSONVILLE     AL   36265          1            08/19/02         04
    0414412478                           05           10/01/02         25
    0414412478                           N            09/01/32
    0

    7960693          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.000            691.91         80
                                       6.750            691.91
    STERLING HEIGHT  MI   48310          1            08/19/02         00
    0414498782                           05           10/01/02          0
    0414498782                           N            09/01/32
    0

    7960715          E22/G02             F           93,100.00         ZZ
                                         360         93,100.00          1
                                       6.750            603.84         95
                                       6.500            603.84
    SCOTTSBORO       AL   35768          5            08/13/02         04
    0414531731                           05           10/01/02         30
    0414531731                           O            09/01/32
    0

    7960731          E22/G02             F          104,800.00         ZZ
                                         360        104,800.00          1
                                       7.125            706.06         80
                                       6.875            706.06
    MISSOURI CITY    TX   77459          5            08/13/02         00
    0414546903                           03           10/01/02          0
    0414546903                           O            09/01/32
    0

    7960845          E22/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       6.625          1,511.13         80
                                       6.375          1,511.13
    SEATTLE          WA   98103          1            08/14/02         00
    0414605576                           05           10/01/02          0
    0414605576                           O            09/01/32
    0
1

    7960863          E22/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       6.750          1,206.39         73
                                       6.500          1,206.39
    HOUSTON          TX   77096          5            08/14/02         00
    0414612978                           03           10/01/02          0
    0414612978                           O            09/01/32
    0

    7960871          E22/G02             F          307,200.00         ZZ
                                         360        307,200.00          1
                                       6.875          2,018.09         80
                                       6.625          2,018.09
    MOORPARK         CA   93021          1            08/15/02         00
    0414619122                           03           10/01/02          0
    0414619122                           O            09/01/32
    0

    7960907          E22/G02             F          171,600.00         ZZ
                                         360        171,600.00          1
                                       7.500          1,199.85         80
                                       7.250          1,199.85
    ELK GROVE        CA   95624          1            08/14/02         00
    0414660308                           05           10/01/02          0
    0414660308                           N            09/01/32
    0

    7960913          E22/G02             F          261,250.00         ZZ
                                         360        261,250.00          1
                                       6.875          1,716.23         95
                                       6.625          1,716.23
    WHITTIER         CA   90602          5            08/14/02         04
    0414672196                           05           10/01/02         25
    0414672196                           O            09/01/32
    0

    7960917          E22/G02             F           82,900.00         ZZ
                                         360         82,900.00          1
                                       7.125            558.51         92
                                       6.875            558.51
    GRANBURY         TX   76049          2            08/14/02         04
    0414675280                           05           10/01/02         30
    0414675280                           O            09/01/32
    0

    7960947          E22/G02             F          100,464.00         ZZ
                                         360        100,464.00          1
1

                                       6.625            643.28         80
                                       6.375            643.28
    EUGENE           OR   97405          1            08/14/02         00
    0414746289                           05           10/01/02          0
    0414746289                           O            09/01/32
    0

    7961599          E82/G02             F          200,500.00         ZZ
                                         360        200,500.00          1
                                       6.875          1,317.14         70
                                       6.625          1,317.14
    RIVER EDGE       NJ   07661          2            08/12/02         00
    0400669370                           01           10/01/02          0
    1955284                              O            09/01/32
    0

    7961625          E82/G02             F          107,500.00         ZZ
                                         360        107,500.00          1
                                       6.875            706.20         80
                                       6.625            706.20
    ABINGDON         MD   21009          2            08/13/02         00
    0400669420                           03           10/01/02          0
    3400697                              O            09/01/32
    0

    7961639          E82/G02             F           64,600.00         ZZ
                                         360         64,600.00          1
                                       6.625            413.64         76
                                       6.375            413.64
    VISALIA          CA   93277          2            08/14/02         00
    0400675773                           05           10/01/02          0
    1944056                              O            09/01/32
    0

    7961939          N67/G02             F          530,000.00         ZZ
                                         360        529,520.87          1
                                       6.500          3,349.96         67
                                       6.250          3,349.96
    SCOTTSDALE       AZ   85259          2            07/15/02         00
    0434434874                           03           09/01/02          0
    1760002861A                          O            08/01/32
    0

    7961983          N67/G02             F          595,000.00         ZZ
                                         360        594,547.25          1
                                       7.375          4,109.52         70
                                       7.125          4,109.52
    PHOENIX          AZ   85020          2            07/22/02         00
    0434435095                           03           09/01/02          0
1

    1781002081A                          O            08/01/32
    0

    7962165          N67/G02             F          122,400.00         ZZ
                                         360        122,321.95          1
                                       8.250            919.55         80
                                       8.000            919.55
    LAS VEGAS        NV   89121          1            07/24/02         00
    0434436754                           05           09/01/02          0
    1782001686A                          O            08/01/32
    0

    7962361          N67/G02             F          114,300.00         ZZ
                                         360        114,210.83          1
                                       7.250            779.73         90
                                       7.000            779.73
    SAVANNAH         GA   31419          1            07/30/02         10
    0434438859                           03           09/01/02         30
    3252002599A                          O            08/01/32
    0

    7963141          N67/G02             F          227,500.00         ZZ
                                         360        227,365.69          3
                                       8.625          1,769.47         65
                                       8.375          1,769.47
    BROOKLYN         NY   11238          1            07/25/02         00
    0434439170                           05           09/01/02          0
    3274003178A                          N            08/01/32
    0

    7963333          P63/G02             F          176,000.00         ZZ
                                         360        175,869.38          1
                                       7.500          1,230.62         80
                                       7.250          1,230.62
    PASSAIC          NJ   07055          1            07/19/02         00
    0434433827                           05           09/01/02          0
    20206136                             N            08/01/32
    0

    7963381          P63/G02             F          299,250.00         ZZ
                                         360        299,250.00          1
                                       7.250          2,041.41         95
                                       7.000          2,041.41
    HOLLIS           NY   11423          1            08/08/02         11
    0434416707                           05           10/01/02         30
    20207265                             O            09/01/32
    0

1

    7963457          286/286             F          176,000.00         ZZ
                                         360        175,717.66          2
                                       7.125          1,185.75         80
                                       6.875          1,185.75
    WESTWOOD         NJ   07675          1            06/28/02         00
    1309228                              05           08/01/02          0
    1309228                              O            07/01/32
    0

    7963461          286/286             F          142,000.00         ZZ
                                         360        141,877.74          1
                                       6.750            921.01         62
                                       6.500            921.01
    SAN JOSE         CA   95123          2            07/09/02         00
    1306875                              01           09/01/02          0
    1306875                              O            08/01/32
    0

    7963465          286/286             F          126,900.00         ZZ
                                         360        126,808.14          1
                                       7.625            898.20         90
                                       7.375            898.20
    HONEY CREEK      IA   51542          2            07/09/02         11
    1373555                              05           09/01/02         25
    1373555                              O            08/01/32
    0

    7963467          286/286             F          155,700.00         T
                                         360        155,572.37          1
                                       7.000          1,035.88         90
                                       6.750          1,035.88
    CHARLOTESVILLE   VA   22903          1            07/17/02         11
    1386323                              05           09/01/02         25
    1386323                              O            08/01/32
    0

    7963473          286/286             F           87,200.00         ZZ
                                         360         87,124.92          1
                                       6.750            565.58         90
                                       6.500            565.58
    HENDERSON        NV   89014          1            07/12/02         14
    1018842                              01           09/01/02         25
    1018842                              O            08/01/32
    0

    7963475          286/286             F          150,000.00         ZZ
                                         360        149,864.39          1
                                       6.500            948.11         64
                                       6.250            948.11
1

    BUFFALO GROVE    IL   60089          2            07/24/02         00
    1413838                              05           09/01/02          0
    1413838                              O            08/01/32
    0

    7963477          286/286             F          133,000.00         ZZ
                                         360        132,879.76          1
                                       6.500            840.66         80
                                       6.250            840.66
    WESTMINSTER      MD   21157          1            07/24/02         00
    1426291                              05           09/01/02          0
    1426291                              O            08/01/32
    0

    7963481          286/286             F          189,000.00         ZZ
                                         360        188,704.22          1
                                       7.250          1,289.32         90
                                       7.000          1,289.32
    MIAMI            FL   33178          1            07/02/02         12
    1385013                              03           08/01/02         25
    1385013                              O            07/01/32
    0

    7963483          286/286             F          177,100.00         ZZ
                                         360        176,939.89          1
                                       6.500          1,119.40         19
                                       6.250          1,119.40
    FOUNTAIN HILLS   AZ   85268          2            07/26/02         00
    1394396                              03           09/01/02          0
    1394396                              O            08/01/32
    0

    7963485          286/286             F          120,000.00         ZZ
                                         360        119,901.63          1
                                       7.000            798.37         35
                                       6.750            798.37
    BOULDER          CO   80303          1            07/03/02         00
    1390717                              01           09/01/02          0
    1390717                              O            08/01/32
    0

    7963487          286/286             F          100,000.00         ZZ
                                         360         99,915.99          1
                                       6.875            656.93         53
                                       6.625            656.93
    VILLA PARK       IL   60181          1            07/25/02         00
    1361282                              05           09/01/02          0
    1361282                              O            08/01/32
    0
1

    7963493          286/286             F          149,000.00         ZZ
                                         240        148,696.17          1
                                       6.500          1,110.91         64
                                       6.250          1,110.91
    WOODBRIDGE       VA   22193          2            07/29/02         00
    1372078                              05           09/01/02          0
    1372078                              O            08/01/22
    0

    7963497          286/286             F          136,500.00         ZZ
                                         360        136,373.57          1
                                       6.375            851.59         43
                                       6.125            851.59
    MARIETTA         GA   30068          2            07/30/02         00
    1425929                              03           09/01/02          0
    1425929                              O            08/01/32
    0

    7963513          286/286             F           19,500.00         ZZ
                                         360         19,486.23          1
                                       7.750            139.71         52
                                       7.500            139.71
    MARGATE          FL   33063          1            07/23/02         00
    1340358                              01           09/01/02          0
    1340358                              O            08/01/32
    0

    7963517          286/286             F          186,800.00         ZZ
                                         360        186,635.18          1
                                       6.625          1,196.11         80
                                       6.375          1,196.11
    ST CLOUD         FL   34772          1            07/15/02         00
    1396035                              05           09/01/02          0
    1396035                              O            08/01/32
    0

    7963519          286/286             F          108,000.00         ZZ
                                         360        107,899.97          1
                                       6.375            673.78         72
                                       6.125            673.78
    HIXSON           TN   37343          2            07/22/02         00
    1397855                              05           09/01/02          0
    1397855                              O            08/01/32
    0

    7963529          286/286             F           97,200.00         ZZ
                                         360         97,118.35          1
1

                                       6.875            638.54         90
                                       6.625            638.54
    PATASKALA        OH   43062          1            07/17/02         14
    1357323                              05           09/01/02         25
    1357323                              O            08/01/32
    0

    7963535          286/286             F          109,000.00         ZZ
                                         360        108,906.15          1
                                       6.750            706.98         78
                                       6.500            706.98
    GREENSBORO       NC   27455          2            07/25/02         00
    1396660                              05           09/01/02          0
    1396660                              O            08/01/32
    0

    7963543          286/286             F          114,300.00         ZZ
                                         360        114,121.12          1
                                       7.250            779.73         90
                                       7.000            779.73
    WEST PALM BEACH  FL   33411          1            06/27/02         14
    1353565                              05           08/01/02         25
    1353565                              O            07/01/32
    0

    7963553          286/286             F           99,000.00         ZZ
                                         360         98,914.76          1
                                       6.750            642.12         76
                                       6.500            642.12
    NASHVILLE        TN   37206          2            07/12/02         00
    1371501                              05           09/01/02          0
    1371501                              O            08/01/32
    0

    7963563          286/286             F          188,000.00         ZZ
                                         360        187,497.81          1
                                       7.125          1,266.60         80
                                       6.875          1,266.60
    UNION            NJ   07083          1            06/25/02         00
    1323105                              05           08/01/02          0
    1323105                              O            07/01/32
    0

    7963567          286/286             F          117,900.00         ZZ
                                         360        117,812.50          1
                                       7.500            824.38         90
                                       7.250            824.38
    WICHITA          KS   67217          2            07/11/02         11
    1057081                              05           09/01/02         25
1

    1057081                              O            08/01/32
    0

    7963569          286/286             F          163,000.00         ZZ
                                         360        162,725.34          1
                                       6.875          1,070.79         77
                                       6.625          1,070.79
    MORRISON         CO   80465          2            06/24/02         00
    1359858                              05           08/01/02          0
    1359858                              O            07/01/32
    0

    7963575          286/286             F           94,000.00         ZZ
                                         360         93,921.02          1
                                       6.875            617.52         70
                                       6.625            617.52
    VIOLA            IL   61486          2            07/24/02         00
    1389323                              05           09/01/02          0
    1389323                              O            08/01/32
    0

    7963583          286/286             F          169,200.00         ZZ
                                         360        169,064.69          1
                                       7.125          1,139.94         90
                                       6.875          1,139.94
    PLYMOUTH         WI   53073          2            07/26/02         12
    1434184                              05           09/01/02         25
    1434184                              O            08/01/32
    0

    7963595          286/286             F          100,800.00         ZZ
                                         360        100,634.26          1
                                       7.000            670.63         80
                                       6.750            670.63
    CLEVELAND        TN   37312          1            07/01/02         00
    1387800                              05           08/01/02          0
    1387800                              O            07/01/32
    0

    7963599          286/286             F          108,400.00         T
                                         360        108,306.66          1
                                       6.750            703.09         80
                                       6.500            703.09
    OLMSTED TWP      OH   44138          1            07/25/02         00
    1403922                              05           09/01/02          0
    1403922                              O            08/01/32
    0

1

    7963605          286/286             F          180,000.00         ZZ
                                         360        179,848.77          1
                                       6.875          1,182.48         78
                                       6.625          1,182.48
    BETHESDA         MD   20817          1            07/18/02         00
    1343123                              01           09/01/02          0
    1343123                              O            08/01/32
    0

    7963609          286/286             F          143,900.00         ZZ
                                         360        143,680.32          1
                                       7.375            993.89         80
                                       7.125            993.89
    ROCHESTER HILLS  MI   48309          1            06/28/02         00
    1332022                              05           08/01/02          0
    1332022                              O            07/01/32
    0

    7963613          286/286             F          122,400.00         ZZ
                                         360        122,294.61          1
                                       6.750            793.89         80
                                       6.500            793.89
    SPARTANBURG      SC   29303          1            07/29/02         00
    1374726                              05           09/01/02          0
    1374726                              O            08/01/32
    0

    7963619          286/286             F          174,000.00         ZZ
                                         360        173,864.26          1
                                       7.250          1,186.99         90
                                       7.000          1,186.99
    FORT MYERS       FL   33908          1            07/24/02         12
    1393527                              03           09/01/02         25
    1393527                              O            08/01/32
    0

    7963623          286/286             F          137,250.00         ZZ
                                         360        136,490.87          1
                                       7.125            924.68         90
                                       6.875            924.68
    WARREN           MI   48092          1            06/28/02         21
    1361603                              05           08/01/02         25
    1361603                              O            07/01/32
    0

    7963629          286/286             F           52,792.00         T
                                         360         52,744.28          1
                                       6.500            333.68         80
                                       6.250            333.68
1

    PANAMA CITY      FL   32408          1            07/23/02         00
    1401066                              01           09/01/02          0
    1401066                              O            08/01/32
    0

    7963645          286/286             F          136,000.00         ZZ
                                         360        135,885.74          1
                                       6.875            893.43         80
                                       6.625            893.43
    LIVONIA          MI   48154          1            07/22/02         00
    105234                               05           09/01/02          0
    105234                               O            08/01/32
    0

    7963647          286/286             F          143,100.00         ZZ
                                         360        142,938.36          1
                                       7.250            976.20         80
                                       7.000            976.20
    SHIRLEY          NY   11967          1            07/19/02         00
    1065688                              05           09/01/02          0
    1065688                              O            08/01/32
    0

    7963651          286/286             F          125,600.00         ZZ
                                         360        125,393.50          1
                                       7.000            835.62         80
                                       6.750            835.62
    LAWRENCE TOWNSH  NJ   08648          1            07/02/02         00
    1376604                              01           08/01/02          0
    1376604                              O            07/01/32
    0

    7963653          286/286             F          103,200.00         T
                                         360        103,117.47          1
                                       7.125            695.28         80
                                       6.875            695.28
    CLARKDALE        AZ   86324          1            07/17/02         00
    1408221                              05           09/01/02          0
    1408221                              O            08/01/32
    0

    7963659          286/286             F          143,750.00         ZZ
                                         360        143,507.77          1
                                       6.875            944.34         66
                                       6.625            944.34
    ALBUQUERQUE      NM   87102          2            06/26/02         00
    1379014                              05           08/01/02          0
    1379014                              O            07/01/32
    0
1

    7963661          286/286             F          109,200.00         ZZ
                                         360        109,101.28          1
                                       6.500            690.22         80
                                       6.250            690.22
    BOYD             TX   76023          1            07/18/02         00
    1425948                              05           09/01/02          0
    1425948                              O            08/01/32
    0

    7963667          286/286             F          108,000.00         ZZ
                                         360        107,738.88          1
                                       6.875            709.49         80
                                       6.625            709.49
    SOUTH BELOIT     IL   61080          1            07/12/02         00
    1358701                              05           09/01/02          0
    1358701                              O            08/01/32
    0

    7963675          286/286             F          200,000.00         T
                                         360        199,282.93          1
                                       6.750          1,297.20         75
                                       6.500          1,297.20
    COROLLA          NC   27927          1            06/28/02         00
    1331854                              03           08/01/02          0
    1331854                              O            07/01/32
    0

    7963677          286/286             F          156,000.00         ZZ
                                         360        155,237.62          1
                                       7.250          1,064.20         78
                                       7.000          1,064.20
    BAYPORT          MN   55003          2            06/26/02         00
    1276764                              05           08/01/02          0
    1276764                              O            07/01/32
    0

    7963679          286/286             F           92,460.00         ZZ
                                         360         92,387.86          1
                                       7.250            630.75         69
                                       7.000            630.75
    MUSKEGON         MI   49442          1            07/22/02         00
    1413214                              05           09/01/02          0
    1413214                              O            08/01/32
    0

    7963685          286/286             F          156,000.00         ZZ
                                         360        155,736.62          1
1

                                       7.250          1,064.20         80
                                       7.000          1,064.20
    WEST LONG BRANC  NJ   07764          1            07/01/02         00
    1327848                              05           08/01/02          0
    1327848                              O            07/01/32
    0

    7963687          286/286             F          100,000.00         ZZ
                                         360         99,915.99          1
                                       6.875            656.93         38
                                       6.625            656.93
    HUDSON           OH   44236          1            07/22/02         00
    1354176                              05           09/01/02          0
    1354176                              O            08/01/32
    0

    7963689          286/286             F          139,800.00         ZZ
                                         240        139,112.64          1
                                       6.500          1,042.32         78
                                       6.250          1,042.32
    SUGAR LAND       TX   77478          2            06/25/02         00
    1352767                              03           08/01/02          0
    1352767                              O            07/01/22
    0

    7963693          286/286             F          164,000.00         ZZ
                                         360        163,846.67          1
                                       7.000          1,091.10         80
                                       6.750          1,091.10
    HEMET            CA   92543          1            07/11/02         00
    1353591                              05           09/01/02          0
    1353591                              O            08/01/32
    0

    7963695          286/286             F           92,000.00         ZZ
                                         360         91,922.70          1
                                       6.875            604.38         80
                                       6.625            604.38
    NEW CUMBERLAND   WV   26047          1            07/18/02         00
    1267812                              05           09/01/02          0
    1267812                              O            08/01/32
    0

    7963701          286/286             F          158,000.00         ZZ
                                         360        157,688.75          1
                                       6.750          1,024.79         77
                                       6.500          1,024.79
    FAIRFIELD        OH   45014          2            07/29/02         00
    1414133                              05           09/01/02          0
1

    1414133                              O            08/01/32
    0

    7963705          286/286             F          126,000.00         ZZ
                                         360        125,908.81          1
                                       7.625            891.82         89
                                       7.375            891.82
    CUDAHY           WI   53110          2            07/22/02         28
    1374958                              05           09/01/02         25
    1374958                              O            08/01/32
    0

    7963711          286/286             F          125,900.00         ZZ
                                         360        125,698.02          1
                                       7.125            848.22         90
                                       6.875            848.22
    ORMOND BEACH     FL   32174          1            07/02/02         11
    1376978                              05           08/01/02         25
    1376978                              O            07/01/32
    0

    7963719          286/286             F          160,000.00         ZZ
                                         360        159,850.00          1
                                       6.375            998.20         63
                                       6.125            998.20
    MT ANGEL         OR   97362          1            07/23/02         00
    1398054                              05           09/01/02          0
    1398054                              O            08/01/32
    0

    7963721          286/286             F          141,000.00         ZZ
                                         360        140,881.54          1
                                       6.875            926.27         79
                                       6.625            926.27
    LAS VEGAS        NV   89103          2            07/23/02         00
    1019022                              05           09/01/02          0
    1019022                              O            08/01/32
    0

    7963727          286/286             F          105,100.00         ZZ
                                         360        104,884.64          1
                                       7.000            699.24         90
                                       6.750            699.24
    NEW BRAUNFELS    TX   78130          1            07/02/02         11
    1333153                              03           08/01/02         25
    1333153                              O            07/01/32
    0

1

    7963735          286/286             F          139,400.00         ZZ
                                         360        139,285.73          1
                                       7.000            927.44         90
                                       6.750            927.44
    ARLINGTON        VA   22206          1            07/16/02         11
    1362632                              05           09/01/02         25
    1362632                              O            08/01/32
    0

    7963737          286/286             F          159,300.00         ZZ
                                         360        159,050.71          2
                                       7.250          1,086.71         90
                                       7.000          1,086.71
    NORTH PROVIDENC  RI   02911          1            06/25/02         28
    1340618                              05           08/01/02         25
    1340618                              O            07/01/32
    0

    7963739          286/286             F          149,600.00         ZZ
                                         360        149,347.90          1
                                       6.875            982.77         80
                                       6.625            982.77
    WILLOW GROVE     PA   19090          1            06/27/02         00
    1296190                              05           08/01/02          0
    1296190                              O            07/01/32
    0

    7963745          286/286             F          118,000.00         ZZ
                                         360        117,872.52          1
                                       6.500            745.84         82
                                       6.250            745.84
    YORK             PA   17403          2            07/19/02         28
    1356854                              05           09/01/02         12
    1356854                              O            08/01/32
    0

    7963747          286/286             F          138,600.00         ZZ
                                         360        138,497.13          1
                                       7.500            969.12         90
                                       7.250            969.12
    PENSACOLA        FL   32503          2            07/11/02         14
    1353436                              05           09/01/02         25
    1353436                              O            08/01/32
    0

    7963753          286/286             F          162,000.00         ZZ
                                         360        161,863.90          1
                                       6.875          1,064.23         44
                                       6.625          1,064.23
1

    HOWELL TWP       NJ   07727          2            07/26/02         00
    1338003                              05           09/01/02          0
    1338003                              O            08/01/32
    0

    7963755          286/286             F          161,000.00         ZZ
                                         360        160,734.57          1
                                       7.000          1,071.14         70
                                       6.750          1,071.14
    WOODBRIDGE       VA   22193          1            07/02/02         00
    1347838                              05           08/01/02          0
    1347838                              O            07/01/32
    0

    7963759          286/286             F          152,000.00         ZZ
                                         360        151,875.41          1
                                       7.000          1,011.26         89
                                       6.750          1,011.26
    LINDEN           NJ   07036          1            07/12/02         28
    1293787                              05           09/01/02         25
    1293787                              O            08/01/32
    0

    7963763          286/286             F          128,000.00         ZZ
                                         360        127,900.14          1
                                       7.250            873.19         80
                                       7.000            873.19
    LONG BRANCH      NJ   07740          1            07/25/02         00
    1281595                              05           09/01/02          0
    1281595                              O            08/01/32
    0

    7963767          286/286             F          122,712.00         ZZ
                                         360        122,606.35          1
                                       6.750            795.91         80
                                       6.500            795.91
    URBANA           IL   61801          1            07/11/02         00
    1377655                              05           09/01/02          0
    1377655                              O            08/01/32
    0

    7963769          286/286             F          145,520.00         ZZ
                                         360        145,397.74          1
                                       6.875            955.97         75
                                       6.625            955.97
    EVANSTON         IL   60201          2            07/12/02         28
    1066528                              01           09/01/02         25
    1066528                              O            08/01/32
    0
1

    7963773          286/286             F          136,000.00         ZZ
                                         360        135,756.27          1
                                       6.750            882.10         72
                                       6.500            882.10
    LODI             CA   95240          2            06/20/02         00
    1332271                              05           08/01/02          0
    1332271                              O            07/01/32
    0

    7963779          286/286             F          140,400.00         T
                                         360        140,284.91          1
                                       7.000            934.09         90
                                       6.750            934.09
    OLD ORCHARD BEA  ME   04064          1            07/18/02         28
    1428823                              01           09/01/02         25
    1428823                              O            08/01/32
    0

    7963781          286/286             F          100,800.00         ZZ
                                         360        100,642.24          1
                                       7.250            687.64         90
                                       7.000            687.64
    VERNON HILLS     IL   60061          1            06/27/02         10
    1330366                              01           08/01/02         25
    1330366                              O            07/01/32
    0

    7963783          286/286             F          118,000.00         T
                                         360        117,912.42          1
                                       7.500            825.08         80
                                       7.250            825.08
    LAS CRUCES       NM   88012          1            07/12/02         00
    1351944                              05           09/01/02          0
    1351944                              O            08/01/32
    0

    7963785          286/286             F          153,000.00         ZZ
                                         360        152,861.68          1
                                       6.500            967.07         48
                                       6.250            967.07
    PLYMOUTH         MA   02360          1            07/12/02         00
    1260314                              05           09/01/02          0
    1260314                              O            08/01/32
    0

