Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                            DATED AS OF MAY 1, 2002,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF JULY 1, 2001

                       Mortgage Pass-Through Certificates

                                 Series 2002-S7

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

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

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                       ...................................................................-24-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                       ...................................................................-24-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company.............................................................-24-
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      Terms)
                       ...................................................................-26-
        Section 2.05  Execution and Authentication of Certificates........................-26-

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                       ...................................................................-29-
        Section 4.02  Distributions.......................................................-29-
        Section 4.03  Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                      Standard Terms and Exhibit Three attached hereto)...................-39-
        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)
                       ...................................................................-40-
        Section 4.05  Allocation of Realized Losses.......................................-40-

<PAGE>

        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)
                       ...................................................................-41-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms)
                       ...................................................................-41-
        Section 4.08  [Reserved]
                       ...................................................................-41-
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.......-41-
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular Interests
                       ...................................................................-42-
        Section 4.11  Reserve Fund........................................................-43-
        Section 4.12  Rounding Account....................................................-43-
        Section 4.13  Principal Distributions on the Insured Certificates.................-44-

                                          ARTICLE V

                                       THE CERTIFICATES

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms).........-49-
        Section 5.02. Registration of Transfer and Exchange of Certificates...............-49-
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                      Standard Terms).....................................................-49-
        Section 5.04. Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)
                       ...................................................................-49-
        Section 5.05. Appointment of Paying Agent.  (See Section 5.05 of the Standard Terms)
                       ...................................................................-49-

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS

<PAGE>

        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)
                       ...................................................................-54-
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      Section 10.02 of the  Standard Terms)...............................-54-
        Section 10.03 Designation of REMIC(s).............................................-54-
        Section 10.04 ....................................................................-54-
        Section 10.05 Compliance with Withholding Requirements............................-55-

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                       ...................................................................-56-
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      Terms)
                       ...................................................................-56-
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)
                       ...................................................................-56-
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                       ...................................................................-56-
        Section 11.05 Notices.............................................................-56-
        Section 11.06 Required Notices to Rating Agency and Subservicer.
                       ...................................................................-57-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                       ...................................................................-57-
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      Standard Terms)
                       ...................................................................-58-
        Section 11.09 Allocation of Voting Rights.........................................-58-

                                         ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE  INSURER Section
        12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                      Certificateholders..................................................-59-
        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account...-59-
        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation..........-60-
        Section 12.04.Notices and Information to the Certificate Insurer..................-61-
        Section 12.05.Trustee to Hold Certificate Policy..................................-61-
        Section 12.06.Ratings.............................................................-61-
        Section 12.07.Third Party Beneficiaries...........................................-61-

</TABLE>

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of July 1, 2001
Exhibit Five:         Certificate Policy of MBIA Insurance Corporation

<PAGE>

        This is a  Series  Supplement,  dated  as of May 1,  2002  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

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

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

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the

                                             -1-

<PAGE>

Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

                          UNCERTIFICATED INITIAL UNCERTIFICATED   LATEST
                         -REMIC-I-PASS   PRINCIPAL-BALANCE  POSSIBLE-MATURITY(1)
      DESIGNATION          THROUGH RATE
-----------------------------------------------------------------------------
REMIC I Regular Interest      6.50%       $   248,492,451.40    May 25, 2032
           U
REMIC I Regular Interest      6.50%       $    26,178,000.00    May 25, 2032
           V
REMIC I Regular Interest      6.00%       $   109,820,645.00    May 25, 2032
           W
REMIC I Regular Interest      8.50%       $    12,500,000.00    May 25, 2032
           X
REMIC I Regular Interest      8.50%       $    14,955,161.00    May 25, 2032
           Y
REMIC I Regular Interest      0.00%       $     1,231,617.98    May 25, 2032
           Z
        REMIC I            Variable (2)               N/A(3)    May 25, 2032
  IO Regular Interests
___________________

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

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

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

        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.