    7963787          286/286             F          101,700.00         ZZ
                                         360        101,622.61          2
1

                                       7.375            702.42         90
                                       7.125            702.42
    PROVIDENCE       RI   02903          1            07/30/02         28
    1413189                              05           09/01/02         25
    1413189                              O            08/01/32
    0

    7963795          286/286             F          119,000.00         ZZ
                                         360        118,889.78          1
                                       6.375            742.41         57
                                       6.125            742.41
    AURORA           CO   80012          2            07/10/02         00
    1388784                              05           09/01/02          0
    1388784                              O            08/01/32
    0

    7963815          286/286             F          135,000.00         T
                                         360        134,793.91          1
                                       7.375            932.42         90
                                       7.125            932.42
    KISSIMMEE        FL   34746          1            06/25/02         14
    1337809                              05           08/01/02         25
    1337809                              O            07/01/32
    0

    7963823          286/286             F           84,000.00         ZZ
                                         360         83,824.06          1
                                       6.500            530.94         75
                                       6.250            530.94
    ALBUQUERQUE      NM   87108          1            07/25/02         00
    1438621                              05           09/01/02          0
    1438621                              O            08/01/32
    0

    7963827          286/286             F          169,875.00         ZZ
                                         360        169,628.44          1
                                       6.750          1,101.81         75
                                       6.500          1,101.81
    CORAL SPRINGS    FL   33065          1            07/15/02         00
    1373496                              05           09/01/02          0
    1373496                              O            08/01/32
    0

    7963831          286/286             F          182,500.00         ZZ
                                         360        182,342.86          1
                                       6.750          1,183.70         62
                                       6.500          1,183.70
    KANSAS CITY      MO   64145          1            07/10/02         00
    1373273                              03           09/01/02          0
1

    1373273                              O            08/01/32
    0

    7963833          286/286             F          119,600.00         ZZ
                                         360        119,398.46          1
                                       6.875            785.69         80
                                       6.625            785.69
    MOORE            SC   29369          1            06/27/02         00
    1303577                              03           08/01/02          0
    1303577                              O            07/01/32
    0

    7963835          286/286             F          114,835.00         T
                                         360        114,749.77          1
                                       7.500            802.95         90
                                       7.250            802.95
    RIVERVIEW        FL   33569          1            07/12/02         14
    1384339                              03           09/01/02         25
    1384339                              O            08/01/32
    0

    7963839          286/286             F          155,250.00         ZZ
                                         360        155,111.42          1
                                       7.000          1,032.89         90
                                       6.750          1,032.89
    KENNEBUNK        ME   04043          1            07/30/02         12
    1435908                              05           09/01/02         25
    1435908                              O            08/01/32
    0

    7963841          286/286             F          152,400.00         ZZ
                                         360        152,143.20          1
                                       6.875          1,001.16         74
                                       6.625          1,001.16
    MENIFEE          CA   92584          2            06/25/02         00
    803476                               05           08/01/02          0
    803476                               O            07/01/32
    0

    7963843          286/286             F          178,200.00         ZZ
                                         360        177,876.93          1
                                       6.500          1,126.35         72
                                       6.250          1,126.35
    LOS ANGELES      CA   90042          2            06/25/02         00
    804737                               05           08/01/02          0
    804737                               O            07/01/32
    0

1

    7963851          286/286             F          151,500.00         ZZ
                                         360        151,369.56          1
                                       6.750            982.63         54
                                       6.500            982.63
    MORA             MN   55051          2            07/12/02         00
    1392373                              05           09/01/02          0
    1392373                              O            08/01/32
    0

    7963859          286/286             F           96,950.00         T
                                         360         96,622.77          1
                                       6.875            636.89         77
                                       6.625            636.89
    DESERT HOT SPRI  CA   92240          1            07/02/02         00
    801724                               05           08/01/02          0
    801724                               O            07/01/32
    0

    7963861          286/286             F          101,500.00         ZZ
                                         360        101,412.61          1
                                       6.750            658.33         72
                                       6.500            658.33
    COUPEVILLE       WA   98239          1            07/09/02         00
    811023                               05           09/01/02          0
    811023                               O            08/01/32
    0

    7963865          286/286             F          101,600.00         ZZ
                                         360        101,514.64          1
                                       6.875            667.44         80
                                       6.625            667.44
    TEMECULA         CA   92592          1            07/05/02         00
    805407                               01           09/01/02          0
    805407                               O            08/01/32
    0

    7963871          286/286             F          148,500.00         ZZ
                                         360        148,389.19          1
                                       7.500          1,038.34         90
                                       7.250          1,038.34
    WOODBRIDGE       NJ   07001          2            07/12/02         14
    1390429                              05           09/01/02         25
    1390429                              O            08/01/32
    0

    7963873          286/286             F          135,000.00         ZZ
                                         360        134,904.71          1
                                       7.750            967.16         90
                                       7.500            967.16
1

    NORWICH          CT   06360          1            07/08/02         14
    1337239                              05           09/01/02         25
    1337239                              O            08/01/32
    0

    7963881          286/286             F          175,000.00         ZZ
                                         360        174,640.62          1
                                       7.000          1,164.28         69
                                       6.750          1,164.28
    MOORPARK         CA   93021          2            06/21/02         00
    806375                               05           08/01/02          0
    806375                               O            07/01/32
    0

    7963883          286/286             F          149,300.00         ZZ
                                         360        149,072.08          1
                                       7.375          1,031.18         90
                                       7.125          1,031.18
    BALTIMORE        MD   21220          1            06/28/02         14
    814192                               05           08/01/02         25
    814192                               O            07/01/32
    0

    7963887          286/286             F          189,000.00         ZZ
                                         360        188,837.27          1
                                       6.750          1,225.86         75
                                       6.500          1,225.86
    BORING           OR   97009          1            06/28/02         00
    1341760                              05           09/01/02          0
    1341760                              O            08/01/32
    0

    7963899          286/286             F          158,500.00         ZZ
                                         360        158,373.24          1
                                       7.125          1,067.85         79
                                       6.875          1,067.85
    SCOTTSDALE       AZ   85259          2            07/22/02         00
    809086                               05           09/01/02          0
    809086                               O            08/01/32
    0

    7963901          286/286             F          168,000.00         ZZ
                                         360        167,865.65          1
                                       7.125          1,131.85         80
                                       6.875          1,131.85
    ALEXANDRIA       VA   22306          1            07/16/02         00
    812046                               05           09/01/02          0
    812046                               O            08/01/32
    0
1

    7963907          286/286             F           99,000.00         ZZ
                                         360         98,920.83          1
                                       7.125            666.98         75
                                       6.875            666.98
    RANCHO CUCAMONG  CA   91730          1            07/17/02         00
    807636                               01           09/01/02          0
    807636                               O            08/01/32
    0

    7963913          286/286             F          142,000.00         ZZ
                                         360        141,874.72          1
                                       6.625            909.24         32
                                       6.375            909.24
    SALINAS          CA   93901          2            07/16/02         00
    807970                               05           09/01/02          0
    807970                               O            08/01/32
    0

    7963919          286/286             F          158,040.00         ZZ
                                         360        157,786.48          1
                                       7.125          1,064.75         90
                                       6.875          1,064.75
    OREM             UT   84057          2            07/02/02         12
    761956                               05           08/01/02         25
    761956                               O            07/01/32
    0

    7963921          286/286             F          227,000.00         ZZ
                                         360        226,799.72          1
                                       6.625          1,453.51         63
                                       6.375          1,453.51
    SAN DIEGO        CA   92130          2            07/19/02         00
    1104938                              01           09/01/02          0
    1104938                              O            08/01/32
    0

    7963923          286/286             F          100,000.00         ZZ
                                         360         99,851.10          1
                                       7.500            699.22         90
                                       7.250            699.22
    KATY             TX   77449          1            06/28/02         10
    1340228                              03           08/01/02         25
    1340228                              O            07/01/32
    0

    7963931          286/286             F           94,000.00         ZZ
                                         360         93,841.59          1
1

                                       6.875            617.52         61
                                       6.625            617.52
    GRIDLEY          CA   95948          2            06/28/02         00
    803547                               27           08/01/02          0
    803547                               O            07/01/32
    0

    7963933          286/286             F          109,000.00         ZZ
                                         360        108,910.65          1
                                       7.000            725.18         77
                                       6.750            725.18
    PLANTATION       FL   33324          1            07/19/02         00
    1397657                              03           09/01/02          0
    1397657                              O            08/01/32
    0

    7963935          286/286             F           30,000.00         ZZ
                                         360         29,977.74          1
                                       7.500            209.76         13
                                       7.250            209.76
    SILVER SPRING    MD   20902          5            07/23/02         00
    1105753                              05           09/01/02          0
    1105753                              O            08/01/32
    0

    7963943          286/286             F          298,000.00         T
                                         360        297,723.99          1
                                       6.375          1,859.14         75
                                       6.125          1,859.14
    NEVIS            MN   56467          2            07/16/02         00
    1379475                              05           09/01/02          0
    1379475                              O            08/01/32
    0

    7963949          286/286             F          129,600.00         T
                                         360        129,402.15          1
                                       7.375            895.12         90
                                       7.125            895.12
    PHOENIX          AZ   85022          1            06/27/02         12
    1329262                              05           08/01/02         25
    1329262                              O            07/01/32
    0

    7963951          286/286             F          280,000.00         ZZ
                                         360        279,740.66          1
                                       6.375          1,746.84         85
                                       6.125          1,746.84
    SAN FRANCISCO    CA   94124          1            07/24/02         14
    1107023                              05           09/01/02         12
1

    1107023                              O            08/01/32
    0

    7963953          286/286             F          150,000.00         T
                                         360        149,877.05          1
                                       7.000            997.95         75
                                       6.750            997.95
    ELK GROVE        CA   95624          1            07/12/02         00
    809103                               05           09/01/02          0
    809103                               O            08/01/32
    0

    7963975          286/286             F          264,500.00         T
                                         360        264,260.89          1
                                       6.500          1,671.82         67
                                       6.250          1,671.82
    SOUTH LAKE TAHO  CA   96150          2            07/12/02         00
    806814                               03           09/01/02          0
    806814                               O            08/01/32
    0

    7963979          286/286             F          137,600.00         ZZ
                                         360        137,475.60          1
                                       6.500            869.73         80
                                       6.250            869.73
    KING CITY        CA   93930          1            07/08/02         00
    808748                               05           09/01/02          0
    808748                               O            08/01/32
    0

    7963987          286/286             F          164,800.00         ZZ
                                         360        164,643.62          1
                                       6.250          1,014.71         80
                                       6.000          1,014.71
    MOOREHEAD        MN   56560          2            07/26/02         00
    1385048                              05           09/01/02          0
    1385048                              O            08/01/32
    0

    7963991          286/286             F          142,400.00         ZZ
                                         360        142,277.39          1
                                       6.750            923.61         80
                                       6.500            923.61
    DRAPER           UT   84020          2            07/09/02         00
    1375233                              03           09/01/02          0
    1375233                              O            08/01/32
    0

1

    7964003          286/286             F          173,600.00         ZZ
                                         360        173,450.53          1
                                       6.750          1,125.97         80
                                       6.500          1,125.97
    MONROE           CT   06468          1            07/26/02         00
    1334926                              05           09/01/02          0
    1334926                              O            08/01/32
    0

    7964005          286/286             F          152,000.00         ZZ
                                         360        151,750.09          1
                                       7.000          1,011.26         80
                                       6.750          1,011.26
    TRACY            CA   95376          1            06/26/02         00
    800749                               05           08/01/02          0
    800749                               O            07/01/32
    0

    7964015          286/286             F          134,000.00         T
                                         360        133,757.07          1
                                       6.500            846.97         80
                                       6.250            846.97
    ANACORTES        WA   98221          1            06/26/02         00
    811900                               05           08/01/02          0
    811900                               O            07/01/32
    0

    7964017          286/286             F          130,000.00         ZZ
                                         360        129,758.54          1
                                       6.375            811.04         62
                                       6.125            811.04
    SALT LAKE CITY   UT   84124          1            07/03/02         00
    1391698                              01           08/01/02          0
    1391698                              O            07/01/32
    0

    7964019          286/286             F          190,000.00         ZZ
                                         360        189,534.29          1
                                       6.250          1,169.87         79
                                       6.000          1,169.87
    CHICAGO RIDGE    IL   60415          1            07/03/02         00
    1386709                              05           08/01/02          0
    1386709                              O            07/01/32
    0

    7964035          286/286             F          148,000.00         T
                                         360        147,768.40          1
                                       7.250          1,009.62         80
                                       7.000          1,009.62
1

    PALM SPRINGS     CA   92264          1            06/28/02         00
    807344                               01           08/01/02          0
    807344                               O            07/01/32
    0

    7964037          286/286             F          134,100.00         ZZ
                                         360        133,995.39          1
                                       7.250            914.80         90
                                       7.000            914.80
    AUSTIN           TX   78754          1            07/12/02         12
    1405724                              03           09/01/02         25
    1405724                              O            08/01/32
    0

    7964041          286/286             F          149,600.00         ZZ
                                         360        149,377.27          1
                                       7.500          1,046.02         80
                                       7.250          1,046.02
    VIRGINIA BEACH   VA   23455          1            06/25/02         00
    818418                               05           08/01/02          0
    818418                               O            07/01/32
    0

    7964045          286/286             F          173,600.00         T
                                         360        173,250.12          1
                                       6.875          1,140.43         80
                                       6.625          1,140.43
    PALM DESERT      CA   92260          1            06/27/02         00
    815555                               03           08/01/02          0
    815555                               O            07/01/32
    0

    7964047          286/286             F          190,000.00         ZZ
                                         360        189,717.10          1
                                       7.500          1,328.51         89
                                       7.250          1,328.51
    STOCKTON         CA   95206          2            06/13/02         14
    804471                               05           08/01/02         25
    804471                               O            07/01/32
    0

    7964057          286/286             F          190,000.00         ZZ
                                         360        189,663.81          1
                                       6.625          1,216.59         40
                                       6.375          1,216.59
    PAICINES         CA   95043          2            06/24/02         00
    806591                               05           08/01/02          0
    806591                               O            07/01/32
    0
1

    7964061          286/286             F          183,000.00         T
                                         360        182,829.38          1
                                       6.750          1,186.93         52
                                       6.500          1,186.93
    TRACY            CA   95377          2            07/12/02         00
    802602                               05           09/01/02          0
    802602                               O            08/01/32
    0

    7964063          286/286             F          159,250.00         ZZ
                                         360        159,109.49          1
                                       6.625          1,019.70         90
                                       6.375          1,019.70
    SPARKS           NV   89436          2            07/01/02         14
    804276                               03           09/01/02         25
    804276                               O            08/01/32
    0

    7964077          286/286             F          120,000.00         T
                                         360        119,899.18          1
                                       6.875            788.32         60
                                       6.625            788.32
    CHICAGO          IL   60610          2            07/10/02         00
    1359121                              01           09/01/02          0
    1359121                              O            08/01/32
    0

    7964503          998/998             F          433,000.00         ZZ
                                         360        432,636.23          1
                                       6.875          2,844.50         73
                                       6.625          2,844.50
    TUSTIN           CA   92782          5            07/19/02         00
    5117422                              03           09/01/02          0
    5117422                              O            08/01/32
    0

    7964505          998/998             F          325,500.00         ZZ
                                         354        324,457.84          1
                                       7.375          2,258.62         70
                                       6.875          2,258.62
    LITTLE SUAMICO   WI   54141          2            10/18/01         00
    5208868                              05           06/01/02          0
    5208868                              O            11/01/31
    0

    7964671          N74/G02             F          156,750.00         ZZ
                                         360        156,750.00          1
1

                                       6.625          1,003.69         95
                                       6.375          1,003.69
    SALISBURY        NC   28146          5            08/16/02         10
    0434474805                           05           10/01/02         30
    0030582010                           O            09/01/32
    0

    7964709          286/286             F           82,500.00         ZZ
                                         360         82,287.37          4
                                       8.250            619.80         75
                                       8.000            619.80
    SPRINGFIELD      MA   01108          1            04/29/02         00
    1101269                              05           06/01/02          0
    1101269                              N            05/01/32
    0

    7964715          286/286             F          102,150.00         ZZ
                                         360        101,879.95          1
                                       8.125            758.47         80
                                       7.875            758.47
    CARLISLE         PA   17013          5            04/26/02         00
    1095292                              05           06/01/02          0
    1095292                              N            05/01/32
    0

    7964731          286/286             F           88,000.00         ZZ
                                         360         87,761.42          2
                                       8.000            645.72         80
                                       7.750            645.72
    MILWAUKEE        WI   53208          1            04/30/02         00
    1263545                              05           06/01/02          0
    1263545                              N            05/01/32
    0

    7964811          286/286             F          123,250.00         ZZ
                                         360        123,066.47          1
                                       7.500            861.79         90
                                       7.250            861.79
    FT LAUDERDALE    FL   33312          1            06/14/02         10
    1337012                              05           08/01/02         17
    1337012                              N            07/01/32
    0

    7964823          286/286             F          145,500.00         ZZ
                                         360        145,283.36          1
                                       7.500          1,017.36         71
                                       7.250          1,017.36
    FAIRBORN         OH   45324          5            06/24/02         00
    1321773                              05           08/01/02          0
1

    1321773                              N            07/01/32
    0

    7964831          286/286             F          300,700.00         ZZ
                                         360        300,105.90          1
                                       8.125          2,232.69         86
                                       7.875          2,232.69
    SANDWICH         MA   02537          1            05/17/02         11
    790532                               05           07/01/02         25
    790532                               N            06/01/32
    0

    7964871          N74/G02             F           61,830.00         ZZ
                                         240         61,830.00          1
                                       7.750            507.59         90
                                       7.500            507.59
    YALE             OK   74085          5            08/15/02         10
    0434566964                           05           10/01/02         25
    0030577010                           O            09/01/22
    0

    7965305          742/G02             F          284,900.00         ZZ
                                         360        284,900.00          1
                                       6.875          1,871.59         70
                                       6.625          1,871.59
    GLENMOORE        PA   19343          5            08/07/02         00
    0434472940                           05           10/01/02          0
    5631254                              O            09/01/32
    0

    7965335          M27/G02             F          367,000.00         T
                                         360        367,000.00          1
                                       6.875          2,410.93         76
                                       6.625          2,410.93
    ISLE OF PALMS    SC   29451          2            08/07/02         00
    0434428561                           01           10/01/02          0
    600794858                            O            09/01/32
    0

    7965673          E22/G02             F          118,320.00         ZZ
                                         360        118,320.00          1
                                       6.875            777.28         80
                                       6.625            777.28
    FORT COLLINS     CO   80524          1            08/15/02         00
    0414737874                           03           10/01/02          0
    0414737874                           O            09/01/32
    0

1

    7965949          Q30/G02             F          187,200.00         ZZ
                                         360        187,061.07          1
                                       7.500          1,308.93         90
                                       7.250          1,308.93
    PERKIOMEN TOWNS  PA   19473          5            07/29/02         12
    0434468039                           05           09/01/02         30
    21015641                             O            08/01/32
    0

    7965967          U05/G02             F          240,000.00         ZZ
                                         360        239,788.25          2
                                       6.625          1,536.75         80
                                       6.375          1,536.75
    KETCHIKAN        AK   99901          5            07/26/02         00
    0434459350                           05           09/01/02          0
    3234527                              O            08/01/32
    0

    7966005          H58/G02             F           52,500.00         ZZ
                                         360         52,500.00          1
                                       7.000            349.28         75
                                       6.750            349.28
    FAIRFIELD        CA   94533          1            08/09/02         00
    0434482832                           01           10/01/02          0
    0000106160                           N            09/01/32
    0

    7966025          E86/G02             F          276,000.00         ZZ
                                         360        276,000.00          2
                                       6.875          1,813.12         80
                                       6.625          1,813.12
    BROOKLYN         NY   11203          5            08/05/02         00
    0434474961                           05           10/01/02          0
    0000198948                           O            09/01/32
    0

    7966121          G18/G02             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       6.625          3,553.73         75
                                       6.375          3,553.73
    MINNEAPOLIS      MN   55409          1            08/16/02         00
    0434517538                           05           10/01/02          0
    01DH00119400                         O            09/01/32
    0

    7966247          P63/G02             F          156,000.00         ZZ
                                         360        155,881.30          2
                                       7.375          1,077.45         80
                                       7.125          1,077.45
1

    LODI             NJ   07644          1            07/31/02         00
    0434443966                           05           09/01/02          0
    20206156                             O            08/01/32
    0

    7966399          737/G02             F          118,500.00         ZZ
                                         360        118,500.00          3
                                       7.625            838.74         82
                                       7.375            838.74
    PHOENIX          AZ   85008          2            08/09/02         12
    0434474789                           05           10/01/02         12
    2050404                              N            09/01/32
    0

    7966419          P63/G02             F          269,000.00         ZZ
                                         360        269,000.00          1
                                       6.750          1,744.73         90
                                       6.500          1,744.73
    ENGLEWOOD        NJ   07631          1            08/14/02         11
    0434433785                           05           10/01/02         25
    20207157                             O            09/01/32
    0

    7966457          E45/G02             F          308,750.00         ZZ
                                         360        307,967.36          1
                                       6.875          2,028.27         95
                                       6.625          2,028.27
    MACON            GA   31210          1            05/16/02         11
    0434445839                           05           07/01/02         30
    239156                               O            06/01/32
    0

    7966473          P63/G02             F          130,000.00         ZZ
                                         360        130,000.00          2
                                       7.250            886.83         29
                                       7.000            886.83
    BROOKLYN         NY   11215          1            08/08/02         00
    0434424339                           07           10/01/02          0
    20205179                             N            09/01/32
    0

    7966573          P63/G02             F          230,000.00         T
                                         360        230,000.00          1
                                       6.625          1,472.72         64
                                       6.375          1,472.72
    WESLEY HILLS     NY   10952          5            08/08/02         00
    0434433801                           05           10/01/02          0
    20205049                             O            09/01/32
    0
1

    7966939          964/G02             F          199,000.00         ZZ
                                         360        199,000.00          1
                                       6.875          1,307.29         70
                                       6.625          1,307.29
    PORTLAND         OR   97219          5            08/07/02         00
    0434503827                           05           10/01/02          0
    241029                               O            09/01/32
    0

    7967137          E22/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       6.875            834.30         80
                                       6.625            834.30
    CAPE CORAL       FL   33990          2            08/15/02         00
    0414270173                           05           10/01/02          0
    0414270173                           O            09/01/32
    0

    7967203          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.875          1,261.30         80
                                       6.625          1,261.30
    WOODBURY         MN   55125          5            08/15/02         00
    0414512483                           05           10/01/02          0
    0414512483                           O            09/01/32
    0

    7967207          E22/G02             F          362,000.00         ZZ
                                         360        362,000.00          1
                                       7.000          2,408.40         69
                                       6.750          2,408.40
    SAN FRANCISCO    CA   94112          5            08/08/02         00
    0414516849                           07           10/01/02          0
    0414516849                           N            09/01/32
    0

    7967209          E22/G02             F           55,900.00         ZZ
                                         360         55,900.00          1
                                       7.250            381.34         80
                                       7.000            381.34
    DANIA            FL   33312          1            08/20/02         00
    0414518381                           05           10/01/02          0
    0414518381                           N            09/01/32
    0

    7967215          E22/G02             F           47,500.00         ZZ
                                         360         47,500.00          1
1

                                       7.375            328.07         75
                                       7.125            328.07
    THORNTON         CO   80260          2            08/15/02         00
    0414523860                           01           10/01/02          0
    0414523860                           O            09/01/32
    0

    7967217          E22/G02             F          486,000.00         ZZ
                                         360        486,000.00          3
                                       7.125          3,274.27         90
                                       6.875          3,274.27
    CHICAGO          IL   60657          1            08/20/02         04
    0414524470                           05           10/01/02         25
    0414524470                           O            09/01/32
    0

    7967231          E22/G02             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       6.750          3,217.05         80
                                       6.500          3,217.05
    SAN JOSE         CA   95131          5            08/08/02         00
    0414532309                           05           10/01/02          0
    0414532309                           O            09/01/32
    0

    7967253          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.625          1,639.20         80
                                       6.375          1,639.20
    UNION CITY       CA   94587          1            08/14/02         00
    0414557108                           09           10/01/02          0
    0414557108                           O            09/01/32
    0

    7967283          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.875          1,156.19         80
                                       6.625          1,156.19
    MCKINNEY         TX   75070          5            08/15/02         00
    0414604090                           03           10/01/02          0
    0414604090                           O            09/01/32
    0

    7967307          E22/G02             F          241,000.00         ZZ
                                         360        241,000.00          1
                                       6.375          1,503.53         90
                                       6.125          1,503.53
    STOCKTON         CA   95207          5            08/13/02         01
    0414625434                           05           10/01/02         25
1

    0414625434                           O            09/01/32
    0

    7967335          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.875            630.65         80
                                       6.625            630.65
    MARIETTA         GA   30008          1            08/20/02         00
    0414660563                           05           10/01/02          0
    0414660563                           N            09/01/32
    0

    7967375          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       7.750            816.71         95
                                       7.500            816.71
    PORTLAND         OR   97219          1            08/15/02         04
    0414721464                           05           10/01/02         30
    0414721464                           O            09/01/32
    0

    7967577          X67/G02             F          229,500.00         ZZ
                                         360        229,500.00          2
                                       6.875          1,507.65         90
                                       6.625          1,507.65
    SOUTH GATE       CA   90280          2            08/07/02         10
    0434454062                           05           10/01/02         30
    00268854                             O            09/01/32
    0

    7967617          E82/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
                                       7.500          1,006.87         79
                                       7.250          1,006.87
    KILLEEN          TX   76541          2            08/16/02         00
    0400655577                           05           10/01/02          0
    1990552                              N            09/01/32
    0

    7967619          E82/G02             F          131,350.00         ZZ
                                         360        131,350.00          1
                                       6.875            862.88         63
                                       6.625            862.88
    ROLLING MEADOWS  IL   60008          2            08/15/02         00
    0400673018                           03           10/01/02          0
    1979775                              O            09/01/32
    0

1

    7967829          962/G02             F           92,300.00         ZZ
                                         360         92,300.00          4
                                       7.750            661.25         88
                                       7.500            661.25
    WEST FARGO       ND   58078          2            08/19/02         04
    0434480216                           05           10/01/02         25
    1                                    N            09/01/32
    0

    7968493          L21/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.500          2,654.69         76
                                       6.250          2,654.69
    TWP OF MILLSTON  NJ   07726          5            08/13/02         00
    0434455838                           05           10/01/02          0
    0207CR1302                           O            09/01/32
    0

    7968619          W53/G02             F          100,567.00         ZZ
                                         360        100,482.51          1
                                       6.875            660.66         75
                                       6.625            660.66
    REX              GA   30273          1            08/01/02         00
    0434452983                           05           09/01/02          0
    1308000347                           O            08/01/32
    0

    7968659          L21/G02             F          383,200.00         ZZ
                                         360        383,200.00          1
                                       6.750          2,485.43         80
                                       6.500          2,485.43
    TOWN OF NEWTON   CT   06482          2            08/08/02         00
    0434449922                           05           10/01/02          0
    0208MV1444                           O            09/01/32
    0

    7969147          X67/G02             F          260,000.00         ZZ
                                         360        259,781.57          1
                                       6.875          1,708.01         64
                                       6.625          1,708.01
    LEBANON          OH   45036          5            07/31/02         00
    0434465779                           05           09/01/02          0
    00268300                             O            08/01/32
    0

    7969253          T29/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.750          1,950.33         59
                                       6.500          1,950.33
1

    LAKESIDE         AZ   85929          2            08/12/02         00
    0434468617                           05           10/01/02          0
    1521508                              O            09/01/32
    0

    7969255          U05/G02             F          479,850.00         ZZ
                                         360        479,850.00          1
                                       6.500          3,032.98         80
                                       6.250          3,032.98
    MIRAMAR          FL   33027          1            08/14/02         00
    0434591202                           03           10/01/02          0
    3243249                              O            09/01/32
    0

    7969603          W35/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    COLUMBUS         IN   47203          5            08/09/02         00
    0434468336                           05           10/01/02          0
    13445                                O            09/01/32
    0

    7969947          642/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.000          1,663.26         75
                                       6.750          1,663.26
    LYNN             MA   01904          2            08/12/02         00
    0434463964                           05           10/01/02          0
    05107702                             O            09/01/32
    0

    7969983          M24/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.625          2,554.84         80
                                       6.375          2,554.84
    ORANGE           CA   92867          5            08/12/02         00
    0434468591                           05           10/01/02          0
    237103055                            O            09/01/32
    0

    7970145          Q73/G02             F           98,100.00         ZZ
                                         360         98,100.00          1
                                       6.750            636.27         83
                                       6.500            636.27
    BOSSIER CITY     LA   71112          1            08/14/02         12
    0434477782                           05           10/01/02         25
    2938316                              O            09/01/32
    0
1

    7970253          L03/G02             F          174,400.00         ZZ
                                         360        174,400.00          1
                                       6.875          1,145.68         80
                                       6.625          1,145.68
    GLENDALE         AZ   85304          1            08/09/02         00
    0434466272                           05           10/01/02          0
    400006298                            O            09/01/32
    0

    7971659          L76/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
                                       6.375            583.94         80
                                       6.125            583.94
    MORRISTOWN       MN   55052          5            08/19/02         00
    0434472379                           05           10/01/02          0
    9507071                              O            09/01/32
    0

    7971715          E82/G02             F          189,600.00         ZZ
                                         360        189,600.00          1
                                       6.875          1,245.54         76
                                       6.625          1,245.54
    MESA             AZ   85203          5            08/19/02         00
    0400655452                           05           10/01/02          0
    0400655452                           O            09/01/32
    0

    7971755          E82/G02             F          122,000.00         ZZ
                                         360        121,900.00          1
                                       7.000            811.67         76
                                       6.750            811.67
    MEDFORD          OR   97501          1            07/26/02         00
    0400659330                           05           09/01/02          0
    0400659330                           O            08/01/32
    0

    7972493          E86/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       7.125            828.67         74
                                       6.875            828.67
    FORT WALTON BEA  FL   32548          2            08/05/02         00
    0434475885                           05           10/01/02          0
    0000209338                           O            09/01/32
    0

    7972507          E23/G02             F          214,400.00         ZZ
                                         360        214,400.00          1
1

                                       6.375          1,337.58         80
                                       6.125          1,337.58
    GLENDALE         CA   91205          1            08/13/02         00
    0434482287                           05           10/01/02          0
    51017122                             O            09/01/32
    0

    7972587          952/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.875          2,562.02         80
                                       6.625          2,562.02
    SUFFERN          NY   10901          1            08/21/02         00
    0434470605                           05           10/01/02          0
    ALIBERTI                             O            09/01/32
    0

    7973991          737/G02             F          394,250.00         ZZ
                                         360        394,250.00          1
                                       7.500          2,756.65         95
                                       7.250          2,756.65
    SALT LAKE CITY   UT   84103          1            08/09/02         12
    0434485587                           05           10/01/02         30
    2077218                              O            09/01/32
    0

    7974295          U05/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       7.000          2,874.11         75
                                       6.750          2,874.11
    BOZEMAN          MT   59715          5            08/09/02         00
    0434466181                           05           10/01/02          0
    3251428                              O            09/01/32
    0

    7974345          737/G02             F          202,500.00         ZZ
                                         360        202,500.00          4
                                       7.500          1,415.91         90
                                       7.250          1,415.91
    WOODLAND         CA   95695          1            08/14/02         01
    0434485520                           05           10/01/02         25
    2077689                              N            09/01/32
    0

    7974387          N74/G02             F           73,061.00         ZZ
                                         360         73,061.00          1
                                       7.250            498.40         82
                                       7.000            498.40
    BURLINGTON       NC   27217          2            08/19/02         10
    0434475869                           05           10/01/02         12
1

    0030598010                           O            09/01/32
    0

    7974397          N47/G02             F          394,400.00         ZZ
                                         360        394,400.00          1
                                       7.250          2,690.50         80
                                       7.000          2,690.50
    SPRING VALLEY    CA   91977          1            08/14/02         00
    0434475075                           05           10/01/02          0
    30122258                             O            09/01/32
    0

    7974535          L16/G02             F          124,200.00         ZZ
                                         360        124,200.00          4
                                       7.875            900.54         90
                                       7.625            900.54
    PLAINFIELD       CT   06374          1            08/16/02         01
    0434469144                           05           10/01/02         25
    5814                                 N            09/01/32
    0

    7974673          883/G02             F           74,800.00         ZZ
                                         360         74,800.00          1
                                       7.375            516.63         80
                                       7.125            516.63
    MURFREESBORO     TN   37127          1            08/16/02         00
    0434468260                           09           10/01/02          0
    47001306                             O            09/01/32
    0

    7974811          U87/G02             F          238,000.00         ZZ
                                         360        238,000.00          1
                                       6.875          1,563.49         67
                                       6.625          1,563.49
    ESCONDIDO        CA   92026          5            08/16/02         00
    0434469037                           05           10/01/02          0
    0621                                 O            09/01/32
    0

    7974879          G34/G02             F          395,200.00         ZZ
                                         360        395,200.00          1
                                       6.625          2,530.51         80
                                       6.375          2,530.51
    SAN LEANDRO      CA   94577          1            08/15/02         00
    0434484333                           03           10/01/02          0
    48200440                             O            09/01/32
    0

1

    7974917          950/G02             F          151,200.00         ZZ
                                         360        151,066.60          1
                                       6.625            968.15         80
                                       6.375            968.15
    POCATELLO        ID   83201          1            07/30/02         00
    0434484226                           05           09/01/02          0
    EW207215                             O            08/01/32
    0

    7974925          E23/G02             F          163,000.00         ZZ
                                         360        163,000.00          1
                                       6.500          1,030.27         73
                                       6.250          1,030.27
    EL MONTE         CA   91731          2            08/09/02         00
    0434471603                           03           10/01/02          0
    51017082                             O            09/01/32
    0

    7975533          E82/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       6.750          1,764.19         80
                                       6.500          1,764.19
    GAITHERSBURG     MD   20878          2            08/20/02         00
    0400673778                           03           10/01/02          0
    5461990                              O            09/01/32
    0

    7975813          E60/G02             F          371,250.00         ZZ
                                         360        370,974.47          1
                                       7.500          2,595.84         75
                                       7.250          2,595.84
    SAN LUIS OBISPO  CA   93401          1            07/24/02         00
    0434475018                           03           09/01/02          0
    514616                               O            08/01/32
    0

    7976025          M18/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       6.625          1,600.78         68
                                       6.375          1,600.78
    ORANGE           CA   92865          2            07/30/02         00
    0434485025                           05           10/01/02          0
    980101937                            O            09/01/32
    0

    7976253          A21/G02             F          219,000.00         ZZ
                                         360        219,000.00          1
                                       6.875          1,438.68         78
                                       6.625          1,438.68
1

    CLIFTON          NJ   07013          5            08/09/02         00
    0434469078                           05           10/01/02          0
    770000207                            O            09/01/32
    0

    7976747          U05/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    PORT ST LUCIE    FL   34983          1            08/15/02         00
    0434465621                           05           10/01/02          0
    3251677                              N            09/01/32
    0

    7976823          X82/G02             F          366,400.00         ZZ
                                         360        366,400.00          1
                                       6.625          2,346.10         80
                                       6.375          2,346.10
    HERNDON          VA   20171          2            08/14/02         00
    0434475232                           05           10/01/02          0
    835187                               O            09/01/32
    0

    7977171          P09/G02             F          503,500.00         ZZ
                                         360        503,500.00          1
                                       6.625          3,223.97         80
                                       6.375          3,223.97
    WASHINGTON       DC   20011          5            08/22/02         00
    0434477675                           05           10/01/02          0
    SCHN2                                O            09/01/32
    0

    7977181          X27/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.625          1,383.07         80
                                       6.375          1,383.07
    BELLFLOWER       CA   90706          5            08/19/02         00
    0434480240                           05           10/01/02          0
    30000189                             O            09/01/32
    0

    7977235          E23/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.625            768.37         75
                                       6.375            768.37
    PAHRUMP          NV   89060          2            08/14/02         00
    0434471769                           05           10/01/02          0
    51015673                             N            09/01/32
    0
1

    7977241          A06/G02             F          188,800.00         ZZ
                                         360        188,800.00          1
                                       6.750          1,224.56         80
                                       6.500          1,224.56
    SYLVAN LAKE      MI   48320          1            08/19/02         00
    0434475513                           05           10/01/02          0
    021000020217783                      O            09/01/32
    0

    7977257          X71/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.875          1,239.87         90
                                       7.625          1,239.87
    OAKLAND          CA   94601          1            08/06/02         10
    0434484028                           05           10/01/02         30
    7231182                              O            09/01/32
    0

    7977267          N47/G02             F          122,800.00         ZZ
                                         360        122,800.00          1
                                       6.875            806.71         80
                                       6.625            806.71
    MARIETTA         GA   30064          1            08/20/02         00
    0434475109                           03           10/01/02          0
    40120632                             O            09/01/32
    0

    7977321          Q59/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.375          2,146.11         80
                                       6.125          2,146.11
    STEVENSON RANCH  CA   91381          5            08/16/02         00
    0434475646                           05           10/01/02          0
    401589                               O            09/01/32
    0

    7977323          A06/G02             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       6.750          2,633.31         80
                                       6.500          2,633.31
    HOLLY            MI   48442          2            08/15/02         00
    0434468567                           05           10/01/02          0
    025000020216699                      O            09/01/32
    0

    7977377          W68/G02             F          121,000.00         ZZ
                                         360        121,000.00          1
1

                                       6.875            794.88         85
                                       6.625            794.88
    CARROLLTON       TX   75007          1            08/02/02         12
    0434481370                           05           10/01/02         12
    28190                                O            09/01/32
    0

    7977387          X67/G02             F          261,000.00         ZZ
                                         360        261,000.00          2
                                       7.000          1,736.44         90
                                       6.750          1,736.44
    INGLEWOOD        CA   90303          5            08/06/02         10
    0434484838                           05           10/01/02         25
    00268068                             O            09/01/32
    0

    7977413          X67/G02             F          233,570.00         ZZ
                                         360        233,570.00          1
                                       6.625          1,495.57         80
                                       6.375          1,495.57
    GLENDORA         CA   91740          5            08/13/02         00
    0434479291                           05           10/01/02          0
    00268848                             O            09/01/32
    0

    7977465          E85/G02             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.875          4,204.34         80
                                       6.625          4,204.34
    MILL VALLEY      CA   94941          1            08/09/02         00
    0434479747                           05           10/01/02          0
    9614248                              O            09/01/32
    0

    7978367          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          3
                                       7.500          1,957.80         80
                                       7.250          1,957.80
    PASADENA         CA   91106          1            08/04/02         00
    0414483818                           05           10/01/02          0
    0414483818                           N            09/01/32
    0

    7978399          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       6.625            755.57         78
                                       6.375            755.57
    TIJERAS          NM   87059          1            08/23/02         00
    0414536425                           27           10/01/02          0
1

    0414536425                           O            09/01/32
    0

    7978429          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.94         80
                                       6.625          2,364.94
    LOVELAND         CO   80537          2            08/19/02         00
    0414570994                           03           10/01/02          0
    0414570994                           O            09/01/32
    0

    7978435          E22/G02             F          150,210.00         ZZ
                                         360        150,210.00          1
                                       6.875            986.77         90
                                       6.625            986.77
    BANNING          CA   92220          1            08/15/02         04
    0414578641                           05           10/01/02         25
    0414578641                           O            09/01/32
    0

    7978453          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       7.625            927.21         95
                                       7.375            927.21
    ARLINGTON        OH   45814          1            08/23/02         11
    0414597328                           05           10/01/02         35
    0414597328                           O            09/01/32
    0

    7978457          E22/G02             F          138,700.00         ZZ
                                         360        138,700.00          1
                                       7.750            993.66         95
                                       7.500            993.66
    GADSDEN          AL   35901          5            08/19/02         01
    0414601054                           05           10/01/02         30
    0414601054                           O            09/01/32
    0

    7978461          E22/G02             F          197,000.00         ZZ
                                         360        197,000.00          1
                                       6.750          1,277.74         80
                                       6.500          1,277.74
    ELKRIDGE         MD   21075          5            08/19/02         00
    0414607010                           05           10/01/02          0
    0414607010                           O            09/01/32
    0

1

    7978489          E22/G02             F           80,100.00         ZZ
                                         360         80,100.00          1
                                       7.750            573.85         90
                                       7.500            573.85
    WINCHESTER       VA   22603          1            08/23/02         01
    0414630509                           05           10/01/02         30
    0414630509                           O            09/01/32
    0

    7978505          E22/G02             F          197,600.00         ZZ
                                         360        197,600.00          1
                                       6.875          1,298.09         80
                                       6.625          1,298.09
    GARDENA          CA   90247          2            08/13/02         00
    0414637637                           05           10/01/02          0
    0414637637                           N            09/01/32
    0

    7978749          E82/G02             F          108,900.00         ZZ
                                         360        108,900.00          1
                                       6.875            715.40         66
                                       6.625            715.40
    CORVALLIS        OR   97333          2            08/20/02         00
    0400655411                           05           10/01/02          0
    0400655411                           O            09/01/32
    0

    7978781          E82/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       6.625            473.83         43
                                       6.375            473.83
    CORAL SPRINGS    FL   33065          2            08/22/02         00
    0400681698                           05           10/01/02          0
    1552017                              O            09/01/32
    0

    7979133          E85/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.875          3,284.64         44
                                       6.625          3,284.64
    BELVEDERE  TIBU  CA   94920          5            08/05/02         00
    0434479804                           03           10/01/02          0
    9614336                              N            09/01/32
    0

    7979171          E85/G02             F          296,800.00         ZZ
                                         360        296,800.00          1
                                       6.875          1,949.76         70
                                       6.625          1,949.76
1

    SANTA ROSA       CA   95404          1            08/01/02         00
    0434468294                           05           10/01/02          0
    9613983                              N            09/01/32
    0

    7979491          E85/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.500          1,744.51         80
                                       6.250          1,744.51
    OAKLAND          CA   94612          1            08/07/02         00
    0434468310                           01           10/01/02          0
    9614179                              O            09/01/32
    0

    7979865          G51/G02             F          182,600.00         ZZ
                                         360        182,600.00          4
                                       7.500          1,276.77         85
                                       7.250          1,276.77
    PUEBLO           CO   81005          2            08/20/02         11
    0434517983                           05           10/01/02         20
    013267018                            N            09/01/32
    0

    7979869          F62/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.875            985.39         77
                                       6.625            985.39
    MIAMI            FL   33145          1            08/23/02         00
    0434485645                           05           10/01/02          0
    28442                                N            09/01/32
    0

    7979927          E11/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.500            853.29         63
                                       6.250            853.29
    MESA             AZ   85215          1            08/19/02         00
    0434488938                           03           10/01/02          0
    0006001046313                        O            09/01/32
    0

    7979937          737/G02             F          146,700.00         ZZ
                                         360        146,700.00          1
                                       7.750          1,050.98         90
                                       7.500          1,050.98
    LITHONIA         GA   30058          2            08/16/02         01
    0434468757                           05           10/01/02         25
    2077548                              O            09/01/32
    0
1

    7980093          F19/G02             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         73
                                       6.625          2,627.72
    WATSONVILLE      CA   95076          2            07/25/02         00
    0434486395                           05           09/01/02          0
    884463                               O            08/01/32
    0

    7980533          420/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       6.750          1,764.19         49
                                       6.500          1,764.19
    SANTA CRUZ       CA   95060          5            08/08/02         00
    0434479424                           05           10/01/02          0
    72002477                             N            09/01/32
    0

    7980575          420/G02             F          437,000.00         ZZ
                                         360        437,000.00          1
                                       6.875          2,870.78         74
                                       6.625          2,870.78
    SANTA ROSA       CA   95404          5            08/07/02         00
    0434482790                           05           10/01/02          0
    72002562                             O            09/01/32
    0

    7980595          X08/G02             F           90,000.00         ZZ
                                         360         89,924.39          1
                                       6.875            591.24         74
                                       6.625            591.24
    WELLSVILLE       UT   84339          5            07/22/02         00
    0434483822                           05           09/01/02          0
    M23AWA2797789                        N            08/01/32
    0

    7980691          P01/G02             F           58,950.00         ZZ
                                         360         58,950.00          2
                                       7.000            392.20         90
                                       6.750            392.20
    WATERVLIET       NY   12189          1            08/14/02         04
    0434486320                           05           10/01/02         25
    02002639                             N            09/01/32
    0

    7980705          964/G02             F          158,000.00         ZZ
                                         360        158,000.00          1
1

                                       6.875          1,037.95         64
                                       6.625          1,037.95
    HELENA           MT   59602          5            08/05/02         00
    0434504361                           05           10/01/02          0
    236453                               O            09/01/32
    0

    7980719          950/G02             F          108,000.00         ZZ
                                         360        107,915.75          1
                                       7.250            736.75         80
                                       7.000            736.75
    KIRKLAND         WA   98033          1            07/30/02         00
    0434478673                           01           09/01/02          0
    E1207145                             N            08/01/32
    0

    7980809          E86/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       7.625            813.96         31
                                       7.375            813.96
    MOULTONBOROUGH   NH   03254          5            08/13/02         00
    0434472981                           01           10/01/02          0
    0000205070                           O            09/01/32
    0

    7980981          F25/G02             F          637,500.00         ZZ
                                         360        637,500.00          1
                                       6.625          4,081.98         75
                                       6.375          4,081.98
    PURCHASE         NY   10577          5            08/22/02         00
    0434485660                           05           10/01/02          0
    0207015                              O            09/01/32
    0

    7980987          T44/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       6.875          1,024.81         80
                                       6.625          1,024.81
    HENDERSON        NV   89015          5            08/13/02         00
    0434472437                           03           10/01/02          0
    1050415                              O            09/01/32
    0

    7981013          A06/G02             F          126,500.00         ZZ
                                         360        126,500.00          1
                                       6.875            831.02         57
                                       6.625            831.02
    ROYAL OAK        MI   48067          2            08/21/02         00
    0434585162                           05           10/01/02          0
1

    1000010200526                        N            09/01/32
    0

    7981237          E22/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
                                       7.125            693.93         87
                                       6.875            693.93
    LINCOLN          NE   68521          2            08/20/02         11
    0414392274                           05           10/01/02         30
    0414392274                           O            09/01/32
    0

    7981253          E22/G02             F          319,200.00         ZZ
                                         360        319,200.00          1
                                       6.875          2,096.92         80
                                       6.625          2,096.92
    CERRITOS         CA   90703          1            08/09/02         00
    0414451500                           05           10/01/02          0
    0414451500                           O            09/01/32
    0

    7981265          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       7.125            707.40         70
                                       6.875            707.40
    COLORADO SPRING  CO   80903          5            08/21/02         00
    0414482497                           05           10/01/02          0
    0414482497                           O            09/01/32
    0

    7981269          E22/G02             F          188,400.00         ZZ
                                         360        188,400.00          1
                                       6.875          1,237.65         42
                                       6.625          1,237.65
    SHAKOPEE         MN   55379          2            08/21/02         00
    0414486811                           05           10/01/02          0
    0414486811                           O            09/01/32
    0

    7981277          E22/G02             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       6.875          1,110.21         77
                                       6.625          1,110.21
    BAY SHORE        NY   11706          5            08/21/02         00
    0414499343                           05           10/01/02          0
    0414499343                           O            09/01/32
    0

1

    7981313          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.24         78
                                       6.375          2,561.24
    KIRKLAND         WA   98033          5            08/17/02         00
    0414562728                           05           10/01/02          0
    0414562728                           O            09/01/32
    0

    7981323          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.125            970.15         90
                                       6.875            970.15
    SACRAMENTO       CA   95822          5            08/20/02         01
    0414569608                           05           10/01/02         30
    0414569608                           O            09/01/32
    0

    7981325          E22/G02             F          194,750.00         ZZ
                                         360        194,750.00          1
                                       7.125          1,312.07         95
                                       6.875          1,312.07
    CROFTON          MD   21114          5            08/20/02         10
    0414573451                           09           10/01/02         30
    0414573451                           O            09/01/32
    0

    7981327          E22/G02             F          169,500.00         ZZ
                                         360        169,500.00          2
                                       6.625          1,085.33         72
                                       6.375          1,085.33
    GIG HARBOR       WA   98335          2            08/16/02         00
    0414575118                           05           10/01/02          0
    0414575118                           N            09/01/32
    0

    7981347          E22/G02             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       6.875          3,547.42         75
                                       6.625          3,547.42
    MOUNTAIN VIEW    CA   94040          5            08/05/02         00
    0414591263                           05           10/01/02          0
    0414591263                           O            09/01/32
    0

    7981355          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.750            875.61         45
                                       6.500            875.61
1

    GRAND JUNCTION   CO   81501          2            08/21/02         00
    0414595561                           05           10/01/02          0
    0414595561                           O            09/01/32
    0

    7981373          E22/G02             F          153,805.00         ZZ
                                         360        153,805.00          1
                                       8.000          1,128.57         95
                                       7.750          1,128.57
    CASCADE LOCKS    OR   97014          5            08/14/02         04
    0414605899                           05           10/01/02         30
    0414605899                           O            09/01/32
    0

    7981405          E22/G02             F          368,100.00         ZZ
                                         360        368,100.00          1
                                       6.875          2,418.15         88
                                       6.625          2,418.15
    SANTA FE         NM   87507          5            08/20/02         04
    0414632901                           03           10/01/02         25
    0414632901                           O            09/01/32
    0

    7981411          E22/G02             F          347,000.00         ZZ
                                         360        347,000.00          1
                                       6.625          2,221.88         78
                                       6.375          2,221.88
    GLENVIEW         IL   60025          2            08/21/02         00
    0414640532                           05           10/01/02          0
    0414640532                           O            09/01/32
    0

    7981415          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.625          1,504.73         66
                                       6.375          1,504.73
    SANDIA PARK      NM   87047          5            08/21/02         00
    0414641720                           05           10/01/02          0
    0414641720                           O            09/01/32
    0

    7981417          E22/G02             F          311,200.00         ZZ
                                         360        311,200.00          1
                                       6.375          1,941.48         75
                                       6.125          1,941.48
    VISTA            CA   92083          2            08/20/02         00
    0414642512                           03           10/01/02          0
    0414642512                           O            09/01/32
    0
1

    7981435          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
                                       7.000            814.33         80
                                       6.750            814.33
    CROOKED RIVER R  OR   97760          1            08/20/02         00
    0414650374                           27           10/01/02          0
    0414650374                           O            09/01/32
    0

    7981447          E22/G02             F          163,200.00         ZZ
                                         360        163,200.00          1
                                       6.750          1,058.51         85
                                       6.500          1,058.51
    AURORA           CO   80013          5            08/20/02         01
    0414664367                           05           10/01/02         12
    0414664367                           O            09/01/32
    0

    7981467          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.875            656.93         85
                                       6.625            656.93
    LANTANA          FL   33462          5            08/20/02         04
    0414685016                           05           10/01/02         12
    0414685016                           O            09/01/32
    0

    7981507          E22/G02             F          265,600.00         ZZ
                                         360        265,600.00          1
                                       6.625          1,700.67         80
                                       6.375          1,700.67
    WEST SACRAMENTO  CA   95691          5            08/20/02         00
    0414709899                           05           10/01/02          0
    0414709899                           O            09/01/32
    0

    7981511          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.875            788.31         80
                                       6.625            788.31
    DALLAS           TX   75214          1            08/23/02         00
    0414713115                           05           10/01/02          0
    0414713115                           O            09/01/32
    0

    7981513          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
1

                                       7.375            729.35         80
                                       7.125            729.35
    SAN ANTONIO      TX   78259          5            08/20/02         00
    0414714451                           03           10/01/02          0
    0414714451                           O            09/01/32
    0

    7981523          E22/G02             F          119,000.00         ZZ
                                         360        119,000.00          2
                                       7.750            852.53         85
                                       7.500            852.53
    PERTH AMBOY      NJ   08861          5            08/21/02         01
    0414721548                           05           10/01/02         12
    0414721548                           O            09/01/32
    0

    7981527          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.500          1,592.81         80
                                       6.250          1,592.81
    BELLEVUE         WA   98006          5            08/14/02         00
    0414723478                           09           10/01/02          0
    0414723478                           O            09/01/32
    0

    7981537          E22/G02             F          353,000.00         ZZ
                                         360        353,000.00          1
                                       6.750          2,289.55         69
                                       6.500          2,289.55
    LEONIA           NJ   07605          5            08/20/02         00
    0414737122                           05           10/01/02          0
    0414737122                           O            09/01/32
    0

    7981671          E82/G02             F           89,500.00         ZZ
                                         360         89,500.00          1
                                       6.750            580.50         71
                                       6.500            580.50
    PHOENIX          AZ   85029          2            08/23/02         00
    0400675179                           05           10/01/02          0
    5194928                              N            09/01/32
    0

    7981687          E82/G02             F           83,400.00         ZZ
                                         360         83,400.00          3
                                       7.500            583.14         60
                                       7.250            583.14
    WATERBURY        CT   06708          2            08/23/02         00
    0400660007                           05           10/01/02          0
1

    1556405                              N            09/01/32
    0

    7981891          E84/G02             F          450,000.00         ZZ
                                         360        446,838.77          1
                                       6.750          2,918.69         75
                                       6.500          2,918.69
    FREMONT          CA   94536          5            12/14/01         00
    0434471926                           05           02/01/02          0
    73013192                             O            01/01/32
    0

    7981949          E22/G02             F          116,850.00         ZZ
                                         360        116,850.00          1
                                       7.125            787.24         95
                                       6.875            787.24
    CLEARWATER       FL   33765          2            08/16/02         04
    0414376400                           05           10/01/02         30
    0414376400                           O            09/01/32
    0

    7981955          E22/G02             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       7.000          2,744.37         75
                                       6.750          2,744.37
    CASTLE ROCK      CO   80104          5            08/15/02         00
    0414423210                           05           10/01/02          0
    0414423210                           O            09/01/32
    0

    7981959          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.500          2,212.24         74
                                       6.250          2,212.24
    FAIR HAVEN       NJ   07704          5            08/16/02         00
    0414430686                           05           10/01/02          0
    0414430686                           O            09/01/32
    0

    7981961          E22/G02             F          331,550.00         ZZ
                                         360        331,550.00          3
                                       7.750          2,375.26         95
                                       7.500          2,375.26
    HAWTHORNE        CA   90250          1            08/13/02         04
    0414430991                           05           10/01/02         30
    0414430991                           O            09/01/32
    0

1

    7981983          E22/G02             F          186,200.00         ZZ
                                         360        186,200.00          1
                                       7.250          1,270.21         95
                                       7.000          1,270.21
    SACRAMENTO       CA   95842          1            08/06/02         04
    0414502898                           05           10/01/02         30
    0414502898                           O            09/01/32
    0

    7981991          E22/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.625          1,767.26         80
                                       6.375          1,767.26
    MONUMENT         CO   80132          5            08/16/02         00
    0414514257                           03           10/01/02          0
    0414514257                           O            09/01/32
    0

    7981999          E22/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
                                       7.750            435.58         80
                                       7.500            435.58
    FARMERS BRANCH   TX   75234          5            08/15/02         00
    0414528968                           01           10/01/02          0
    0414528968                           O            09/01/32
    0

    7982027          E22/G02             F          164,800.00         ZZ
                                         360        164,800.00          1
                                       6.625          1,055.23         80
                                       6.375          1,055.23
    SACRAMENTO       CA   95833          1            08/09/02         00
    0414568659                           05           10/01/02          0
    0414568659                           O            09/01/32
    0

    7982031          E22/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.750          3,405.14         73
                                       6.500          3,405.14
    OAKLAND          CA   94605          5            08/07/02         00
    0414575340                           03           10/01/02          0
    0414575340                           O            09/01/32
    0

    7982063          E22/G02             F          195,500.00         ZZ
                                         360        195,500.00          1
                                       6.625          1,251.81         84
                                       6.375          1,251.81
1

    HERCULES         CA   94547          5            08/08/02         04
    0414591966                           01           10/01/02         12
    0414591966                           O            09/01/32
    0

    7982107          E22/G02             F          270,750.00         ZZ
                                         360        270,750.00          1
                                       7.000          1,801.31         95
                                       6.750          1,801.31
    NEVADA CITY      CA   95959          1            08/15/02         01
    0414628321                           05           10/01/02         30
    0414628321                           O            09/01/32
    0

    7982109          E22/G02             F          344,800.00         ZZ
                                         360        344,800.00          1
                                       6.875          2,265.09         80
                                       6.625          2,265.09
    MIAMI            FL   33156          5            08/09/02         00
    0414630111                           05           10/01/02          0
    0414630111                           O            09/01/32
    0

    7982111          E22/G02             F          132,300.00         ZZ
                                         360        132,300.00          1
                                       7.000            880.20         90
                                       6.750            880.20
    FRONT ROYAL      VA   22630          5            08/16/02         01
    0414631051                           05           10/01/02         25
    0414631051                           O            09/01/32
    0

    7982123          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    TRUCKEE          CA   96161          5            08/13/02         00
    0414641183                           03           10/01/02          0
    0414641183                           O            09/01/32
    0

    7982139          E22/G02             F          127,900.00         ZZ
                                         360        127,900.00          1
                                       6.875            840.21         80
                                       6.625            840.21
    PARMA            ID   83660          1            08/16/02         00
    0414650069                           05           10/01/02          0
    0414650069                           O            09/01/32
    0
1

    7982149          E22/G02             F           53,910.00         ZZ
                                         360         53,910.00          1
                                       7.750            386.22         90
                                       7.500            386.22
    BAYTOWN          TX   77521          1            08/21/02         04
    0414658682                           05           10/01/02         25
    0414658682                           N            09/01/32
    0

    7982151          E22/G02             F           62,910.00         ZZ
                                         360         62,910.00          1
                                       7.750            450.69         90
                                       7.500            450.69
    BAYTOWN          TX   77521          1            08/21/02         04
    0414658765                           05           10/01/02         25
    0414658765                           N            09/01/32
    0

    7982153          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.000            778.40         76
                                       6.750            778.40
    CREST HILL       IL   60435          5            08/16/02         00
    0414671032                           05           10/01/02          0
    0414671032                           O            09/01/32
    0

    7982165          E22/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
                                       7.125            472.95         90
                                       6.875            472.95
    FOLEY            AL   36535          5            08/16/02         10
    0414684738                           05           10/01/02         25
    0414684738                           O            09/01/32
    0

    7982185          E22/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.750          3,405.14         75
                                       6.500          3,405.14
    SAN ANTONIO      TX   78230          5            08/16/02         00
    0414717942                           03           10/01/02          0
    0414717942                           O            09/01/32
    0

    7982187          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
1

                                       6.875            656.93         80
                                       6.625            656.93
    SALT LAKE CITY   UT   84106          1            08/19/02         00
    0414718882                           05           10/01/02          0
    0414718882                           O            09/01/32
    0

    7982257          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.750          1,400.97         90
                                       6.500          1,400.97
    ELK GROVE        CA   95758          5            08/12/02         11
    0414223198                           05           10/01/02         25
    0414223198                           O            09/01/32
    0

    7982273          E22/G02             F          123,600.00         ZZ
                                         360        123,600.00          1
                                       6.875            811.96         67
                                       6.625            811.96
    TUCSON           AZ   85712          5            08/12/02         00
    0414357798                           05           10/01/02          0
    0414357798                           O            09/01/32
    0

    7982285          E22/G02             F           48,000.00         ZZ
                                         360         48,000.00          2
                                       6.875            315.33         51
                                       6.625            315.33
    COLUMBUS         OH   43201          5            08/22/02         00
    0414431015                           05           10/01/02          0
    0414431015                           N            09/01/32
    0

    7982289          E22/G02             F          110,600.00         ZZ
                                         360        110,600.00          1
                                       8.250            830.90         74
                                       8.000            830.90
    ROYAL OAK        MI   48067          2            08/22/02         00
    0414456921                           05           10/01/02          0
    0414456921                           N            09/01/32
    0

    7982291          E22/G02             F          156,100.00         ZZ
                                         360        156,100.00          3
                                       7.375          1,078.14         90
                                       7.125          1,078.14
    EVERETT          WA   98201          1            08/15/02         04
    0414470112                           05           10/01/02         12
1

    0414470112                           N            09/01/32
    0

    7982307          E22/G02             F          346,500.00         ZZ
                                         360        346,500.00          1
                                       7.500          2,422.78         90
                                       7.250          2,422.78
    LAKE FOREST      CA   92630          1            08/14/02         11
    0414516252                           03           10/01/02         25
    0414516252                           O            09/01/32
    0

    7982351          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.375          1,105.08         75
                                       7.125          1,105.08
    GRASS VALLEY     CA   95945          1            08/14/02         00
    0414606483                           05           10/01/02          0
    0414606483                           O            09/01/32
    0

    7982369          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       7.500            531.41         80
                                       7.250            531.41
    FRASER           MI   48026          1            08/22/02         00
    0414637306                           05           10/01/02          0
    0414637306                           N            09/01/32
    0

    7982373          E22/G02             F           72,500.00         ZZ
                                         360         72,500.00          1
                                       6.625            464.23         75
                                       6.375            464.23
    HILLMAN          MI   49746          2            08/17/02         00
    0414650382                           05           10/01/02          0
    0414650382                           O            09/01/32
    0

    7982385          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.875          1,123.35         95
                                       6.625          1,123.35
    SANDY            UT   84092          2            08/16/02         04
    0414673079                           05           10/01/02         30
    0414673079                           O            09/01/32
    0

1

    7982413          E22/G02             F          288,750.00         ZZ
                                         360        288,750.00          1
                                       6.750          1,872.83         75
                                       6.500          1,872.83
    NEWCASTLE        CA   95658          1            08/14/02         00
    0414712372                           05           10/01/02          0
    0414712372                           O            09/01/32
    0

    7982421          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
                                       7.000            266.12         80
                                       6.750            266.12
    PUEBLO           CO   81004          2            08/22/02         00
    0414726828                           05           10/01/02          0
    0414726828                           N            09/01/32
    0

    7983057          W68/G02             F          398,244.00         ZZ
                                         360        398,244.00          1
                                       7.750          2,853.07         93
                                       7.500          2,853.07
    FRISCO           TX   75034          1            08/15/02         12
    0434484820                           03           10/01/02         25
    27742                                O            09/01/32
    0

    7983337          369/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.500            818.09         90
                                       7.250            818.09
    PHOENIX          AZ   85051          1            08/07/02         14
    0434493136                           05           10/01/02         25
    0074175829                           N            09/01/32
    0

    7983353          T44/G02             F          223,125.00         ZZ
                                         360        223,125.00          1
                                       7.750          1,598.49         75
                                       7.500          1,598.49
    CORONA           CA   92880          1            08/12/02         00
    0434472106                           05           10/01/02          0
    1049504                              N            09/01/32
    0

    7983381          U85/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       7.375            359.15         80
                                       7.125            359.15
1

    MILWAUKEE        WI   53212          1            08/27/02         00
    0434481651                           05           10/01/02          0
    MCBURNEY                             N            09/01/32
    0

    7983491          R21/G02             F          122,000.00         ZZ
                                         360        122,000.00          1
                                       6.625            781.18         71
                                       6.375            781.18
    STEVENSVILLE     MI   49127          2            08/16/02         00
    0434514667                           05           10/01/02          0
    7115140                              O            09/01/32
    0

    7983505          P01/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       7.500            734.18         73
                                       7.250            734.18
    BURNTHILL        NY   12027          1            08/22/02         00
    0434492930                           05           10/01/02          0
    02006888                             O            09/01/32
    0

    7983861          Q30/G02             F          128,250.00         ZZ
                                         360        128,250.00          1
                                       7.625            907.75         95
                                       7.375            907.75
    EAST STROUDSBUR  PA   18301          1            08/16/02         04
    0434481164                           05           10/01/02         30
    21015421                             O            09/01/32
    0

    7983865          738/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.250          1,309.78         80
                                       7.000          1,309.78
    COCONUT CREEK    FL   33073          1            08/16/02         00
    0434471504                           03           10/01/02          0
    0040571690-0011                      O            09/01/32
    0

    7983997          A06/G02             F          140,400.00         T
                                         360        140,400.00          1
                                       6.875            922.33         90
                                       6.625            922.33
    EAST LANSING     MI   48823          1            08/23/02         12
    0434471249                           01           10/01/02         25
    0609434                              O            09/01/32
    0
1

    7984081          964/G02             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       6.875          1,865.68         73
                                       6.625          1,865.68
    VACAVILLE        CA   95687          5            08/05/02         00
    0434484150                           05           10/01/02          0
    234588                               O            09/01/32
    0

    7984083          964/G02             F          379,300.00         ZZ
                                         360        379,300.00          1
                                       6.625          2,428.70         74
                                       6.375          2,428.70
    EL DORADO HILLS  CA   95762          2            08/06/02         00
    0434484812                           05           10/01/02          0
    235589                               O            09/01/32
    0

    7984087          964/G02             F          198,540.00         ZZ
                                         360        198,540.00          2
                                       7.250          1,354.39         90
                                       7.000          1,354.39
    LAS VEGAS        NV   89115          1            08/01/02         10
    0434488805                           05           10/01/02         25
    237547                               N            09/01/32
    0

    7984089          964/G02             F          427,200.00         ZZ
                                         360        427,200.00          1
                                       6.500          2,700.20         80
                                       6.250          2,700.20
    NORMANDY PARK    WA   98166          1            08/13/02         00
    0434484689                           03           10/01/02          0
    237600                               O            09/01/32
    0

    7984093          964/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       7.000            844.93         85
                                       6.750            844.93
    FERNLEY          NV   89408          1            08/09/02         19
    0434485066                           03           10/01/02         12
    238097                               O            09/01/32
    0

    7984095          964/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
1

                                       7.000            479.02         80
                                       6.750            479.02
    PARKER           AZ   85344          2            08/02/02         00
    0434484952                           05           10/01/02          0
    238195                               O            09/01/32
    0

    7984097          964/G02             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       6.500          1,833.00         73
                                       6.250          1,833.00
    IRVINE           CA   92612          1            08/05/02         00
    0434484622                           03           10/01/02          0
    238953                               N            09/01/32
    0

    7984099          964/G02             F          457,410.00         ZZ
                                         360        457,410.00          1
                                       6.625          2,928.85         79
                                       6.375          2,928.85
    TEMECULA         CA   92592          1            08/07/02         00
    0434484135                           03           10/01/02          0
    238971                               O            09/01/32
    0

    7984103          964/G02             F          120,000.00         ZZ
                                         360        120,000.00          2
                                       6.500            758.48         80
                                       6.250            758.48
    VANCOUVER        WA   98664          5            08/07/02         00
    0434484887                           05           10/01/02          0
    218041                               O            09/01/32
    0

    7984105          964/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.625          2,535.63         80
                                       6.375          2,535.63
    SAN JOSE         CA   95123          1            08/08/02         00
    0434484325                           05           10/01/02          0
    239414                               O            09/01/32
    0

    7984107          964/G02             F          380,000.00         ZZ
                                         360        379,680.75          2
                                       6.875          2,496.33         80
                                       6.625          2,496.33
    ROHNERT PARK     CA   94928          1            07/10/02         00
    0434484366                           05           09/01/02          0
1

    219900                               N            08/01/32
    0

    7984113          964/G02             F          186,400.00         ZZ
                                         360        186,400.00          1
                                       6.500          1,178.18         80
                                       6.250          1,178.18
    AURORA           CO   80013          1            08/13/02         00
    0434484978                           05           10/01/02          0
    221471                               O            09/01/32
    0

    7984117          964/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.875          1,123.35         90
                                       6.625          1,123.35
    PORTLAND         OR   97229          1            08/12/02         11
    0434484895                           05           10/01/02         25
    243695                               N            09/01/32
    0

    7984119          964/G02             F          360,000.00         ZZ
                                         360        359,697.55          1
                                       6.875          2,364.95         80
                                       6.625          2,364.95
    LAS VEGAS        NV   89120          5            07/18/02         00
    0434490926                           05           09/01/02          0
    222966                               O            08/01/32
    0

    7984127          964/G02             F          300,700.00         ZZ
                                         360        300,700.00          1
                                       6.625          1,925.42         77
                                       6.375          1,925.42
    HOUSTON          TX   77007          1            08/16/02         00
    0434483996                           05           10/01/02          0
    250083                               O            09/01/32
    0

    7984129          964/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.500            960.74         70
                                       6.250            960.74
    COLORADO SPRING  CO   80906          5            08/12/02         00
    0434484549                           05           10/01/02          0
    250167                               O            09/01/32
    0

1

    7984131          964/G02             F          367,100.00         ZZ
                                         360        367,100.00          1
                                       6.625          2,350.58         80
                                       6.375          2,350.58
    WATSONVILLE      CA   95076          1            08/13/02         00
    0434488870                           03           10/01/02          0
    250183                               O            09/01/32
    0

    7984133          964/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.625          2,881.40         79
                                       6.375          2,881.40
    ARCADIA          CA   91007          5            08/06/02         00
    0434484655                           05           10/01/02          0
    229277                               O            09/01/32
    0

    7984135          964/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.750            856.15         80
                                       6.500            856.15
    TACOMA           WA   98407          1            08/12/02         00
    0434478459                           05           10/01/02          0
    229892                               O            09/01/32
    0

    7984137          964/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
                                       6.750            291.87         36
                                       6.500            291.87
    HOUSTON          TX   77092          1            08/09/02         00
    0434483988                           05           10/01/02          0
    232323                               O            09/01/32
    0

    7984143          964/G02             F          150,500.00         ZZ
                                         360        150,500.00          1
                                       6.625            963.67         80
                                       6.375            963.67
    RENO             NV   89523          2            08/12/02         00
    0434484515                           05           10/01/02          0
    233395                               O            09/01/32
    0

    7984145          964/G02             F           74,575.00         T
                                         360         74,513.87          1
                                       7.000            496.15         95
                                       6.750            496.15
1

    AUSTIN           TX   78705          1            07/29/02         11
    0434484598                           01           09/01/02         30
    233693                               O            08/01/32
    0

    7984149          964/G02             F          208,200.00         ZZ
                                         360        208,037.59          1
                                       7.250          1,420.29         88
                                       7.000          1,420.29
    LEAGUE CITY      TX   77539          2            07/18/02         12
    0434491064                           05           09/01/02         25
    234060                               O            08/01/32
    0

    7984193          405/405             F          420,000.00         ZZ
                                         360        419,655.73          1
                                       7.000          2,794.27         80
                                       6.500          2,794.27
    ST LOUIS         MO   63119          5            07/03/02         00
    0013300199                           05           09/01/02          0
    0013300199                           O            08/01/32
    0

    7984207          405/405             F          562,500.00         ZZ
                                         360        562,015.69          1
                                       6.750          3,648.37         75
                                       6.500          3,648.37
    ARCADIA          CA   91007          5            07/23/02         00
    0018506121                           05           09/01/02          0
    0018506121                           O            08/01/32
    0

    7984255          405/405             F          349,000.00         ZZ
                                         360        348,692.08          1
                                       6.625          2,234.69         80
                                       6.375          2,234.69
    LOS ANGELES      CA   90066          5            07/25/02         00
    0018647560                           05           09/01/02          0
    0018647560                           O            08/01/32
    0

    7984259          405/405             F          417,000.00         ZZ
                                         360        416,623.02          1
                                       6.500          2,635.73         79
                                       6.250          2,635.73
    ROSWELL          GA   30075          5            07/31/02         00
    0018656611                           05           09/01/02          0
    0018656611                           O            08/01/32
    0
1

    7984275          405/405             F          332,000.00         ZZ
                                         360        331,714.15          1
                                       6.750          2,153.35         80
                                       6.500          2,153.35
    WHITTIER         CA   90601          1            07/27/02         00
    0060100484                           05           09/01/02          0
    0060100484                           O            08/01/32
    0

    7984347          U05/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.625          1,920.93         80
                                       6.375          1,920.93
    OCEANSIDE        CA   92057          1            08/19/02         00
    0434489365                           03           10/01/02          0
    3253003                              O            09/01/32
    0

    7984349          K15/G02             F           52,800.00         ZZ
                                         360         52,800.00          1
                                       7.750            378.27         80
                                       7.500            378.27
    WESTVILLE        OH   43083          5            08/20/02         00
    0434488649                           05           10/01/02          0
    028505501729                         O            09/01/32
    0

    7984395          W39/G02             F          135,750.00         ZZ
                                         360        135,750.00          1
                                       7.375            937.60         95
                                       7.125            937.60
    GRANBURY         TX   76049          1            08/19/02         01
    0434483897                           03           10/01/02         30
    PNI01488                             O            09/01/32
    0

    7984413          Q14/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.500          2,781.10         80
                                       6.250          2,781.10
    PHOENIX          AZ   85020          5            08/22/02         00
    0434487153                           05           10/01/02          0
    02W2161                              O            09/01/32
    0

    7984479          U05/G02             F          188,600.00         ZZ
                                         360        188,600.00          1
1

                                       6.750          1,223.26         79
                                       6.500          1,223.26
    PORTLAND         OR   97213          5            08/05/02         00
    0434470399                           05           10/01/02          0
    3247897                              O            09/01/32
    0

    7984517          U05/G02             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       7.250          2,831.03         80
                                       7.000          2,831.03
    CYPRESS          TX   77429          5            08/15/02         00
    0434470514                           03           10/01/02          0
    3253941                              O            09/01/32
    0

    7984579          253/253             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       6.750          1,582.58         80
                                       6.500          1,582.58
    SPARKS           MD   21152          5            08/14/02         00
    427330                               05           10/01/02          0
    427330                               O            09/01/32
    0

    7984599          420/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.875          2,496.33         80
                                       6.625          2,496.33
    SANTA ROSA       CA   95407          1            08/09/02         00
    0434480190                           05           10/01/02          0
    72002409                             O            09/01/32
    0

    7984719          E47/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.500            922.82         77
                                       6.250            922.82
    AURORA           CO   80011          2            08/08/02         00
    0434477345                           05           10/01/02          0
    7332020958                           O            09/01/32
    0

    7984799          K15/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       7.500            349.61         88
                                       7.250            349.61
    CLINTON          IA   52732          5            08/21/02         11
    0434478293                           05           10/01/02         25
1

    029405314697                         O            09/01/32
    0

    7985287          E82/G02             F          194,100.00         ZZ
                                         360        194,100.00          1
                                       7.125          1,307.69         78
                                       6.875          1,307.69
    BRANFORD         CT   06405          2            08/27/02         00
    0400669974                           01           10/01/02          0
    3736055                              N            09/01/32
    0

    7985295          E82/G02             F           82,500.00         ZZ
                                         360         82,500.00          2
                                       6.875            541.97         87
                                       6.625            541.97
    CHALMETTE        LA   70043          2            08/26/02         04
    0400671467                           05           10/01/02         25
    3232039                              N            09/01/32
    0

    7985301          E82/G02             F          211,000.00         ZZ
                                         360        211,000.00          3
                                       6.625          1,351.06         65
                                       6.375          1,351.06
    BURBANK          CA   91501          2            08/23/02         00
    0400673430                           05           10/01/02          0
    1902018                              N            09/01/32
    0

    7985319          E82/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       6.750          1,079.92         68
                                       6.500          1,079.92
    TURLOCK          CA   95382          2            08/08/02         00
    0400666459                           05           10/01/02          0
    3956331                              O            09/01/32
    0

    7985343          A39/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.500          2,936.70         80
                                       7.250          2,936.70
    OJAI             CA   93023          5            08/21/02         00
    0434523924                           05           10/01/02          0
    2201631RFC                           O            09/01/32
    0

1

    7985471          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.250          1,637.22         80
                                       7.000          1,637.22
    HOMEDALE         ID   83628          5            08/21/02         00
    0414418947                           05           10/01/02          0
    0414418947                           O            09/01/32
    0

    7985475          E22/G02             F           33,000.00         ZZ
                                         360         33,000.00          1
                                       7.125            222.33         48
                                       6.875            222.33
    COLUMBUS         OH   43203          5            08/27/02         00
    0414440107                           05           10/01/02          0
    0414440107                           N            09/01/32
    0

    7985497          E22/G02             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       6.250          2,924.66         52
                                       6.000          2,924.66
    DURANGO          CO   81301          2            08/22/02         00
    0414494765                           05           10/01/02          0
    0414494765                           O            09/01/32
    0

    7985521          E22/G02             F          167,700.00         ZZ
                                         360        167,700.00          1
                                       7.000          1,115.71         84
                                       6.750          1,115.71
    CASHION          OK   73016          2            08/22/02         04
    0414528133                           05           10/01/02         25
    0414528133                           O            09/01/32
    0

    7985581          E22/G02             F          167,800.00         ZZ
                                         360        167,800.00          1
                                       6.750          1,088.35         77
                                       6.500          1,088.35
    SALT LAKE CITY   UT   84117          2            08/23/02         00
    0414631911                           05           10/01/02          0
    0414631911                           O            09/01/32
    0

    7985597          E22/G02             F          131,500.00         ZZ
                                         360        131,500.00          1
                                       6.625            842.01         80
                                       6.375            842.01
1

    ESSEXVILLE       MI   48732          5            08/22/02         00
    0414646216                           05           10/01/02          0
    0414646216                           O            09/01/32
    0

    7985619          E22/G02             F          140,000.00         T
                                         360        140,000.00          1
                                       6.750            908.04         72
                                       6.500            908.04
    SOUTH LAKE TAHO  CA   96150          1            08/22/02         00
    0414663856                           05           10/01/02          0
    0414663856                           O            09/01/32
    0

    7985649          E22/G02             F           56,800.00         ZZ
                                         360         56,800.00          1
                                       6.750            368.40         80
                                       6.500            368.40
    SALT LAKE CITY   UT   84105          1            08/22/02         00
    0414698555                           05           10/01/02          0
    0414698555                           O            09/01/32
    0

    7985677          E22/G02             F          110,500.00         ZZ
                                         360        110,500.00          1
                                       7.000            735.16         85
                                       6.750            735.16
    LANTANA          FL   33462          5            08/22/02         04
    0414737478                           05           10/01/02         12
    0414737478                           O            09/01/32
    0

    7985681          E22/G02             F          107,500.00         ZZ
                                         360        107,500.00          1
                                       7.375            742.48         75
                                       7.125            742.48
    PARADISE         TX   76073          1            08/27/02         00
    0414745075                           27           10/01/02          0
    0414745075                           O            09/01/32
    0

    7985691          E22/G02             F          137,700.00         ZZ
                                         360        137,700.00          4
                                       7.875            998.42         90
                                       7.625            998.42
    THIBODAUX        LA   70301          1            08/27/02         01
    0414760546                           05           10/01/02         25
    0414760546                           N            09/01/32
    0
1

    7985703          E22/G02             F          142,200.00         ZZ
                                         360        142,200.00          4
                                       7.875          1,031.05         90
                                       7.625          1,031.05
    THIBODAUX        LA   70301          1            08/27/02         01
    0414789289                           05           10/01/02         25
    0414789289                           N            09/01/32
    0

    7985707          E22/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
                                       7.625            750.26         78
                                       7.375            750.26
    ALBUQUERQUE      NM   87113          1            08/27/02         00
    0414796987                           03           10/01/02          0
    0414796987                           O            09/01/32
    0

    7985899          F61/G02             F          160,650.00         ZZ
                                         360        160,650.00          1
                                       7.750          1,150.92         87
                                       7.500          1,150.92
    DES MOINES       WA   98198          5            08/21/02         04
    0434504171                           05           10/01/02         12
    626133388                            O            09/01/32
    0

    7985901          A52/G02             F          137,500.00         ZZ
                                         360        137,500.00          1
                                       6.875            903.28         92
                                       6.625            903.28
    SNELLVILLE       GA   30039          5            08/26/02         11
    0434487104                           05           10/01/02         30
    20242                                O            09/01/32
    0

    7985939          N47/G02             F          332,600.00         ZZ
                                         360        332,600.00          1
                                       6.875          2,184.95         80
                                       6.625          2,184.95
    ANTIOCH          CA   94531          1            08/15/02         00
    0434485769                           05           10/01/02          0
    30321695                             N            09/01/32
    0

    7986251          P44/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
1

                                       7.625            877.66         80
                                       7.375            877.66
    YARMOUTH WEST    MA   02673          1            08/19/02         00
    0434491171                           05           10/01/02          0
    1                                    N            09/01/32
    0

    7986285          K15/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       6.500          1,087.16         80
                                       6.250          1,087.16
    STATEN ISLAND    NY   10312          5            08/22/02         00
    0434489506                           07           10/01/02          0
    020705303552                         O            09/01/32
    0

    7986293          K15/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.625          1,536.75         80
                                       6.375          1,536.75
    SOUTHINGTON      CT   06489          5            08/23/02         00
    0434487864                           05           10/01/02          0
    037805316177                         O            09/01/32
    0

    7986331          K15/G02             F          100,200.00         ZZ
                                         360        100,200.00          1
                                       6.750            649.90         67
                                       6.500            649.90
    SOUTH PORTLAND   ME   04106          5            08/23/02         00
    0434488763                           05           10/01/02          0
    007705301534                         O            09/01/32
    0

    7986361          W40/G02             F          139,400.00         ZZ
                                         360        139,400.00          1
                                       7.250            950.95         85
                                       7.000            950.95
    CHANDLER         AZ   85224          5            08/23/02         01
    0434498689                           05           10/01/02         12
    101009929                            O            09/01/32
    0

    7986467          K15/G02             F          132,900.00         ZZ
                                         360        132,900.00          1
                                       7.000            884.19         78
                                       6.750            884.19
    HINDSVILLE       AR   72738          2            08/10/02         00
    0434488060                           05           10/01/02          0
1

    038205314738                         O            09/01/32
    0

    7986477          Q87/G02             F          105,000.00         ZZ
                                         240        104,798.20          1
                                       6.990            813.43         75
                                       6.740            813.43
    CENTREVILLE      VA   20121          5            08/13/02         00
    0434507570                           01           09/19/02          0
    FOCH04                               O            08/19/22
    0

    7986497          M37/G02             F          181,600.00         T
                                         360        181,600.00          1
                                       7.000          1,208.19         80
                                       6.750          1,208.19
    PRESCOTT         AZ   86303          1            08/07/02         00
    0434494076                           05           10/01/02          0
    607681                               O            09/01/32
    0

    7986503          K15/G02             F           61,000.00         ZZ
                                         360         61,000.00          1
                                       7.500            426.52         85
                                       7.250            426.52
    CROMWELL         CT   06416          5            08/19/02         11
    0434488714                           01           10/01/02         12
    037405315828                         O            09/01/32
    0

    7986715          883/G02             F           94,050.00         ZZ
                                         360         94,050.00          1
                                       6.875            617.84         90
                                       6.625            617.84
    GRAHAM           NC   27253          1            08/23/02         14
    0434495347                           05           10/01/02         25
    24000108                             O            09/01/32
    0

    7986843          420/G02             F          353,000.00         ZZ
                                         360        353,000.00          1
                                       6.625          2,260.30         69
                                       6.375          2,260.30
    FORT BRAGG       CA   95437          5            08/20/02         00
    0434485744                           05           10/01/02          0
    72002310                             O            09/01/32
    0

1

    7986849          758/G02             F           92,800.00         ZZ
                                         360         92,800.00          1
                                       6.500            586.56         64
                                       6.250            586.56
    BELLAIRE         TX   77401          2            08/23/02         00
    0434494985                           09           10/01/02          0
    102298                               O            09/01/32
    0

    7987015          Q30/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.125            808.47         80
                                       6.875            808.47
    LITTLE EGG HARB  NJ   08087          2            08/23/02         00
    0434494332                           05           10/01/02          0
    21016270                             O            09/01/32
    0

    7987053          Q30/G02             F          105,000.00         ZZ
                                         360        104,911.78          1
                                       6.875            689.78         78
                                       6.625            689.78
    JESSUP           PA   18434          5            07/30/02         00
    0434484903                           05           09/01/02          0
    21015683                             O            08/01/32
    0

    7987581          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.750            875.61         71
                                       6.500            875.61
    HAWTHORNE        CA   90250          5            08/14/02         00
    0414496141                           05           10/01/02          0
    0414496141                           O            09/01/32
    0

    7987585          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.750            972.90         80
                                       6.500            972.90
    ELK GROVE        CA   95624          2            08/15/02         00
    0414500819                           05           10/01/02          0
    0414500819                           O            09/01/32
    0

    7987589          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.000            931.42         69
                                       6.750            931.42
1

    OAKLAND          CA   94605          1            08/21/02         00
    0414505420                           05           10/01/02          0
    0414505420                           N            09/01/32
    0

    7987619          E22/G02             F          203,200.00         ZZ
                                         360        203,200.00          1
                                       7.250          1,386.18         80
                                       7.000          1,386.18
    YORBA LINDA      CA   92886          1            08/19/02         00
    0414547638                           05           10/01/02          0
    0414547638                           O            09/01/32
    0

    7987623          E22/G02             F          199,500.00         ZZ
                                         360        199,500.00          1
                                       7.750          1,429.24         95
                                       7.500          1,429.24
    AUBURN           WA   98001          5            08/23/02         04
    0414548982                           05           10/01/02         30
    0414548982                           O            09/01/32
    0

    7987635          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.625            864.42         72
                                       6.375            864.42
    WHITTIER AREA    CA   90605          5            08/14/02         00
    0414572784                           05           10/01/02          0
    0414572784                           N            09/01/32
    0

    7987663          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.625          1,056.51         56
                                       6.375          1,056.51
    WEST PALM BEACH  FL   33411          5            08/23/02         00
    0414592329                           03           10/01/02          0
    0414592329                           O            09/01/32
    0

    7987691          E22/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.375          2,395.66         80
                                       6.125          2,395.66
    YORBA LINDA      CA   92887          5            08/20/02         00
    0414625053                           05           10/01/02          0
    0414625053                           O            09/01/32
    0
1

    7987705          E22/G02             F          127,000.00         ZZ
                                         360        127,000.00          1
                                       7.125            855.62         62
                                       6.875            855.62
    BAILEY           CO   80421          1            08/28/02         00
    0414640607                           05           10/01/02          0
    0414640607                           O            09/01/32
    0

    7987717          E22/G02             F          162,000.00         E
                                         360        162,000.00          3
                                       7.375          1,118.89         90
                                       7.125          1,118.89
    N LAUDERDALE     FL   33068          1            08/28/02         01
    0414644112                           05           10/01/02         25
    0414644062                           N            09/01/32
    0

    7987719          E22/G02             F          162,000.00         E
                                         360        162,000.00          3
                                       7.375          1,118.89         90
                                       7.125          1,118.89
    N LAUDERDALE     FL   33068          1            08/28/02         01
    0414644062                           05           10/01/02         25
    0414644096                           N            09/01/32
    0

    7987721          E22/G02             F          162,000.00         ZZ
                                         360        162,000.00          3
                                       7.375          1,118.89         90
                                       7.125          1,118.89
    N LAUDERDALE     FL   33068          1            08/28/02         01
    0414644104                           05           10/01/02         25
    0414644104                           N            09/01/32
    0

    7987723          E22/G02             F          162,000.00         E
                                         360        162,000.00          3
                                       7.375          1,118.89         90
                                       7.125          1,118.89
    N LAUDERDALE     FL   33068          1            08/28/02         01
    0414644112                           05           10/01/02         25
    0414644112                           N            09/01/32
    0

    7987735          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          3
1

                                       7.750            845.37         68
                                       7.500            845.37
    EAST ORANGE      NJ   07018          2            08/23/02         00
    0414648279                           05           10/01/02          0
    0414648279                           O            09/01/32
    0

    7987737          E22/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       7.000          1,363.87         78
                                       6.750          1,363.87
    FORT MYERS       FL   33919          2            08/23/02         00
    0414648527                           05           10/01/02          0
    0414648527                           O            09/01/32
    0

    7987751          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.000          1,916.07         80
                                       6.750          1,916.07
    HOUSTON          TX   77056          5            08/23/02         00
    0414653808                           03           10/01/02          0
    0414653808                           O            09/01/32
    0

    7987755          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.250            695.82         60
                                       7.000            695.82
    PORTLAND         OR   97266          2            08/22/02         00
    0414655324                           05           10/01/02          0
    0414655324                           N            09/01/32
    0

    7987773          E22/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
                                       7.375          1,118.89         90
                                       7.125          1,118.89
    SALT LAKE CITY   UT   84115          5            08/08/02         01
    0414665356                           05           10/01/02         12
    0414665356                           O            09/01/32
    0

    7987789          E22/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
                                       6.875            721.31         90
                                       6.625            721.31
    RICHMOND         TX   77469          1            08/28/02         01
    0414672279                           05           10/01/02         25
1

    0414672279                           N            09/01/32
    0

    7987795          E22/G02             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.500          3,006.62         67
                                       7.250          3,006.62
    PORTLAND         OR   97229          5            08/22/02         00
    0414676247                           05           10/01/02          0
    0414676247                           O            09/01/32
    0

    7987819          E22/G02             F          137,200.00         ZZ
                                         360        137,200.00          1
                                       6.625            878.51         80
                                       6.375            878.51
    GRANBURY         TX   76049          1            08/26/02         00
    0414696310                           05           10/01/02          0
    0414696310                           O            09/01/32
    0

    7987841          E22/G02             F          258,400.00         ZZ
                                         360        258,400.00          1
                                       7.875          1,873.58         95
                                       7.625          1,873.58
    DRAPER           UT   84020          1            08/23/02         04
    0414720334                           05           10/01/02         30
    0414720334                           O            09/01/32
    0

    7987863          E22/G02             F          131,400.00         ZZ
                                         360        131,400.00          1
                                       7.375            907.55         90
                                       7.125            907.55
    FRESNO           CA   93722          5            08/21/02         01
    0414750877                           05           10/01/02         25
    0414750877                           O            09/01/32
    0

    7987905          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.500          1,106.12         72
                                       6.250          1,106.12
    AMHERST          OH   44001          1            08/28/02         00
    0414790832                           05           10/01/02          0
    0414790832                           O            09/01/32
    0

1

    7988227          E82/G02             F           98,450.00         ZZ
                                         360         98,450.00          1
                                       7.125            663.28         68
                                       6.875            663.28
    WHITE BEAR LAKE  MN   55110          5            08/23/02         00
    0400648184                           09           10/01/02          0
    0400648184                           O            09/01/32
    0

    7988243          E82/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       6.750          1,005.33         81
                                       6.500          1,005.33
    LEWISTON         ME   04240          2            08/26/02         10
    0400669610                           05           10/01/02         12
    0400669610                           O            09/01/32
    0

    7988301          E82/G02             F          120,400.00         ZZ
                                         360        120,400.00          1
                                       6.750            780.91         36
                                       6.500            780.91
    EVERGREEN        CO   80439          2            08/23/02         00
    0400674610                           09           10/01/02          0
    5268702                              O            09/01/32
    0

    7988303          E82/G02             F           99,100.00         ZZ
                                         360         99,100.00          1
                                       6.875            651.02         67
                                       6.625            651.02
    TUSCOLA TOWNSHI  MI   48768          2            08/26/02         00
    0400668026                           05           10/01/02          0
    5450559                              O            09/01/32
    0

    7988347          E82/G02             F           93,200.00         ZZ
                                         360         93,200.00          1
                                       6.750            604.49         60
                                       6.500            604.49
    GRAND RAPIDS     MI   49546          2            08/29/02         00
    0400685327                           05           10/01/02          0
    0400685327                           N            09/01/32
    0

    7988383          E82/G02             F           89,100.00         ZZ
                                         360         89,100.00          1
                                       6.750            577.90         80
                                       6.500            577.90
1

    WALNUT CREEK     CA   94595          2            08/26/02         00
    0400677266                           01           10/01/02          0
    4138289                              O            09/01/32
    0

    7988399          E82/G02             F           98,800.00         ZZ
                                         360         98,800.00          3
                                       7.375            682.39         63
                                       7.125            682.39
    FORT LAUDERDALE  FL   33305          2            08/27/02         00
    0400681797                           05           10/01/02          0
    1618303                              N            09/01/32
    0

    7988401          E82/G02             F          106,800.00         ZZ
                                         360        106,800.00          3
                                       7.375            737.64         65
                                       7.125            737.64
    OAKLAND PARK     FL   33334          2            08/27/02         00
    0400681777                           05           10/01/02          0
    1542421                              N            09/01/32
    0

    7988535          X80/G02             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.750          2,756.54         75
                                       6.500          2,756.54
    CAMPBELL         CA   95008          5            08/08/02         00
    0434498341                           05           10/01/02          0
    100299                               O            09/01/32
    0

    7989691          A01/G02             F          409,500.00         ZZ
                                         240        409,500.00          1
                                       6.500          3,053.12         78
                                       6.250          3,053.12
    LOS ANGELES      CA   90066          2            08/22/02         00
    0434504254                           05           10/01/02          0
    607900                               O            09/01/22
    0

    7990645          956/G02             F          360,000.00         ZZ
                                         360        359,690.05          1
                                       6.750          2,334.95         80
                                       6.500          2,334.95
    FREMONT          CA   94538          1            07/16/02         00
    0434516720                           05           09/01/02          0
    112060299                            O            08/01/32
    0
1

    7990861          956/G02             F          360,700.00         ZZ
                                         360        360,389.45          1
                                       6.750          2,339.49         80
                                       6.500          2,339.49
    SAN DIEGO        CA   92130          1            07/10/02         00
    0434501300                           03           09/01/02          0
    1512060085                           O            08/01/32
    0

    7991013          X51/G02             F          637,500.00         ZZ
                                         360        637,500.00          1
                                       6.500          4,029.43         75
                                       6.250          4,029.43
    SAN JOSE         CA   95130          5            08/24/02         00
    0434498572                           05           10/01/02          0
    R2053468                             O            09/01/32
    0

    7991415          975/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.500          1,820.36         80
                                       6.250          1,820.36
    LA HABRA         CA   90631          1            08/21/02         00
    0434498739                           03           10/01/02          0
    2023211                              O            09/01/32
    0

    7993177          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.875            656.93         69
                                       6.625            656.93
    PARADISE         CA   95969          1            08/21/02         00
    0414442160                           05           10/01/02          0
    0414442160                           O            09/01/32
    0

    7993205          E22/G02             F          637,000.00         ZZ
                                         360        637,000.00          1
                                       6.625          4,078.78         70
                                       6.375          4,078.78
    SEBASTOPOL       CA   95472          1            08/05/02         00
    0414530022                           05           10/01/02          0
    0414530022                           O            09/01/32
    0

    7993215          E22/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
1

                                       6.625            553.23         80
                                       6.375            553.23
    EDMOND           OK   73034          1            08/29/02         00
    0414549279                           05           10/01/02          0
    0414549279                           O            09/01/32
    0

    7993259          E22/G02             F          259,950.00         ZZ
                                         360        259,950.00          1
                                       6.875          1,707.69         83
                                       6.625          1,707.69
    LOMITA           CA   90717          5            08/24/02         04
    0414640243                           05           10/01/02         12
    0414640243                           O            09/01/32
    0

    7993277          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.500          1,643.38         60
                                       6.250          1,643.38
    DALY CITY        CA   94014          5            08/21/02         00
    0414664656                           07           10/01/02          0
    0414664656                           O            09/01/32
    0

    7993301          E22/G02             F           94,500.00         ZZ
                                         360         94,500.00          4
                                       7.750            677.01         90
                                       7.500            677.01
    NEW ORLEANS      LA   70119          2            08/29/02         01
    0414677393                           05           10/01/02         25
    0414677393                           N            09/01/32
    0

    7993317          E22/G02             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.500          2,073.18         80
                                       6.250          2,073.18
    SAN LORENZO      CA   94580          1            08/24/02         00
    0414702910                           05           10/01/02          0
    0414702910                           O            09/01/32
    0

    7993337          E22/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.375          2,171.07         80
                                       6.125          2,171.07
    SAN FRANCISCO    CA   94124          1            08/14/02         00
    0414721365                           05           10/01/02          0
1

    0414721365                           O            09/01/32
    0

    7993347          E22/G02             F           44,750.00         ZZ
                                         360         44,750.00          1
                                       7.875            324.47         78
                                       7.625            324.47
    MEMPHIS          TN   38122          2            08/29/02         00
    0414735597                           05           10/01/02          0
    0414735597                           N            09/01/32
    0

    7993349          E22/G02             F           43,500.00         ZZ
                                         360         43,500.00          1
                                       7.875            315.41         77
                                       7.625            315.41
    MEMPHIS          TN   38122          2            08/29/02         00
    0414738856                           05           10/01/02          0
    0414738856                           N            09/01/32
    0

    7993387          E22/G02             F          113,500.00         ZZ
                                         360        113,500.00          1
                                       7.000            755.12         79
                                       6.750            755.12
    HOLCOMB          KS   67851          4            08/29/02         00
    0414782599                           05           10/01/02          0
    0414782599                           O            09/01/32
    0

    7993401          E22/G02             F           42,000.00         ZZ
                                         360         42,000.00          1
                                       7.750            300.89         70
                                       7.500            300.89
    HOLIDAY          FL   34691          1            08/29/02         00
    0414807230                           05           10/01/02          0
    0414807230                           N            09/01/32
    0

    7993403          E22/G02             F          246,400.00         T
                                         360        246,400.00          1
                                       6.625          1,577.73         80
                                       6.375          1,577.73
    TRUCKEE          CA   96161          1            08/21/02         00
    0414811208                           03           10/01/02          0
    0414811208                           O            09/01/32
    0

1

    7993493          E82/G02             F          156,500.00         ZZ
                                         360        156,500.00          1
                                       6.875          1,028.09         58
                                       6.625          1,028.09
    ANN ARBOR        MI   48108          2            08/22/02         00
    0400681409                           05           10/01/02          0
    1923502                              N            09/01/32
    0

    7993503          E82/G02             F          106,800.00         ZZ
                                         360        106,800.00          4
                                       7.500            746.76         67
                                       7.250            746.76
    PHOENIX          AZ   85021          2            08/30/02         00
    0400674297                           05           10/01/02          0
    1940600                              N            09/01/32
    0

    7993577          B43/G02             F          199,500.00         ZZ
                                         360        199,500.00          3
                                       7.500          1,394.93         50
                                       7.250          1,394.93
    JERSEY CITY      NJ   07302          5            08/26/02         00
    0434591525                           07           10/01/02          0
    28184                                O            09/01/32
    0

    7993579          P44/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.750            933.98         67
                                       6.500            933.98
    YARMOUTH         MA   02664          2            08/20/02         00
    0434524716                           05           10/01/02          0
    1                                    O            09/01/32
    0

    7993743          E76/G02             F           92,700.00         ZZ
                                         360         92,700.00          2
                                       6.750            601.25         90
                                       6.500            601.25
    FORT WORTH       TX   76133          1            08/26/02         10
    0434487922                           05           10/01/02         25
    10015937                             N            09/01/32
    0

    7994019          144/144             F           94,320.00         ZZ
                                         360         94,320.00          1
                                       6.750            611.76         80
                                       6.500            611.76
1

    SAUGERTIES       NY   12477          1            08/22/02         00
    160695841                            05           10/01/02          0
    160695841                            O            09/01/32
    0

    7994503          N47/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.625          2,458.79         80
                                       6.375          2,458.79
    SAN JOSE         CA   95121          1            08/19/02         00
    0434499364                           05           10/01/02          0
    20321110                             O            09/01/32
    0

    7994577          975/G02             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       6.875          3,573.69         80
                                       6.625          3,573.69
    YORBA LINDA      CA   92887          1            08/15/02         00
    0434502126                           05           10/01/02          0
    2023148                              O            09/01/32
    0

    7994593          U97/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.625          2,209.07         75
                                       6.375          2,209.07
    SAN MARCOS       CA   92078          5            08/22/02         00
    0434510384                           03           10/01/02          0
    7198555                              O            09/01/32
    0

    7994691          M27/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.625          1,120.54         63
                                       6.375          1,120.54
    KURE BEACH       NC   28428          2            08/21/02         00
    0434507455                           05           10/01/02          0
    0100025086                           O            09/01/32
    0

    7995011          F89/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.500          2,465.07         50
                                       6.250          2,465.07
    LOS ANGELES      CA   90077          5            08/22/02         00
    0434499794                           05           10/01/02          0
    22793                                O            09/01/32
    0
1

    7995137          U05/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.500          1,896.20         79
                                       6.250          1,896.20
    GRAPEVINE        TX   76051          5            08/08/02         00
    0434497236                           05           10/01/02          0
    3250718                              O            09/01/32
    0

    7995141          U05/G02             F          262,000.00         ZZ
                                         360        262,000.00          1
                                       6.250          1,613.18         66
                                       6.000          1,613.18
    SAN FRANCISCO    CA   94112          5            08/14/02         00
    0434495883                           05           10/01/02          0
    3250589                              O            09/01/32
    0

    7995149          G51/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.875          1,208.75         80
                                       6.625          1,208.75
    LAFAYETTE        CO   80026          5            08/28/02         00
    0434523049                           05           10/01/02          0
    20000065                             O            09/01/32
    0

    7995217          U05/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.000            771.75         80
                                       6.750            771.75
    CARROLLTON       TX   75007          5            08/16/02         00
    0434493409                           05           10/01/02          0
    3250231                              O            09/01/32
    0

    7995663          E22/G02             F          137,000.00         ZZ
                                         360        137,000.00          1
                                       6.875            899.99         74
                                       6.625            899.99
    LOS ANGELES      CA   90032          5            08/20/02         00
    0414293753                           05           10/01/02          0
    0414293753                           O            09/01/32
    0

    7995673          E22/G02             F          128,580.00         ZZ
                                         360        128,580.00          1
1

                                       7.500            899.05         90
                                       7.250            899.05
    ODENVILLE        AL   35120          1            08/30/02         04
    0414355438                           05           10/01/02         30
    0414355438                           O            09/01/32
    0

    7995675          E22/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
                                       6.750            980.68         92
                                       6.500            980.68
    SALEM            OR   97304          2            08/23/02         04
    0414371690                           05           10/01/02         30
    0414371690                           O            09/01/32
    0

    7995695          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          3
                                       7.375          1,312.28         95
                                       7.125          1,312.28
    CUMBERLAND       RI   02863          5            08/26/02         01
    0414437467                           05           10/01/02         30
    0414437467                           O            09/01/32
    0

    7995719          E22/G02             F           31,000.00         ZZ
                                         360         31,000.00          1
                                       7.000            206.24        100
                                       6.750            206.24
    NEWPORT NEWS     VA   23608          1            08/30/02         01
    0414469510                           01           10/01/02         35
    0414469510                           O            09/01/32
    0

    7995749          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.250          1,091.48         70
                                       7.000          1,091.48
    KENMORE          WA   98028          5            08/16/02         00
    0414525063                           05           10/01/02          0
    0414525063                           O            09/01/32
    0

    7995769          E22/G02             F          112,850.00         ZZ
                                         360        112,850.00          1
                                       6.875            741.34         73
                                       6.625            741.34
    CORINTH          TX   76210          5            08/26/02         00
    0414546994                           05           10/01/02          0
1

    0414546994                           O            09/01/32
    0

    7995779          E22/G02             F          256,500.00         ZZ
                                         360        256,500.00          1
                                       7.250          1,749.78         95
                                       7.000          1,749.78
    WINSTON SALEM    NC   27104          1            08/30/02         01
    0414554634                           05           10/01/02         35
    0414554634                           O            09/01/32
    0

    7995831          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          4
                                       7.750          1,418.50         90
                                       7.500          1,418.50
    DAYTON           OH   45458          1            08/30/02         11
    0414597831                           05           10/01/02         25
    0414597831                           N            09/01/32
    0

    7995871          E22/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.750          3,891.59         75
                                       6.500          3,891.59
    DALLAS           TX   75248          5            08/26/02         00
    0414628529                           05           10/01/02          0
    0414628529                           O            09/01/32
    0

    7995879          E22/G02             F          178,750.00         ZZ
                                         360        178,750.00          1
                                       6.750          1,159.37         62
                                       6.500          1,159.37
    SAN ANTONIO      TX   78212          5            08/26/02         00
    0414634709                           05           10/01/02          0
    0414634709                           O            09/01/32
    0

    7995971          E22/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
                                       7.750            618.98         80
                                       7.500            618.98
    ORLANDO          FL   32818          5            08/23/02         00
    0414693135                           05           10/01/02          0
    0414693135                           N            09/01/32
    0

1

    7995985          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       6.750            596.71         66
                                       6.500            596.71
    SACRAMENTO       CA   95827          2            08/20/02         00
    0414703025                           05           10/01/02          0
    0414703025                           N            09/01/32
    0

    7996015          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.500          1,080.84         74
                                       6.250          1,080.84
    PALM HARBOR      FL   34683          5            08/26/02         00
    0414722827                           05           10/01/02          0
    0414722827                           O            09/01/32
    0

    7996049          E22/G02             F          275,400.00         ZZ
                                         360        275,400.00          1
                                       6.500          1,740.72         90
                                       6.250          1,740.72
    RALEIGH          NC   27606          1            08/30/02         10
    0414734293                           03           10/01/02         25
    0414734293                           O            09/01/32
    0

    7996071          E22/G02             F           95,250.00         ZZ
                                         360         95,250.00          1
                                       6.875            625.72         90
                                       6.625            625.72
    PORT ST. LUCIE   FL   34983          1            08/30/02         04
    0414741769                           05           10/01/02         25
    0414741769                           N            09/01/32
    0

    7996151          E22/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
                                       6.875            440.14         52
                                       6.625            440.14
    OMAHA            NE   68137          1            08/30/02         00
    0414779470                           05           10/01/02          0
    0414779470                           O            09/01/32
    0

    7996185          E22/G02             F          318,250.00         ZZ
                                         360        318,250.00          4
                                       7.000          2,117.33         95
                                       6.750          2,117.33
1

    BOISE            ID   83702          1            08/25/02         04
    0414795922                           05           10/01/02         30
    0414795922                           O            09/01/32
    0

    7996193          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          3
                                       7.750            544.47         80
                                       7.500            544.47
    PUEBLO           CO   81003          1            08/30/02         00
    0414797829                           05           10/01/02          0
    0414797829                           N            09/01/32
    0

    7996229          E22/G02             F          153,360.00         ZZ
                                         360        153,360.00          1
                                       7.000          1,020.31         72
                                       6.750          1,020.31
    MIAMI            FL   33174          5            08/26/02         00
    0414815696                           05           10/01/02          0
    0414815696                           O            09/01/32
    0

    7996333          E82/G02             F          115,500.00         ZZ
                                         360        115,500.00          1
                                       6.625            739.56         45
                                       6.375            739.56
    PEORIA           AZ   85382          2            08/28/02         00
    0400676813                           03           10/01/02          0
    1673723                              O            09/01/32
    0

    7997537          U05/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
                                       7.250            425.68         80
                                       7.000            425.68
    PERRYTON         TX   79070          5            08/15/02         00
    0434580510                           05           10/01/02          0
    3253241                              O            09/01/32
    0

    7999601          W82/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.500          3,792.41         69
                                       6.250          3,792.41
    MIAMI            FL   33137          5            08/27/02         00
    0434495453                           03           10/01/02          0
    7215020008964                        O            09/01/32
    0
1

    7999731          E86/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.000            878.20         73
                                       6.750            878.20
    CLINTON          MD   20735          5            08/20/02         00
    0434496444                           05           10/01/02          0
    0000218315                           O            09/01/32
    0

    7999753          A06/G02             F          341,600.00         ZZ
                                         360        341,600.00          1
                                       6.250          2,103.29         80
                                       6.000          2,103.29
    WEST BLOOMFIELD  MI   48323          1            08/30/02         00
    0434497129                           05           10/01/02          0
    1                                    O            09/01/32
    0

    8000071          477/G02             F          123,300.00         ZZ
                                         360        123,300.00          3
                                       7.250            841.12         90
                                       7.000            841.12
    MESA             AZ   85201          1            08/16/02         10
    0434507935                           05           10/01/02         25
    237996                               N            09/01/32
    0

    8000083          E57/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.750          1,945.79         80
                                       6.500          1,945.79
    HACIENDA HEIGHT  CA   91745          2            08/12/02         00
    0434504908                           05           10/01/02          0
    06008655                             O            09/01/32
    0

    8000393          696/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.500          1,972.05         80
                                       6.250          1,972.05
    ALEXANDRIA       VA   22310          5            08/28/02         00
    0434509980                           09           10/01/02          0
    20202063                             O            09/01/32
    0

    8000657          E86/G02             F          142,000.00         ZZ
                                         360        141,877.74          1
1

                                       6.750            921.01         71
                                       6.500            921.01
    FLOURTOWN        PA   19031          5            07/26/02         00
    0434591285                           05           09/01/02          0
    316691                               O            08/01/32
    0

    8001095          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.750            778.32         70
                                       6.500            778.32
    FT. WORTH        TX   76112          5            08/20/02         00
    0414282988                           05           10/01/02          0
    0414282988                           O            09/01/32
    0

    8001187          E22/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
                                       6.750            706.97         42
                                       6.500            706.97
    SIMI VALLEY      CA   93065          5            08/16/02         00
    0414611996                           05           10/01/02          0
    0414611996                           N            09/01/32
    0

    8001199          E22/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.125          4,042.31         69
                                       6.875          4,042.31
    HATTIESBURG      MS   39042          5            08/27/02         00
    0414624528                           05           10/01/02          0
    0414624528                           O            09/01/32
    0

    8001229          E22/G02             F          287,000.00         ZZ
                                         360        287,000.00          1
                                       6.375          1,790.51         70
                                       6.125          1,790.51
    MIAMI            FL   33158          5            08/21/02         00
    0414675363                           05           10/01/02          0
    0414675363                           O            09/01/32
    0

    8001233          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.875            867.15         80
                                       6.625            867.15
    DENVER           CO   80218          5            08/28/02         00
    0414676544                           06           10/01/02          0
1

    0414676544                           O            09/01/32
    0

    8001293          E22/G02             F          272,500.00         ZZ
                                         360        272,500.00          1
                                       6.625          1,744.85         75
                                       6.375          1,744.85
    SUNLAND AREA (L  CA   91040          2            08/26/02         00
    0414716712                           05           10/01/02          0
    0414716712                           O            09/01/32
    0

    8001315          E22/G02             F          114,500.00         ZZ
                                         360        114,500.00          1
                                       6.875            752.18         92
                                       6.625            752.18
    POWDER SPRINGS   GA   30127          5            08/27/02         01
    0414727834                           05           10/01/02         30
    0414727834                           O            09/01/32
    0

    8001325          E22/G02             F          171,900.00         ZZ
                                         240        171,900.00          1
                                       6.875          1,319.87         90
                                       6.625          1,319.87
    MINE HILL        NJ   07803          5            08/28/02         04
    0414738427                           05           10/01/02         25
    0414738427                           O            09/01/22
    0

    8001333          E22/G02             F          101,500.00         ZZ
                                         360        101,500.00          1
                                       7.125            683.82         70
                                       6.875            683.82
    MESQUITE         TX   75150          5            08/28/02         00
    0414748210                           05           10/01/02          0
    0414748210                           O            09/01/32
    0

    8001367          E22/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       6.500            613.11         85
                                       6.250            613.11
    VENICE           FL   34293          2            09/03/02         01
    0414779066                           05           10/01/02         20
    0414779066                           N            09/01/32
    0

1

    8002273          P44/G02             F          116,082.00         ZZ
                                         360        116,082.00          3
                                       7.750            831.63         80
                                       7.500            831.63
    WORCESTER        MA   01605          1            08/30/02         00
    0434525317                           05           10/01/02          0
    RR20020083                           N            09/01/32
    0

    8002285          E60/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       6.250          1,416.15         55
                                       6.000          1,416.15
    SAN LUIS OBISPO  CA   93401          5            08/21/02         00
    0434509097                           05           10/01/02          0
    514646                               O            09/01/32
    0

    8002331          E60/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       6.625          1,632.80         75
                                       6.375          1,632.80
    SAN LUIS OBISPO  CA   93405          5            08/19/02         00
    0434508263                           05           10/01/02          0
    514651                               O            09/01/32
    0

    8002365          W53/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.000          2,155.59         80
                                       6.750          2,155.59
    HAZLET           NJ   07730          5            08/19/02         00
    0434502415                           05           10/01/02          0
    1101000752                           O            09/01/32
    0

    8002635          Q30/G02             F          246,000.00         ZZ
                                         360        246,000.00          2
                                       6.625          1,575.17         71
                                       6.375          1,575.17
    QUINCY           MA   02169          2            08/27/02         00
    0434591327                           05           10/01/02          0
    21015702                             O            09/01/32
    0

    8002713          N47/G02             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.750          2,593.74         71
                                       6.500          2,593.74
1

    SOUTH PASADENA   CA   91030          5            08/21/02         00
    0434508438                           05           10/01/02          0
    30321576                             O            09/01/32
    0

    8002795          N47/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.250          2,062.65         42
                                       6.000          2,062.65
    SAN FRANCISCO    CA   94127          2            08/16/02         00
    0434518585                           05           10/01/02          0
    20221382                             O            09/01/32
    0

    8002951          477/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.250            764.04         79
                                       7.000            764.04
    GILBERT          AZ   85233          5            08/22/02         00
    0434498036                           03           10/01/02          0
    238057                               O            09/01/32
    0

    8003029          Q31/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.875          2,167.87         75
                                       6.625          2,167.87
    SAN DIMAS        CA   91773          2            08/17/02         00
    0434532552                           05           10/01/02          0
    SD864247                             O            09/01/32
    0

    8003061          742/G02             F          152,000.00         ZZ
                                         360        152,000.00          2
                                       7.750          1,088.95         80
                                       7.500          1,088.95
    POUGHKEEPSIE     NY   12601          1            08/26/02         00
    0434533113                           05           10/01/02          0
    5580725                              N            09/01/32
    0

    8003117          738/G02             F          176,800.00         ZZ
                                         360        176,800.00          1
                                       6.750          1,146.73         80
                                       6.500          1,146.73
    MIAMI            FL   33135          1            08/26/02         00
    0434504049                           05           10/01/02          0
    40542425                             O            09/01/32
    0
1

    8003375          W93/G02             F          318,500.00         ZZ
                                         360        318,500.00          1
                                       6.625          2,039.39         75
                                       6.375          2,039.39
    FOUNTAIN VALLEY  CA   92708          2            08/02/02         00
    0434541645                           05           10/01/02          0
    03350020                             O            09/01/32
    0

    8003387          W93/G02             F          542,000.00         ZZ
                                         360        542,000.00          1
                                       6.875          3,560.55         73
                                       6.625          3,560.55
    SAN JOSE         CA   95120          5            08/20/02         00
    0434515524                           05           10/01/02          0
    20381164                             O            09/01/32
    0

    8003389          W93/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       7.250          1,289.32         70
                                       7.000          1,289.32
    CAMPBELL         CA   95008          1            07/31/02         00
    0434540662                           01           10/01/02          0
    20381207                             N            09/01/32
    0

    8003391          W93/G02             F          636,000.00         ZZ
                                         360        636,000.00          1
                                       6.875          4,178.07         79
                                       6.625          4,178.07
    SAN FRANCISCO    CA   94127          2            08/06/02         00
    0434539029                           05           10/01/02          0
    20381273                             O            09/01/32
    0

    8003433          W93/G02             F          372,700.00         ZZ
                                         360        372,700.00          1
                                       6.875          2,448.38         64
                                       6.625          2,448.38
    MORGAN HILL      CA   95037          2            08/13/02         00
    0434591780                           05           10/01/02          0
    22381784                             O            09/01/32
    0

    8003435          W93/G02             F          166,545.00         ZZ
                                         360        166,545.00          1
1

                                       6.750          1,080.21         54
                                       6.500          1,080.21
    SIMI VALLEY      CA   93063          5            08/05/02         00
    0434520524                           05           10/01/02          0
    25365356                             O            09/01/32
    0

    8003437          W93/G02             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       6.500          3,438.45         80
                                       6.250          3,438.45
    THOUSAND OAKS    CA   91320          5            08/15/02         00
    0434502779                           03           10/01/02          0
    25407031                             O            09/01/32
    0

    8003443          W93/G02             F          333,000.00         ZZ
                                         360        333,000.00          1
                                       6.625          2,132.24         78
                                       6.375          2,132.24
    VISTA            CA   92084          1            08/26/02         00
    0434560553                           05           10/01/02          0
    28395905                             O            09/01/32
    0

    8003445          W93/G02             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.000          2,561.42         70
                                       6.750          2,561.42
    MANHATTAN BEACH  CA   90266          5            08/05/02         00
    0434538344                           05           10/01/02          0
    28396206                             O            09/01/32
    0

    8003451          W93/G02             F          406,600.00         ZZ
                                         360        406,600.00          1
                                       6.625          2,603.51         95
                                       6.375          2,603.51
    BONITA           CA   91902          1            08/14/02         04
    0434590857                           03           10/01/02         30
    28396317                             O            09/01/32
    0

    8003453          W93/G02             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.500          2,433.46         60
                                       6.250          2,433.46
    CARLSBAD         CA   92008          5            08/09/02         00
    0434540142                           05           10/01/02          0
1

    28396338                             O            09/01/32
    0

    8003457          W93/G02             F          364,200.00         ZZ
                                         360        364,200.00          1
                                       6.875          2,392.54         80
                                       6.625          2,392.54
    CHULA VISTA      CA   91913          1            08/06/02         00
    0434504791                           03           10/01/02          0
    28396384                             O            09/01/32
    0

    8003459          W93/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.500            859.62         34
                                       6.250            859.62
    EL CAJON         CA   92021          2            08/05/02         00
    0434503207                           05           10/01/02          0
    28396386                             O            09/01/32
    0

    8003461          W93/G02             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       6.750          2,072.28         80
                                       6.500          2,072.28
    CHULA VISTA      CA   91902          2            08/05/02         00
    0434577151                           05           10/01/02          0
    28396440                             O            09/01/32
    0

    8003465          W93/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.95         80
                                       6.625          2,364.95
    SAN DIEGO        CA   92129          5            08/07/02         00
    0434501896                           05           10/01/02          0
    28396479                             O            09/01/32
    0

    8003467          W93/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.875          1,182.48         80
                                       6.625          1,182.48
    SAN DIEGO        CA   92127          5            08/19/02         00
    0434538104                           01           10/01/02          0
    28396482                             O            09/01/32
    0

1

    8003471          W93/G02             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.625          2,625.28         80
                                       6.375          2,625.28
    SAN DIEGO        CA   92131          5            08/13/02         00
    0434541686                           03           10/01/02          0
    28396580                             O            09/01/32
    0

    8003475          W93/G02             F          273,600.00         ZZ
                                         360        273,600.00          1
                                       6.875          1,797.36         80
                                       6.625          1,797.36
    DENVER           CO   80218          5            08/09/02         00
    0434541892                           05           10/01/02          0
    30377436                             O            09/01/32
    0

    8003481          W93/G02             F          483,200.00         ZZ
                                         360        483,200.00          1
                                       6.375          3,014.54         54
                                       6.125          3,014.54
    LITTLETON        CO   80124          2            08/20/02         00
    0434539839                           03           10/01/02          0
    30405896                             O            09/01/32
    0

    8003485          W93/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.125            673.72         76
                                       6.875            673.72
    KINGMAN          AZ   86401          1            08/19/02         00
    0434506473                           05           10/01/02          0
    35394495                             N            09/01/32
    0

    8003509          W93/G02             F          132,900.00         ZZ
                                         360        132,900.00          1
                                       7.250            906.62         70
                                       7.000            906.62
    LAVEEN           AZ   85339          1            08/01/02         00
    0434539904                           05           10/01/02          0
    55358059                             O            09/01/32
    0

    8003513          W93/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       7.500            482.46         61
                                       7.250            482.46
1

    SUN CITY         AZ   85373          1            08/13/02         00
    0434540233                           03           10/01/02          0
    55358252                             O            09/01/32
    0

    8003515          W93/G02             F          252,800.00         ZZ
                                         360        252,800.00          1
                                       6.875          1,660.72         80
                                       6.625          1,660.72
    BOISE            ID   83705          5            08/06/02         00
    0434539961                           05           10/01/02          0
    60400390                             O            09/01/32
    0

    8003527          W93/G02             F          252,800.00         ZZ
                                         360        252,800.00          1
                                       7.000          1,681.89         80
                                       6.750          1,681.89
    GARDEN GROVE     CA   92841          5            08/12/02         00
    0434541785                           05           10/01/02          0
    67401823                             O            09/01/32
    0

    8003529          W93/G02             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    SAN DIEGO        CA   92129          5            08/09/02         00
    0434510400                           05           10/01/02          0
    67401824                             O            09/01/32
    0

    8003531          W93/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    LOS ANGELES      CA   91748          5            08/15/02         00
    0434541660                           05           10/01/02          0
    67401859                             O            09/01/32
    0

    8003539          W93/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.750            648.60         43
                                       6.500            648.60
    PASO ROBLES      CA   93446          5            08/07/02         00
    0434504999                           05           10/01/02          0
    74288688                             O            09/01/32
    0
1

    8003647          M27/G02             F          278,400.00         ZZ
                                         360        278,400.00          1
                                       6.500          1,759.68         80
                                       6.250          1,759.68
    WILMINGTON       NC   28411          5            08/21/02         00
    0434531547                           03           10/01/02          0
    06008003148                          O            09/01/32
    0

    8003691          253/253             F          148,500.00         ZZ
                                         360        148,500.00          1
                                       7.000            987.98         79
                                       6.750            987.98
    PEORIA           AZ   85382          2            08/14/02         00
    427620                               03           10/01/02          0
    427620                               O            09/01/32
    0

    8003705          X75/G02             F          206,000.00         ZZ
                                         360        206,000.00          1
                                       6.625          1,319.04         92
                                       6.375          1,319.04
    ANTELOPE         CA   95843          5            08/23/02         10
    0434562526                           05           10/01/02         25
    0208135                              O            09/01/32
    0

    8003777          X80/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
                                       6.500          1,548.57         76
                                       6.250          1,548.57
    WESTMINSTER      CA   92683          5            08/22/02         00
    0434531166                           05           10/01/02          0
    1410039119                           O            09/01/32
    0

    8004213          367/367             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       6.500          2,307.05         69
                                       6.250          2,307.05
    BETHESDA         MD   20817          5            08/23/02         00
    99052296                             05           10/01/02          0
    99052296                             N            09/01/32
    0

    8004957          Q57/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
1

                                       7.750            452.77         80
                                       7.500            452.77
    LAS VEGAS        NV   89117          1            08/16/02         00
    0434560017                           01           10/01/02          0
    38500757                             N            09/01/32
    0

    8005015          253/253             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.625            672.33         37
                                       6.375            672.33
    BOULDER          CO   80303          2            08/23/02         00
    432788                               05           10/01/02          0
    432788                               N            09/01/32
    0

    8005095          E22/G02             F          183,000.00         ZZ
                                         360        183,000.00          2
                                       7.125          1,232.90         52
                                       6.875          1,232.90
    SAN DIEGO        CA   92115          5            08/25/02         00
    0414468199                           05           10/01/02          0
    0414468199                           N            09/01/32
    0

    8005135          E22/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    PLANO            TX   75093          5            08/29/02         00
    0414628453                           03           10/01/02          0
    0414628453                           O            09/01/32
    0

    8005157          E22/G02             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       6.625          2,855.79         80
                                       6.375          2,855.79
    SACRAMENTO       CA   95831          2            08/23/02         00
    0414655506                           03           10/01/02          0
    0414655506                           O            09/01/32
    0

    8005175          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       7.500            996.38         46
                                       7.250            996.38
    HENDERSONVILLE   NC   28739          2            08/23/02         00
    0414683177                           05           10/01/02          0
1

    0414683177                           O            09/01/32
    0

    8005243          E22/G02             F          398,500.00         ZZ
                                         360        398,500.00          1
                                       6.500          2,518.79         77
                                       6.250          2,518.79
    TUALATIN         OR   97062          2            08/28/02         00
    0414731695                           05           10/01/02          0
    0414731695                           O            09/01/32
    0

    8005249          E22/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       6.375          1,041.86         67
                                       6.125          1,041.86
    MILWAUKIE        OR   97267          5            08/26/02         00
    0414739896                           05           10/01/02          0
    0414739896                           O            09/01/32
    0

    8005291          E22/G02             F          167,000.00         ZZ
                                         360        167,000.00          2
                                       7.125          1,125.11         48
                                       6.875          1,125.11
    SAN DIEGO        CA   92115          5            08/24/02         00
    0414801530                           05           10/01/02          0
    0414801530                           N            09/01/32
    0

    8005431          E82/G02             F           82,150.00         ZZ
                                         360         82,150.00          1
                                       6.875            539.67         66
                                       6.625            539.67
    HAMILTON         NJ   08610          2            08/28/02         00
    0400678975                           05           10/01/02          0
    1654711                              N            09/01/32
    0

    8005643          E82/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.125          1,179.01         67
                                       6.875          1,179.01
    BELFAIR          WA   98528          5            08/25/02         00
    0400682647                           05           10/01/02          0
    0400682647                           O            09/01/32
    0

1

    8006543          Q87/G02             F           31,825.00         ZZ
                                         360         31,825.00          1
                                       6.625            203.78         95
                                       6.375            203.78
    BIRMINGHAM       AL   35226          1            08/30/02         10
    0434534426                           01           10/01/02         30
    MAJA02                               O            09/01/32
    0

    8007109          737/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.875          1,261.30         93
                                       6.625          1,261.30
    LAWRENCEVILLE    GA   30043          2            08/23/02         01
    0434559993                           05           10/01/02         35
    2077612                              O            09/01/32
    0

    8007323          U05/G02             F          137,000.00         ZZ
                                         360        137,000.00          1
                                       7.000            911.46         79
                                       6.750            911.46
    LOS ANGELES      CA   90002          5            08/14/02         00
    0434523510                           05           10/01/02          0
    3245480                              O            09/01/32
    0

    8007501          477/G02             F          373,250.00         ZZ
                                         360        373,250.00          1
                                       6.750          2,420.89         70
                                       6.500          2,420.89
    THOUSAND OAKS    CA   91320          5            08/16/02         00
    0434507869                           03           10/01/02          0
    227400                               O            09/01/32
    0

    8007573          E11/G02             F          109,950.00         ZZ
                                         360        109,950.00          1
                                       6.500            694.96         74
                                       6.250            694.96
    SHOREVIEW        MN   55126          5            08/26/02         00
    0434538161                           09           10/01/02          0
    0002001046994                        O            09/01/32
    0

    8007883          X44/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.875          1,116.78         73
                                       6.625          1,116.78
1

    LINWOOD          NJ   08221          5            08/27/02         00
    0434531398                           01           10/01/02          0
    5612                                 O            09/01/32
    0

    8008023          X08/G02             F          115,600.00         ZZ
                                         360        115,600.00          1
                                       6.750            749.78         80
                                       6.500            749.78
    MIDWAY           UT   84049          1            08/27/02         00
    0434531414                           01           10/01/02          0
    6012045                              O            09/01/32
    0

    8008055          F16/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.500          1,080.84         77
                                       6.250          1,080.84
    RIVERSIDE        CA   92509          2            08/13/02         00
    0434532412                           05           10/01/02          0
    02A21387                             O            09/01/32
    0

    8008801          Q59/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.250          2,537.70         80
                                       7.000          2,537.70
    FOUNTAIN VALLEY  CA   92708          1            08/26/02         00
    0434523239                           05           10/01/02          0
    401287                               O            09/01/32
    0

    8009459          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
                                       6.625            583.96         80
                                       6.375            583.96
    WEAVERVILLE      NC   28787          5            08/30/02         00
    0414623819                           05           10/01/02          0
    0414623819                           O            09/01/32
    0

    8009481          E22/G02             F          324,900.00         ZZ
                                         360        324,900.00          1
                                       6.750          2,107.30         90
                                       6.500          2,107.30
    WIMBERLEY        TX   78676          1            09/05/02         01
    0414664128                           05           10/01/02         25
    0414664128                           O            09/01/32
    0
1

    8009501          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.125          1,010.58         80
                                       6.875          1,010.58
    SAYREVILLE       NJ   08859          5            08/30/02         00
    0414693549                           05           10/01/02          0
    0414693549                           O            09/01/32
    0

    8009595          E22/G02             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       6.750          2,788.97         70
                                       6.500          2,788.97
    LIVERMORE        CA   94550          5            08/23/02         00
    0414763151                           05           10/01/02          0
    0414763151                           O            09/01/32
    0

    8009615          E22/G02             F          102,500.00         ZZ
                                         360        102,500.00          1
                                       6.250            631.11         79
                                       6.000            631.11
    SPRINGVILLE      UT   84663          2            08/28/02         00
    0414792002                           05           10/01/02          0
    0414792002                           O            09/01/32
    0

    8010017          G27/G02             F           98,550.00         ZZ
                                         360         98,550.00          3
                                       7.000            655.66         90
                                       6.750            655.66
    VISALIA          CA   93277          1            08/26/02         01
    0434535191                           05           10/01/02         25
    20502091                             N            09/01/32
    0

    8010055          Q87/G02             F          106,600.00         ZZ
                                         360        106,512.45          1
                                       6.990            708.50         65
                                       6.740            708.50
    MEANSVILLE       GA   30256          5            08/22/02         00
    0434559696                           05           09/27/02          0
    AWMI01                               O            08/27/32
    0

    8010183          S27/G02             F           99,200.00         ZZ
                                         360         99,200.00          1
1

                                       7.000            659.99         80
                                       6.750            659.99
    RICHMOND         VA   23225          1            08/29/02         00
    0434576179                           05           10/01/02          0
    1130009860                           N            09/01/32
    0

    8010253          A50/G02             F          108,300.00         ZZ
                                         360        108,300.00          1
                                       7.000            720.52         95
                                       6.750            720.52
    ALBANY           GA   31707          1            08/13/02         01
    0434527545                           05           10/01/02         30
    862374                               O            09/01/32
    0

    8010293          A50/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       6.625            947.66         63
                                       6.375            947.66
    SURFSIDE BEACH   SC   29575          5            08/23/02         00
    0434516183                           05           10/01/02          0
    863792                               O            09/01/32
    0

    8010783          B57/G02             F          171,000.00         ZZ
                                         360        171,000.00          4
                                       7.125          1,152.06         90
                                       6.875          1,152.06
    MESA             AZ   85201          1            08/22/02         14
    0434514782                           05           10/01/02         25
    20000607                             N            09/01/32
    0

    8010901          Q14/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
                                       7.750            456.71         75
                                       7.500            456.71
    DAVENPORT        IA   52806          2            08/30/02         00
    0434544839                           05           10/01/02          0
    0208801                              O            09/01/32
    0

    8011341          G34/G02             F          124,450.00         ZZ
                                         360        124,450.00          1
                                       7.500            870.17         95
                                       7.250            870.17
    GEORGETOWN       TX   78628          1            08/29/02         04
    0434507893                           05           10/01/02         30
1

    00852064160                          O            09/01/32
    0

    8011617          313/G02             F          140,050.00         ZZ
                                         360        140,050.00          1
                                       7.000            931.76         90
                                       6.750            931.76
    HOSCHTON         GA   30548          1            08/16/02         11
    0434508057                           05           10/01/02         25
    8905036                              O            09/01/32
    0

    8011647          313/G02             F          319,500.00         ZZ
                                         360        319,250.75          1
                                       7.250          2,179.56         80
                                       7.000          2,179.56
    CHINO HILLS      CA   91709          5            07/17/02         00
    0434505368                           05           09/01/02          0
    8839060                              O            08/01/32
    0

    8011649          313/G02             F          166,000.00         ZZ
                                         360        165,879.85          1
                                       7.625          1,174.94         90
                                       7.375          1,174.94
    WINNEBAGO        IL   61088          1            07/17/02         11
    0434507588                           05           09/01/02         25
    8798415                              O            08/01/32
    0

    8011651          313/G02             F           72,000.00         ZZ
                                         360         71,947.88          2
                                       7.625            509.62         90
                                       7.375            509.62
    CHICAGO          IL   60617          1            07/17/02         01
    0434509022                           05           09/01/02         35
    8825143                              O            08/01/32
    0

    8011655          313/G02             F          254,000.00         ZZ
                                         360        253,820.73          1
                                       7.750          1,819.69         80
                                       7.500          1,819.69
    NASHUA           NH   03064          2            07/19/02         00
    0434507810                           05           09/01/02          0
    8790909                              O            08/01/32
    0

1

    8011657          313/G02             F          338,000.00         ZZ
                                         360        337,716.04          1
                                       6.875          2,220.42         84
                                       6.625          2,220.42
    GARDENA          CA   90248          2            07/22/02         11
    0434508735                           03           09/01/02         12
    8776304                              O            08/01/32
    0

    8011665          313/G02             F           70,000.00         ZZ
                                         360         69,938.24          1
                                       6.625            448.22         50
                                       6.375            448.22
    EUGENE           OR   97405          1            07/24/02         00
    0434506333                           05           09/01/02          0
    8854622                              O            08/01/32
    0

    8011669          313/G02             F          388,000.00         ZZ
                                         360        387,674.03          1
                                       6.875          2,548.89         80
                                       6.625          2,548.89
    GRANTS PASS      OR   97527          2            07/24/02         00
    0434508925                           05           09/01/02          0
    8761223                              O            08/01/32
    0

    8011673          313/G02             F          348,700.00         ZZ
                                         360        348,414.17          1
                                       7.000          2,319.91         75
                                       6.750          2,319.91
    TORRANCE         CA   90504          5            07/25/02         00
    0434509386                           05           09/01/02          0
    8812455                              O            08/01/32
    0

    8011675          313/G02             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         90
                                       6.750          2,661.21
    FRAMINGHAM       MA   01701          1            07/25/02         11
    0434509329                           05           09/01/02         25
    8685471                              O            08/01/32
    0

    8011693          313/G02             F          133,200.00         ZZ
                                         360        133,108.33          3
                                       7.875            965.80         90
                                       7.625            965.80
1

    NEW BEDFORD      MA   02745          1            08/05/02         11
    0434509774                           05           09/01/02         25
    8856692                              N            08/01/32
    0

    8011773          M27/G02             F          137,450.00         ZZ
                                         360        137,450.00          1
                                       6.750            891.50        100
                                       6.500            891.50
    GREENVILLE       SC   29681          1            08/29/02         01
    0434558508                           09           10/01/02         35
    0100056012                           O            09/01/32
    0

    8011833          A06/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
                                       7.000            199.60         25
                                       6.750            199.60
    HARRISON TWP     MI   48045          5            08/19/02         00
    0434530184                           01           10/01/02          0
    025000020215376                      O            09/01/32
    0

    8013267          964/G02             F          201,800.00         ZZ
                                         360        201,800.00          1
                                       7.125          1,359.56         78
                                       6.875          1,359.56
    FOUNTAIN HILLS   AZ   85268          2            08/05/02         00
    0434503470                           05           10/01/02          0
    227255                               O            09/01/32
    0

    8013293          964/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.875            735.76         67
                                       6.625            735.76
    MODESTO          CA   95357          1            08/05/02         00
    0434502423                           05           10/01/02          0
    242904                               O            09/01/32
    0

    8013331          964/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.000            678.61         75
                                       6.750            678.61
    PHOENIX          AZ   85044          2            08/06/02         00
    0434501508                           03           10/01/02          0
    226012                               O            09/01/32
    0
1

    8013707          E22/G02             F          272,000.00         ZZ
                                         360        272,000.00          2
                                       6.875          1,786.85         80
                                       6.625          1,786.85
    EL VERANO        CA   95433          1            08/21/02         00
    0414513010                           05           10/01/02          0
    0414513010                           O            09/01/32
    0

    8013751          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.500          4,108.44         65
                                       6.250          4,108.44
    LOVELAND         CO   80538          4            09/06/02         00
    0414653840                           05           10/01/02          0
    0414653840                           O            09/01/32
    0

    8013833          E22/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
                                       7.750            702.08         83
                                       7.500            702.08
    DODGE            NE   68633          1            09/06/02         04
    0414787119                           05           10/01/02         25
    0414787119                           O            09/01/32
    0

    8013851          E22/G02             F           31,680.00         ZZ
                                         360         31,680.00          1
                                       7.875            229.70         90
                                       7.625            229.70
    AMARILLO         TX   79106          1            08/30/02         04
    0414806307                           05           10/01/02         25
    0414806307                           N            09/01/32
    0

    8013891          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       6.875          1,524.07         80
                                       6.625          1,524.07
    MIAMI            FL   33175          1            09/06/02         00
    0414857144                           03           10/01/02          0
    0414857144                           N            09/01/32
    0

    8014211          P34/G02             F          121,587.00         ZZ
                                         360        121,587.00          1
1

                                       6.750            788.61         95
                                       6.500            788.61
    AUDUBON          NJ   08106          2            08/20/02         10
    0434531950                           05           10/01/02         30
    15262                                O            09/01/32
    0

    8015295          U87/G02             F          233,000.00         ZZ
                                         360        233,000.00          1
                                       6.375          1,453.62         63
                                       6.125          1,453.62
    VISTA            CA   92083          5            08/26/02         00
    0434594123                           05           10/01/02          0
    7402                                 O            09/01/32
    0

    8015749          N47/G02             F          274,000.00         ZZ
                                         360        274,000.00          1
                                       6.625          1,754.45         64
                                       6.375          1,754.45
    WALNUT CREEK     CA   94597          2            08/27/02         00
    0434584702                           05           10/01/02          0
    20121013                             O            09/01/32
    0

    8015809          L76/G02             F           89,000.00         ZZ
                                         360         89,000.00          1
                                       6.625            569.88         90
                                       6.375            569.88
    CLARISSA         MN   56440          5            08/07/02         11
    0434588604                           05           10/01/02         25
    9506786                              O            09/01/32
    0

    8016011          A06/G02             F          103,000.00         ZZ
                                         360        103,000.00          4
                                       7.750            737.91         52
                                       7.500            737.91
    CHICAGO          IL   60609          5            08/29/02         00
    0434530267                           05           10/01/02          0
    0020217485                           N            09/01/32
    0

    8016591          X05/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.875            985.39         66
                                       6.625            985.39
    SAN DIEGO        CA   92126          5            08/28/02         00
    0434593760                           01           10/01/02          0
1

    01208483                             N            09/01/32
    0

    8016793          U28/G02             F          117,600.00         ZZ
                                         360        117,600.00          1
                                       6.750            762.75         80
                                       6.500            762.75
    ACWORTH          GA   30102          5            08/21/02         00
    0434588703                           05           10/01/02          0
    2000004391                           O            09/01/32
    0

    8016937          E60/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       6.625          1,946.55         80
                                       6.375          1,946.55
    RANCHO SANTA MA  CA   92688          1            08/16/02         00
    0434506077                           03           10/01/02          0
    525638                               O            09/01/32
    0

    8017229          E86/G02             F          170,000.00         ZZ
                                         360        169,876.96          1
                                       7.625          1,203.25         74
                                       7.375          1,203.25
    RIVERHEAD        NY   11901          5            07/31/02         00
    0434534822                           05           09/01/02          0
    316741                               O            08/01/32
    0

    8017339          742/G02             F          342,800.00         ZZ
                                         240        342,800.00          1
                                       7.250          2,709.41         77
                                       7.000          2,709.41
    GLEN MILLS       PA   19342          2            08/23/02         00
    0434570164                           05           10/01/02          0
    5668587                              O            09/01/22
    0

    8017997          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       7.750          1,418.50         90
                                       7.500          1,418.50
    DALLAS           TX   75244          2            09/03/02         01
    0414748806                           05           10/01/02         12
    0414748806                           O            09/01/32
    0

1

    8018047          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       6.625          1,216.59         70
                                       6.375          1,216.59
    IOWA CITY        IA   52245          2            09/04/02         00
    0414780981                           05           10/01/02          0
    0414780981                           O            09/01/32
    0

    8019267          K15/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       6.750          1,375.03         80
                                       6.500          1,375.03
    PATCHOGUE        NY   11772          5            08/27/02         00
    0434588299                           05           10/01/02          0
    020805303557                         O            09/01/32
    0

    8019303          N47/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.375          1,216.55         80
                                       6.125          1,216.55
    SELMA            CA   93662          5            08/29/02         00
    0434567459                           05           10/01/02          0
    30122368                             O            09/01/32
    0

    8019495          975/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.500          3,160.34         78
                                       6.250          3,160.34
    SAN CLEMENTE     CA   92673          1            08/27/02         00
    0434558649                           03           10/01/02          0
    2023370                              O            09/01/32
    0

    8020585          G34/G02             F          162,900.00         ZZ
                                         360        162,900.00          1
                                       7.250          1,111.27         90
                                       7.000          1,111.27
    HENDERSON        NV   89012          1            08/23/02         01
    0434592440                           03           10/01/02         25
    39012051                             N            09/01/32
    0

    8022211          X67/G02             F           65,600.00         ZZ
                                         360         65,600.00          1
                                       7.000            436.44         80
                                       6.750            436.44
1

    SAN BERNARDINO   CA   92404          1            08/23/02         00
    0434588521                           05           10/01/02          0
    001269055                            N            09/01/32
    0

    8022333          742/G02             F          354,000.00         ZZ
                                         360        354,000.00          2
                                       6.700          2,284.28         80
                                       6.450          2,284.28
    BROOKLYN         NY   11232          1            08/16/02         00
    0434578357                           05           10/01/02          0
    8778128                              O            09/01/32
    0

    8022825          E11/G02             F          133,200.00         ZZ
                                         360        133,200.00          1
                                       6.500            841.91         80
                                       6.250            841.91
    MINNEAPOLIS      MN   55412          1            09/03/02         00
    0434578431                           05           10/01/02          0
    0010001047378                        O            09/01/32
    0

    8023261          F36/G02             F          194,750.00         ZZ
                                         360        194,750.00          1
                                       6.625          1,247.01         95
                                       6.375          1,247.01
    TACOMA           WA   98406          1            08/29/02         04
    0434560058                           05           10/01/02         30
    06505192                             O            09/01/32
    0

    8023267          944/G02             F           55,200.00         ZZ
                                         360         55,200.00          1
                                       7.375            381.26         80
                                       7.125            381.26
    SOUTH BEND       IN   46613          1            08/29/02         00
    0434563383                           05           10/01/02          0
    W02028659                            N            09/01/32
    0

    8025257          E22/G02             F          246,250.00         ZZ
                                         360        246,250.00          1
                                       7.250          1,679.86         22
                                       7.000          1,679.86
    LOS ANGELES      CA   90068          2            08/26/02         00
    0414293761                           05           10/01/02          0
    0414293761                           O            09/01/32
    0
1

    8025523          E22/G02             F          108,500.00         ZZ
                                         360        108,500.00          1
                                       7.000            721.85         90
                                       6.750            721.85
    MESA             AZ   85201          5            08/28/02         11
    0414840934                           05           10/01/02         25
    0414840934                           O            09/01/32
    0

    8025773          E57/G02             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.875          2,154.73         90
                                       6.625          2,154.73
    FOUNTAIN VALLEY  CA   92708          5            08/28/02         01
    0434577268                           05           10/01/02         25
    06009274                             O            09/01/32
    0

    8025825          W50/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.500            818.08         90
                                       7.250            818.08
    MINNEAPOLIS      MN   55411          1            08/27/02         01
    0434578878                           05           10/01/02         25
    0021025                              N            09/01/32
    0

    8025891          U05/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       6.875          1,018.24         78
                                       6.625          1,018.24
    CHINO            CA   91710          5            08/26/02         00
    0434588398                           05           10/01/02          0
    3245165                              O            09/01/32
    0

    8025907          601/G02             F          108,000.00         ZZ
                                         360        107,804.19          1
                                       6.500            682.64         90
                                       6.250            682.64
    TAMPA            FL   33604          1            06/28/02         11
    0434576633                           05           08/01/02         25
    6158124                              O            07/01/32
    0

    8027457          F89/G02             F          283,900.00         ZZ
                                         360        283,900.00          1
1

                                       6.875          1,865.02         80
                                       6.625          1,865.02
    SANTA CLARITA    CA   91350          1            08/12/02         00
    0434593471                           05           10/01/02          0
    16922700                             O            09/01/32
    0

    8027653          U05/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.750            933.98         80
                                       6.500            933.98
    PLANO            TX   75025          5            08/23/02         00
    0434554556                           05           10/01/02          0
    3252968                              O            09/01/32
    0

    8027699          511/511             F          305,300.00         ZZ
                                         360        305,073.43          3
                                       7.500          2,134.70         74
                                       7.250          2,134.70
    NEW YORK         NY   10037          1            07/31/02         00
    0002389295                           05           09/01/02          0
    0002389295                           O            08/01/32
    0

    8027701          G27/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.875            814.59         80
                                       6.625            814.59
    VISALIA          CA   93292          1            08/28/02         00
    0434576195                           05           10/01/02          0
    20502103                             O            09/01/32
    0

    8027711          742/G02             F          217,350.00         ZZ
                                         360        217,350.00          1
                                       7.250          1,482.71         90
                                       7.000          1,482.71
    AMHERST          NY   14221          1            08/23/02         11
    0434574349                           05           10/01/02         25
    5622873                              O            09/01/32
    0

    8027827          E86/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       6.875            972.25         80
                                       6.625            972.25
    BRENTWOOD        NY   11717          1            08/29/02         00
    0434573283                           05           10/01/02          0
1

    0000199541                           O            09/01/32
    0

    8028261          408/G02             F          421,200.00         ZZ
                                         360        421,200.00          1
                                       6.625          2,696.99         85
                                       6.375          2,696.99
    LEAWOOD          KS   66224          5            08/20/02         04
    0434574562                           03           10/01/02         12
    703028531                            O            09/01/32
    0

    8028383          E11/G02             F          171,900.00         ZZ
                                         360        171,900.00          1
                                       6.625          1,100.69         80
                                       6.375          1,100.69
    EAGAN            MN   55123          1            09/06/02         00
    0434576799                           05           10/01/02          0
    0010001045780                        N            09/01/32
    0

    8028825          M96/G02             F          230,400.00         ZZ
                                         360        230,400.00          1
                                       6.625          1,475.28         80
                                       6.375          1,475.28
    COOPERSVILLE     MI   49404          1            09/05/02         00
    0434578373                           05           10/01/02          0
    200201362                            O            09/01/32
    0

    8028861          X75/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.500            790.09         74
                                       6.250            790.09
    SACRAMENTO       CA   95823          5            08/22/02         00
    0434589099                           05           10/01/02          0
    02080029                             O            09/01/32
    0

    8032207          L16/G02             F           58,500.00         ZZ
                                         360         58,500.00          4
                                       7.750            419.10         90
                                       7.500            419.10
    BATTLE CREEK     MI   49017          1            08/30/02         04
    0434570354                           05           10/01/02         30
    6176                                 N            09/01/32
    0

1

    8032343          X44/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.000            598.77         90
                                       6.750            598.77
    PALMYRA          NJ   08065          1            08/21/02         14
    0434591244                           01           10/01/02         25
    9331869                              O            09/01/32
    0

    8032355          U05/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       6.750          1,712.30         79
                                       6.500          1,712.30
    BEAVERTON        OR   97005          5            08/21/02         00
    0434591137                           05           10/01/02          0
    3247386                              O            09/01/32
    0

    8032423          696/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.875          1,182.47         80
                                       6.625          1,182.47
    FALLS CHURCH     VA   22046          1            08/27/02         00
    0434577490                           05           10/01/02          0
    24602208                             O            09/01/32
    0

    8032433          696/G02             F          176,500.00         ZZ
                                         360        176,500.00          1
                                       6.750          1,144.78         38
                                       6.500          1,144.78
    CHEVY CHASE      MD   20815          5            09/03/02         00
    0434580825                           05           10/01/02          0
    31202342                             O            09/01/32
    0

    8032837          642/G02             F          327,250.00         ZZ
                                         360        327,250.00          1
                                       6.875          2,149.80         85
                                       6.625          2,149.80
    PEABODY          MA   01960          1            08/30/02         10
    0434568440                           01           10/01/02         12
    08224702                             O            09/01/32
    0

    8033495          642/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.625            541.46         89
                                       7.375            541.46
1

    CAMBRIDGE        MD   21613          5            08/30/02         10
    0434568531                           05           10/01/02         25
    6206502                              O            09/01/32
    0

    8036505          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.500          2,212.24         70
                                       6.250          2,212.24
    PLEASANTON       CA   94588          5            08/29/02         00
    0414476366                           05           10/01/02          0
    0414476366                           O            09/01/32
    0

    8037807          A06/G02             F           52,000.00         ZZ
                                         360         52,000.00          4
                                       7.250            354.74         60
                                       7.000            354.74
    HILLSDALE        MI   49242          2            09/04/02         00
    0434585006                           05           10/01/02          0
    1                                    N            09/01/32
    0

    8043129          M27/G02             F           84,050.00         ZZ
                                         360         84,050.00          1
                                       6.875            552.15         90
                                       6.625            552.15
    MEMPHIS          TN   38128          1            08/30/02         01
    0434595195                           05           10/01/02         25
    50000035002                          O            09/01/32
    0

    8046463          964/G02             F          129,750.00         ZZ
                                         360        129,750.00          1
                                       7.375            896.15         84
                                       7.125            896.15
    CENTRAL POINT    OR   97502          1            08/21/02         11
    0434581039                           05           10/01/02         12
    201502                               O            09/01/32
    0

    8046489          964/G02             F          144,000.00         ZZ
                                         360        143,763.23          2
                                       7.000            958.04         80
                                       6.750            958.04
    EUGENE           OR   97404          5            06/05/02         00
    0434581187                           05           08/01/02          0
    215960                               O            07/01/32
    0
1

    8046497          964/G02             F          125,600.00         ZZ
                                         360        124,467.88          1
                                       7.625            888.99         80
                                       7.375            888.99
    LAS VEGAS        NV   89109          1            06/11/02         00
    0434581245                           05           08/01/02          0
    221054                               O            07/01/32
    0

    8046503          964/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.125          1,212.69         80
                                       6.875          1,212.69
    SACREMENTO       CA   95864          5            08/16/02         00
    0434581286                           05           10/01/02          0
    227926                               O            09/01/32
    0

    8046505          964/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
                                       7.000            920.78         80
                                       6.750            920.78
    TIGARD           OR   97223          1            08/14/02         00
    0434581294                           05           10/01/02          0
    229386                               O            09/01/32
    0

    8046529          964/G02             F          160,500.00         ZZ
                                         360        160,500.00          1
                                       7.375          1,108.53         95
                                       7.125          1,108.53
    PHOENIX          AZ   85085          2            08/16/02         01
    0434581526                           03           10/01/02         30
    234370                               O            09/01/32
    0

    8046595          964/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.250            545.74         27
                                       7.000            545.74
    CORPUS CHRISTI   TX   78414          5            08/26/02         00
    0434582060                           03           10/01/02          0
    255748                               N            09/01/32
    0

    8046597          964/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
1

                                       7.625          1,337.73         90
                                       7.375          1,337.73
    STOCKTON         CA   95219          1            08/13/02         11
    0434582086                           03           10/01/02         25
    244001                               O            09/01/32
    0

    8046599          964/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       7.250          1,020.54         80
                                       7.000          1,020.54
    ORTING           WA   98360          1            08/20/02         00
    0434582102                           05           10/01/02          0
    244006                               O            09/01/32
    0

    8046627          964/G02             F          231,200.00         ZZ
                                         360        231,200.00          1
                                       6.875          1,518.82         80
                                       6.625          1,518.82
    EDMONDS          WA   98020          1            08/19/02         00
    0434582367                           05           10/01/02          0
    247317                               O            09/01/32
    0

    8046629          964/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       7.500            975.40         95
                                       7.250            975.40
    PORTLAND         OR   97203          1            08/13/02         01
    0434584272                           05           10/01/02         30
    247596                               N            09/01/32
    0

    8189682          W84/G02             F          275,000.00         ZZ
                                         360        272,795.48          2
                                       7.250          1,875.98         58
                                       7.000          1,875.98
    WOODLAND         UT   84036          5            10/19/01         00
    0433826419                           05           12/01/01          0
    8832023                              O            11/01/31
    0

    8317422          E23/G02             F          108,000.00         ZZ
                                         360        107,818.02          1
                                       6.875            709.48         80
                                       6.625            709.48
    BELGRADE         MT   59714          2            06/20/02         00
    0434275566                           05           08/01/02          0
1

    61005565                             O            07/01/32
    0

    8318320          L68/G02             F          113,500.00         ZZ
                                         360        113,322.38          1
                                       7.250            774.27         85
                                       7.000            774.27
    BEAUFORT         SC   29902          5            06/22/02         14
    0434350799                           05           08/01/02         25
    5231699                              O            07/01/32
    0

    8320624          E23/G02             F          328,000.00         ZZ
                                         360        327,717.60          1
                                       6.750          2,127.40         80
                                       6.500          2,127.40
    RIVERSIDE        CA   92506          1            07/17/02         00
    0434337697                           05           09/01/02          0
    51016235                             O            08/01/32
    0

    8321552          E23/G02             F          142,000.00         ZZ
                                         360        141,883.60          1
                                       7.000            944.73         73
                                       6.750            944.73
    MORENO VALLEY    CA   92555          2            07/19/02         00
    0434355772                           05           09/01/02          0
    51016535                             O            08/01/32
    0

    8321590          E23/G02             F          242,000.00         ZZ
                                         360        241,806.48          1
                                       7.125          1,630.40         72
                                       6.875          1,630.40
    SAN LORENZO      CA   94580          2            07/19/02         00
    0434364527                           05           09/01/02          0
    61005539                             O            08/01/32
    0

    8322164          E23/G02             F          257,000.00         ZZ
                                         360        256,794.48          1
                                       7.125          1,731.46         94
                                       6.875          1,731.46
    TRACY            CA   95376          5            07/26/02         04
    0434393955                           05           09/01/02         30
    61006300                             O            08/01/32
    0

1

    8322340          U66/G02             F           24,500.00         ZZ
                                         360         24,500.00          1
                                       7.875            177.64         70
                                       7.625            177.64
    HOUSTON          TX   77099          1            08/08/02         00
    0434591095                           01           10/01/02          0
    0601681                              N            09/01/32
    0

    8323722          E23/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.500          3,033.93         80
                                       6.250          3,033.93
    COSTA MESA       CA   92627          5            08/13/02         00
    0434476453                           05           10/01/02          0
    51017008                             O            09/01/32
    0

    8323752          M96/G02             F          216,350.00         ZZ
                                         360        216,350.00          1
                                       7.250          1,475.89         93
                                       7.000          1,475.89
    ZEELAND          MI   49464          2            08/13/02         10
    0434466603                           05           10/01/02         30
    200201213                            O            09/01/32
    0

    8323766          E23/G02             F          234,600.00         ZZ
                                         360        234,600.00          1
                                       7.125          1,580.54         85
                                       6.875          1,580.54
    WESTMINSTER      CA   92683          5            08/02/02         04
    0434458626                           01           10/01/02         12
    51016850                             O            09/01/32
    0

    8324130          E23/G02             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       6.625          2,548.44         70
                                       6.375          2,548.44
    ANAHEIM          CA   92808          2            08/05/02         00
    0434493797                           05           10/01/02          0
    51016990                             O            09/01/32
    0

    8324202          E23/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.875          2,266.40         47
                                       6.625          2,266.40
1

    CARMICHAEL       CA   95608          2            08/09/02         00
    0434467981                           03           10/01/02          0
    61006477                             O            09/01/32
    0

    8324250          E23/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.250          2,062.65         50
                                       6.000          2,062.65
    SAN JOSE         CA   95148          5            08/14/02         00
    0434471561                           05           10/01/02          0
    61006112                             O            09/01/32
    0

    8324406          N16/G02             F          348,000.00         ZZ
                                         360        347,685.40          1
                                       6.500          2,199.60         78
                                       6.250          2,199.60
    SAN DIEGO        CA   92116          5            08/12/02         00
    0434478061                           05           09/16/02          0
    585143913                            O            08/16/32
    0

    8324414          E23/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.500          1,264.14         36
                                       6.250          1,264.14
    DANA POINT       CA   92629          1            08/19/02         00
    0434472015                           03           10/01/02          0
    11012404                             O            09/01/32
    0

    8324720          R68/G02             F          265,500.00         ZZ
                                         360        265,500.00          1
                                       6.875          1,744.15         90
                                       6.625          1,744.15
    DANIA BEACH      FL   33312          1            08/30/02         10
    0434577664                           03           10/01/02         25
    7157534                              O            09/01/32
    0

    8324766          E23/G02             F          387,500.00         ZZ
                                         360        387,500.00          1
                                       6.500          2,449.26         66
                                       6.250          2,449.26
    ORANGE           CA   92869          5            08/19/02         00
    0434496394                           05           10/01/02          0
    51017725                             O            09/01/32
    0
1

    8325628          E23/G02             F          180,000.00         ZZ
                                         360        180,000.00          2
                                       7.000          1,197.54         90
                                       6.750          1,197.54
    UKIAH            CA   95482          1            08/14/02         11
    0434566519                           05           10/01/02         25
    62002482                             O            09/01/32
    0

    8325760          E23/G02             F          363,000.00         ZZ
                                         360        363,000.00          1
                                       6.875          2,384.65         64
                                       6.625          2,384.65
    SAN JOSE         CA   95148          5            08/23/02         00
    0434563458                           05           10/01/02          0
    51017818                             O            09/01/32
    0

    8326120          E23/G02             F          378,750.00         ZZ
                                         360        378,750.00          1
                                       6.750          2,456.57         75
                                       6.500          2,456.57
    THOUSAND OAKS    CA   91360          5            08/28/02         00
    0434541181                           05           10/01/02          0
    63000156                             O            09/01/32
    0

   TOTAL NUMBER OF LOANS   :      1,535

   TOTAL ORIGINAL BALANCE  :   265,070,897.95

   TOTAL PRINCIPAL BALANCE :   264,846,236.95

   TOTAL ORIGINAL P+I      :     1,775,683.93

   TOTAL CURRENT P+I       :     1,775,683.92

                             ***************************
                             *      END OF REPORT      *
                             ***************************

                                       52
<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

<TABLE>
<CAPTION>

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
<S>     <C>                 <C>                       <C>                     <C>                <C>
        7827473             $109,790.71               5.970%                  4.4800%            $4,918.62
        7873115             $96,903.44                5.720%                  8.4800%            $8,217.41
        7885301             $160,957.67               6.220%                  0.4800%             $772.60
        7885577             $122,489.16               6.220%                  0.4800%             $587.95
        7892231             $107,902.37               6.220%                  0.4800%             $517.93
        7909753             $379,500.00               6.220%                  0.4800%            $1,821.60
        7909873             $156,355.05               6.095%                  2.4800%            $3,877.61
        7916731             $271,754.10               6.220%                  0.4800%            $1,304.42
        7927949             $290,400.00               6.220%                  0.4800%            $1,393.92
        7930403             $114,896.04               6.220%                  0.4800%             $551.50
        7930407             $300,000.00               5.970%                  4.4800%           $13,440.00
        7930489             $217,300.00               6.220%                  0.4800%            $1,043.04
        7930515             $249,762.79               5.970%                  4.4800%           $11,189.37
        7930533             $279,746.88               6.220%                  0.4800%            $1,342.79
        7942537             $375,000.00               6.095%                  2.4800%            $9,300.00
        7944453             $110,899.65               6.220%                  0.4800%             $532.32
        7944615             $164,500.00               6.220%                  0.4800%             $789.60
        7946539             $249,546.77               6.220%                  0.4800%            $1,197.82
        7946739             $99,907.38                6.095%                  2.4800%            $2,477.70
        7947483             $300,000.00               6.220%                  0.4800%            $1,440.00
        7947631             $300,300.00               6.095%                  2.4800%            $7,447.44
        7947655             $140,000.00               6.220%                  0.4800%             $672.00
        7949025             $104,537.00               6.220%                  0.4800%             $501.78
        7950189             $550,000.00               6.220%                  0.4800%            $2,640.00
        7952435             $320,000.00               6.095%                  2.4800%            $7,936.00
        7952783             $420,000.00               6.220%                  0.4800%            $2,016.00
        7953943             $312,200.00               6.220%                  0.4800%            $1,498.56
        7954315             $108,000.00               6.095%                  2.4800%            $2,678.40
        7956667             $491,055.67               6.220%                  0.4800%            $2,357.07
        7961939             $529,520.87               6.220%                  0.4800%            $2,541.70
        7963475             $149,864.39               6.220%                  0.4800%             $719.35
        7963477             $132,879.76               6.220%                  0.4800%             $637.82
        7963483             $176,939.89               6.220%                  0.4800%             $849.31
        7963493             $148,696.17               6.220%                  0.4800%             $713.74
        7963497             $136,373.57               6.095%                  2.4800%            $3,382.06
        7963519             $107,899.97               6.095%                  2.4800%            $2,675.92
        7963629             $52,744.28                6.220%                  0.4800%             $253.17
        7963661             $109,101.28               6.220%                  0.4800%             $523.69
        7963689             $139,112.64               6.220%                  0.4800%             $667.74
        7963719             $159,850.00               6.095%                  2.4800%            $3,964.28
        7963745             $117,872.52               6.220%                  0.4800%             $565.79
        7963785             $152,861.68               6.220%                  0.4800%             $733.74
        7963795             $118,889.78               6.095%                  2.4800%            $2,948.47
        7963823             $83,824.06                6.220%                  0.4800%             $402.36
        7963843             $177,876.93               6.220%                  0.4800%             $853.81
        7963943             $297,723.99               6.095%                  2.4800%            $7,383.56
        7963951             $279,740.66               6.095%                  2.4800%            $6,937.57
        7963975             $264,260.89               6.220%                  0.4800%            $1,268.45
        7963979             $137,475.60               6.220%                  0.4800%             $659.88
        7963987             $164,643.62               5.970%                  4.4800%            $7,376.03
        7964015             $133,757.07               6.220%                  0.4800%             $642.03
        7964017             $129,758.54               6.095%                  2.4800%            $3,218.01
        7964019             $189,534.29               5.970%                  4.4800%            $8,491.14

  Wednesday, September 25, 2002                                                                     Page 1 of 3

       7967307             $241,000.00               6.095%                  2.4800%            $5,976.80
        7968493             $420,000.00               6.220%                  0.4800%            $2,016.00
        7969255             $479,850.00               6.220%                  0.4800%            $2,303.28
        7969603             $160,000.00               6.220%                  0.4800%             $768.00
        7971659             $93,600.00                6.095%                  2.4800%            $2,321.28
        7972507             $214,400.00               6.095%                  2.4800%            $5,317.12
        7974925             $163,000.00               6.220%                  0.4800%             $782.40
        7977321             $344,000.00               6.095%                  2.4800%            $8,531.20
        7979491             $276,000.00               6.220%                  0.4800%            $1,324.80
        7979927             $135,000.00               6.220%                  0.4800%             $648.00
        7981417             $311,200.00               6.095%                  2.4800%            $7,717.76
        7981527             $252,000.00               6.220%                  0.4800%            $1,209.60
        7981959             $350,000.00               6.220%                  0.4800%            $1,680.00
        7984089             $427,200.00               6.220%                  0.4800%            $2,050.56
        7984097             $290,000.00               6.220%                  0.4800%            $1,392.00
        7984103             $120,000.00               6.220%                  0.4800%             $576.00
        7984113             $186,400.00               6.220%                  0.4800%             $894.72
        7984129             $152,000.00               6.220%                  0.4800%             $729.60
        7984259             $416,623.02               6.220%                  0.4800%            $1,999.79
        7984413             $440,000.00               6.220%                  0.4800%            $2,112.00
        7984719             $146,000.00               6.220%                  0.4800%             $700.80
        7985497             $475,000.00               5.970%                  4.4800%           $21,280.00
        7986285             $172,000.00               6.220%                  0.4800%             $825.60
        7986849             $92,800.00                6.220%                  0.4800%             $445.44
        7987691             $384,000.00               6.095%                  2.4800%            $9,523.20
        7987905             $175,000.00               6.220%                  0.4800%             $840.00
        7989691             $409,500.00               6.220%                  0.4800%            $1,965.60
        7991013             $637,500.00               6.220%                  0.4800%            $3,060.00
        7991415             $288,000.00               6.220%                  0.4800%            $1,382.40
        7993277             $260,000.00               6.220%                  0.4800%            $1,248.00
        7993317             $328,000.00               6.220%                  0.4800%            $1,574.40
        7993337             $348,000.00               6.095%                  2.4800%            $8,630.40
        7995011             $390,000.00               6.220%                  0.4800%            $1,872.00
        7995137             $300,000.00               6.220%                  0.4800%            $1,440.00
        7995141             $262,000.00               5.970%                  4.4800%           $11,737.60
        7996015             $171,000.00               6.220%                  0.4800%             $820.80
        7996049             $275,400.00               6.220%                  0.4800%            $1,321.92
        7999601             $600,000.00               6.220%                  0.4800%            $2,880.00
        7999753             $341,600.00               5.970%                  4.4800%           $15,303.68
        8000393             $312,000.00               6.220%                  0.4800%            $1,497.60
        8001229             $287,000.00               6.095%                  2.4800%            $7,117.60
        8001367             $97,000.00                6.220%                  0.4800%             $465.60
        8002285             $230,000.00               5.970%                  4.4800%           $10,304.00
        8002795             $335,000.00               5.970%                  4.4800%           $15,008.00
        8003437             $544,000.00               6.220%                  0.4800%            $2,611.20
        8003453             $385,000.00               6.220%                  0.4800%            $1,848.00
        8003459             $136,000.00               6.220%                  0.4800%             $652.80
        8003481             $483,200.00               6.095%                  2.4800%           $11,983.36
        8003647             $278,400.00               6.220%                  0.4800%            $1,336.32
        8003777             $245,000.00               6.220%                  0.4800%            $1,176.00
        8004213             $365,000.00               6.220%                  0.4800%            $1,752.00
        8005243             $398,500.00               6.220%                  0.4800%            $1,912.80
        8005249             $167,000.00               6.095%                  2.4800%            $4,141.60
        8007573             $109,950.00               6.220%                  0.4800%             $527.76
        8008055             $171,000.00               6.220%                  0.4800%             $820.80
        8009615             $102,500.00               5.970%                  4.4800%            $4,592.00
        8013751             $650,000.00               6.220%                  0.4800%            $3,120.00

  Wednesday, September 25, 2002                                                                     Page 2 of 3

        8015295             $233,000.00               6.095%                  2.4800%            $5,778.40
        8019303             $195,000.00               6.095%                  2.4800%            $4,836.00
        8019495             $500,000.00               6.220%                  0.4800%            $2,400.00
        8022825             $133,200.00               6.220%                  0.4800%             $639.36
        8025907             $107,804.19               6.220%                  0.4800%             $517.46
        8028861             $125,000.00               6.220%                  0.4800%             $600.00
        8036505             $350,000.00               6.220%                  0.4800%            $1,680.00
        8323722             $480,000.00               6.220%                  0.4800%            $2,304.00
        8324250             $335,000.00               5.970%                  4.4800%           $15,008.00
        8324406             $347,685.40               6.220%                  0.4800%            $1,668.89
        8324414             $200,000.00               6.220%                  0.4800%             $960.00
        8324766             $387,500.00               6.220%                  0.4800%            $1,860.00

  Wednesday, September 25, 2002                                                                     Page 3 of 3
</TABLE>

                                       53
<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, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING

                  AGREEMENT DATED AS OF AUGUST 1, 2002

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2002

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

                                                -i-

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................31

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........32

        Section 2.01. Conveyance of Mortgage Loans.........................................32

        Section 2.02. Acceptance by Trustee................................................38

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................39

        Section 2.04. Representations and Warranties of Sellers............................41

        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates
               Evidencing Interests in REMIC I Certificates................................43

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
               Acceptance by the Trustee...................................................43

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............43

        Section 2.08. Purposes and Powers of the Trust.....................................43

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................44

        Section 3.01. Master Servicer to Act as Servicer...................................44

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement
               of Subservicers' and Sellers' Obligations...................................45

        Section 3.03. Successor Subservicers...............................................46

        Section 3.04. Liability of the Master Servicer.....................................47

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................47

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 47

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial Account
               48

        Section 3.08. Subservicing Accounts; Servicing Accounts............................50

        Section 3.09. Access to Certain Documentation and  Information Regarding the
                        Mortgage Loans ....................................................52

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................52

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder54

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...55

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................56

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................58

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................61

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............63

        Section 3.17. Reports to the Trustee and the Company...............................64

        Section 3.18. Annual Statement as to Compliance....................................64

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............64

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............65

        Section 3.21. Administration of Buydown Funds......................................65

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................67

        Section 4.01. Certificate Account..................................................67

        Section 4.02. Distributions........................................................67

        Section 4.03. Statements to Certificateholders.....................................67

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances by the
               Master Servicer.............................................................68

        Section 4.05. Allocation of Realized Losses........................................70

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........70

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................70

        Section 4.08. Surety Bond..........................................................70

Article V         THE CERTIFICATES.........................................................72

        Section 5.01. The Certificates.....................................................72

        Section 5.02. Registration of Transfer and Exchange of Certificates................74

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................79

        Section 5.04. Persons Deemed Owners................................................80

        Section 5.05. Appointment of Paying Agent..........................................80
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................81

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........81

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................81

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 82

        Section 6.04. Company and Master Servicer Not to Resign............................83

Article VII       DEFAULT..................................................................84

        Section 7.01. Events of Default....................................................84

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................86

        Section 7.03. Notification to Certificateholders...................................87

        Section 7.04. Waiver of Events of Default..........................................87

Article VIII      CONCERNING THE TRUSTEE...................................................88

        Section 8.01. Duties of Trustee....................................................88

        Section 8.02. Certain Matters Affecting the Trustee................................89

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................91

        Section 8.04. Trustee May Own Certificates.........................................91

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.91

        Section 8.06. Eligibility Requirements for Trustee.................................92

        Section 8.07. Resignation and Removal of the Trustee...............................93

        Section 8.08. Successor Trustee....................................................93

        Section 8.09. Merger or Consolidation of Trustee...................................94

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................94

        Section 8.11. Appointment of Custodians............................................95

        Section 8.12. Appointment of Office or Agency......................................96

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................97

        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...97
<PAGE>

        Section 9.02. Additional Termination Requirements.................................100

        Section 9.03. Termination of Multiple REMICs......................................101

Article X         REMIC PROVISIONS........................................................102

        Section 10.01.REMIC Administration................................................102

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....105

        Section 10.03.Designation of REMIC(s).............................................106

Article XI        MISCELLANEOUS PROVISIONS................................................107

        Section 11.01.Amendment...........................................................107

        Section 11.02.Recordation of Agreement; Counterparts..............................109

        Section 11.03.Limitation on Rights of Certificateholders..........................110

        Section 11.04.Governing Law.......................................................110

        Section 11.05.Notices.............................................................111

        Section 11.06.Required Notices to Rating Agency and Subservicer...................111

        Section 11.07.Severability of Provisions..........................................111

        Section 11.08.Supplemental Provisions for Resecuritization........................112

        Section 11.09.Allocation of Voting Rights.........................................112

        Section 11.10.No Petition.........................................................112

<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>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of August 1, 2002 (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:

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

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

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO Property and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

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

                                       2
<PAGE>

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

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
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, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.
        ---------------

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        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

     (ii) any Subsequent  Recoveries added to the Certificate  Principal Balance
          of such Certificate pursuant to Section 4.02, plus

                                       6
<PAGE>

     (iii)in the  case of each  Accrual  Certificate,  an  amount  equal  to the
          aggregate  Accrued  Certificate  Interest  added  to  the  Certificate
          Principal Balance thereof prior to such date of determination, minus

     (iv) the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

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

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     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
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

                                       10
<PAGE>

        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
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates

                                       11
<PAGE>

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 Ratings or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     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 a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

                                       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
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.

                                       14
<PAGE>

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     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
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

                                       21
<PAGE>

        (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.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        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.

                                       23
<PAGE>

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        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.

                                       24
<PAGE>

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% 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

                                       25
<PAGE>

        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  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, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

                                       26
<PAGE>

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case 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).

                                       27
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       28
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

                                       29
<PAGE>

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

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       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
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

                                       33
<PAGE>

        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,
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

                                       34
<PAGE>

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

                                       36
<PAGE>

the duly appointed agent of the Trustee) of the documents referred to in Section
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
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       40
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       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
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

                                       43
<PAGE>

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

                                       44
<PAGE>

Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of 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):

                                       47
<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,  Subsequent Recoveries and Liquidation Proceeds (net of
     any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

                                       48
<PAGE>

(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.

                                       49
<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

                                       50
<PAGE>

Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances 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;

                                       51
<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).

                                       52
<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
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

                                       55
<PAGE>

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
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

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<PAGE>

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

                                       57
<PAGE>

accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as

                                       58
<PAGE>

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);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.
               -----------------------------------------------

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such

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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.

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

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<PAGE>

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).

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

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<PAGE>

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
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.

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<PAGE>

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
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

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<PAGE>

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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<PAGE>

                                   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
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

                                       66
<PAGE>

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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<PAGE>

(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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<PAGE>

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
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

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<PAGE>

(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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<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and

                                       71
<PAGE>

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.

                                       72
<PAGE>

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

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be 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

                                       73
<PAGE>

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

                                       74
<PAGE>

     account" (as defined in U.S.  Department  of Labor  Prohibited  Transaction
     Class  Exemption  ("PTCE")  95-60,  and (iii) the  conditions  set forth in
     Sections I and III of PTCE  95-60 have been  satisfied  (each  entity  that
     satisfies this clause (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  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,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

                                       75
<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)  Notwithstanding  the delivery of a Transfer  Affidavit  and  Agreement by a
     proposed Transferee under clause (B) above, if a Responsible Officer of the
     Trustee who is assigned to this  Agreement  has actual  knowledge  that the
     proposed  Transferee  is not a  Permitted  Transferee,  no  Transfer  of an
     Ownership  Interest in a Class R Certificate  to such  proposed  Transferee
     shall be effected.

(D)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall agree (x) to require a Transfer  Affidavit and Agreement
     from any  other  Person  to whom  such  Person  attempts  to  transfer  its
     Ownership  Interest in a Class R  Certificate  and (y) not to transfer  its
     Ownership  Interest  unless it provides a certificate to the Trustee in the
     form attached hereto as Exhibit G-2.

(E)  Each  Person  holding  or  acquiring  an  Ownership  Interest  in a Class R
     Certificate,  by  purchasing  an  Ownership  Interest in such  Certificate,
     agrees  to give  the  Trustee  written  notice  that it is a  "pass-through
     interest  holder"  within the  meaning of  Temporary  Treasury  Regulations
     Section   1.67-3T(a)(2)(i)(A)   immediately  upon  acquiring  an  Ownership
     Interest  in a Class R  Certificate,  if it is, or is holding an  Ownership
     Interest in a Class R Certificate  on behalf of, a  "pass-through  interest
     holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       77
<PAGE>

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

     (g) No  service  charge  shall  be made for any  transfer  or  exchange  of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum

                                       78
<PAGE>

sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.
               ---------------------

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.
               ---------------------------

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

                                       79
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

                                       80
<PAGE>

rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.
               -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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<PAGE>

ARTICLE VII

<PAGE>

                                     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

                                       83
<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an

                                       85
<PAGE>

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.

                                       86
<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
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

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<PAGE>

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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<PAGE>

(ii) The Trustee may consult  with  counsel and any Opinion of Counsel  shall be
     full and complete  authorization  and  protection  in respect of any action
     taken  or  suffered  or  omitted  by it  hereunder  in  good  faith  and in
     accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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<PAGE>

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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<PAGE>

(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.
               -----------------

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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<PAGE>

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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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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<PAGE>

Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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<PAGE>

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a) Subject to Section 9.02, the respective  obligations and responsibilities of
the Company,  the Master  Servicer and the Trustee  created hereby in respect of
the  Certificates  (other than the  obligation  of the  Trustee to make  certain
payments  after  the  Final  Distribution  Date  to  Certificateholders  and the
obligation  of the Company to send  certain  notices as  hereinafter  set forth)
shall  terminate upon the last action required to be taken by the Trustee on the
Final Distribution Date pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of 21 years  from the  death of the last  survivor  of the
     descendants of Joseph P. Kennedy,  the late ambassador of the United States
     to the Court of St. James,  living on the date hereof and provided  further
     that the purchase price set forth above shall be increased as is necessary,
     as  determined by the Master  Servicer,  to avoid  disqualification  of any
     portion of any REMIC formed under the Series Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

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

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        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

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Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall

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<PAGE>

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
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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<PAGE>

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.
               -------------------------------

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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<PAGE>

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee

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<PAGE>

will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be 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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<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
               -----------------------------------------------------------------

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

                                      104
<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).
               ------------------------

        As provided in Section 10.03 of the Series Supplement.

                                      105
<PAGE>

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not 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

                                      106
<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 with a Certificate  Principal
Balance  greater  than zero  affected  thereby  for the  purpose  of adding  any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be

                                      107
<PAGE>

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
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.

                                      110
<PAGE>

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.]
<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"),

<PAGE>

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 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
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.
<PAGE>

               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
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.
<PAGE>

               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.

<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

<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
Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE

<PAGE>

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.
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                              MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies  that  ________________  is  the  registered  owner  of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
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.
<PAGE>

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
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.
<PAGE>

               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
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.
<PAGE>

               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.

<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

<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 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.

<PAGE>

               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
letter,  in the form as described by Section  5.02(e) of the  Agreement,  either

<PAGE>

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
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
<PAGE>

               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.

<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

<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
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.
<PAGE>

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.

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
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.
<PAGE>

               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.
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<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

<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.
<PAGE>

10.     MISCELLANEOUS.

        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.

<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:
      ------------------------------

<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
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.
<PAGE>

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 either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10.     The Owner's Taxpayer Identification Number is  ______________________.

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the 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.

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .

                                            [NAME OF OWNER]

                                            By:
                                               ---------------------------------
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this  ____ day of  ___________,
200 ____

                                  NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------

                           My Commission  expires the _____ day of _____,20___.

<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:

    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;

    The accuracy of the estimated burden associated with the collection
of information (see below);

    How the quality, utility, and clarity of the information to be
collected may be enhanced;

    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and

    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.

    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.

    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.

    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.

    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.

<PAGE>

    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).

    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.

    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.

    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the
restrictions on subsequent transfers of the residual interest.

<PAGE>

    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.

    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.

    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.

    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed

<PAGE>

regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.

    It is anticipated that when final regulations are adopted with
respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August
19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.
<PAGE>

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

<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
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:
                                                  ------------------------------

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                      , 20

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement
     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.
<PAGE>

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private  Placement  Memorandum,  dated  ________,  20__,
     relating  to the  Certificates  (b)] a copy of the  Pooling  and  Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any
     other action,  that (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.
<PAGE>

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:
                                                  ------------------------------

<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.

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<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.
<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:
     ----------------------------------------

<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.
<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:
                                                 -------------------------------

<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.
<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                               Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                                      --------------------------
                                                 Title:
                                                       -------------------------

                                            IF AN ADVISER:

                               Print Name of Buyer

                                            Date:
                                                 -------------------------------

<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

<PAGE>

Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
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

<PAGE>

agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
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.

<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
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.

<PAGE>

               (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.
<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:
      ---------------------------------------------

<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                            , 20
                                                   ---------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates, Series
                                                                       -------
                      ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
     Mortgage Loan.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<PAGE>

                                               1

                                    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

                         Form of Form 10-K Certification

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by that annual report;

     3. Based on my knowledge, the servicing information required to be provided
to the Trustee by the Master  Servicer  under the P&S  Agreement  is included in
these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S Agreement and based upon the review  required  under the
P&S Agreement,  and, except as disclosed in the report,  the Master Servicer has
fulfilled its obligations under the P&S Agreement; and

        5. I have disclosed to the Company's  certified  public  accountants all
significant  deficiencies  relating to the Master Servicer's compliance with the
minimum servicing  standards in accordance with a review conducted in compliance
with the Uniform Single Attestation Program for Mortgage Bankers as set forth in
the P&S Agreement.

Date:_______________________

____________________________*
Name:
Title:

     *    to be  signed  by the  senior  officer  in  charge  of  the  servicing
          functions of the Master Servicer

<PAGE>

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