                                             -2-

<PAGE>

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

<TABLE>
<CAPTION>

                            AGGREGATE
                             INITIAL
                PASS-      CERTIFICATE
               THROUGH      PRINCIPAL                                 MATURITY                       MINIMUM
DESIGNATION      RATE        BALANCE            FEATURES1               DATE        FITCH/ S&P   DENOMINATIONS2

<S>     <C>     <C>       <C>                                           <C> <C>                      <C>
Class A-1       6.50%     $30,000,000.00          Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-2       6.50%     $15,000,000.00          Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-3       6.25%     $26,178,000.00  Senior/Retail/Insured     May 25, 2032     Aaa/AAA         $1,000
Class A-3A      0.25%     $         0             Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-4       6.50%     $24,700,000.00   Super Senior/Lockout     May 25, 2032     Aaa/AAA         $25,000
Class A-5       6.50%     $50,000,000.00          Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-6       6.50%     $30,096,000.00          Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-7       6.50%     $60,000,000.00          Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-8       6.50%     $11,980,294.00          Senior            May 25, 2032     Aaa/AAA         $25,000
Class A-9       6.00%     $50,000,000.00          Senior            May 25, 2032     Aaa/AAA         $25,000
              Adjustable
Class A-10       Rate     $12,500,000.00      Senior/Floater        May 25, 2032     Aaa/AAA         $25,000
              Adjustable                      Senior/Inverse
Class A-11       Rate     $               Floater/Interest Only     May 25, 2032     Aaa/AAA         $25,000
Class A-12      6.00%     $59,820,645.00          Senior            May 25, 2032     Aaa/AAA         $25,000
              Adjustable
Class A-13       Rate     $14,955,161.00      Senior/Floater        May 25, 2032     Aaa/AAA         $25,000
              Adjustable                      Senior/Inverse
Class A-14       Rate     $               Floater/Interest Only     May 25, 2032     Aaa/AAA         $25,000
Class A-15      6.50%     $     353,000.00Senior Support/Lockout    May 25, 2032     Aaa/AAA         $25,000
                                             Senior/Principal
Class A-P       0.00%     $  1,231,617.98          Only             May 25, 2032     Aaa/AAA         $25,000
                              Senior/Interest Only/
Class A-V    Variable Rate$         0.00      Variable Strip        May 25, 2032     Aaa/AAA           20%
</TABLE>

--------

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

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

                                             -3-

<PAGE>

<TABLE>

<S>             <C>       <C>                                           <C> <C>                        <C>
Class R-I       6.50%     $        50.00     Senior/Residual        May 25, 2032     Aaa/AAA           20%
Class R-II      6.50%     $        50.00     Senior/Residual        May 25, 2032     Aaa/AAA           20%
Class M-1       6.50%     $   5,371,900.00      Mezzanine           May 25, 2032      NA/AA          $25,000
Class M-2       6.50%     $   2,272,500.00      Mezzanine           May 25, 2032       NA/A         $250,000
Class M-3       6.50%     $   1,652,700.00      Mezzanine           May 25, 2032      NA/BBB        $250,000
Class B-1       6.50%     $      826,400.00    Subordinate          May 25, 2032      NA/BB         $250,000
Class B-2       6.50%     $      619,800.00    Subordinate          May 25, 2032       NA/B         $250,000
Class B-3       6.50%     $      619,807.40    Subordinate          May 25, 2032      NA/NA         $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $413,177,925.38.

        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.

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

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

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

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans which remained unreimbursed  following the Cash Liquidation
               or REO  Disposition  of such Mortgage Loan or REO Property or (B)
               made  with  respect  to   delinquencies   that  were   ultimately
               determined  to be Excess  Special  Hazard  Losses,  Excess  Fraud
               Losses, Excess Bankruptcy Losses or Extraordinary Losses, and

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

with all such reductions  allocated among all of the  Certificates in proportion
to their  respective  amounts of Accrued  Certificate  Interest  payable on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the Holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable

                                             -5-

<PAGE>

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

     Adjustable Rate Certificates:  Any one of the Class A-10, Class A-11, Class
A-13 or Class A-14 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)
$104,266 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such

                                             -6-

<PAGE>

reduction,  the Master Servicer shall (i) obtain written  confirmation from each
Rating Agency that such  reduction  shall not reduce the rating  assigned to any
Class of  Certificates  by such  Rating  Agency  (without  giving  effect to the
Certificate Policy in the case of the Insured  Certificates)  below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing  Date by such  Rating  Agency  and (ii)  provide a copy of such  written
confirmation to the Trustee.

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2002-S7"  and  which  must  be an  Eligible
Account.

     Certificate  Insurance Account: The account established pursuant to Section
12.02(b) of this Series Supplement.

     Certificate  Insurance Payment: Any payment made by the Certificate Insurer
with respect to the Insured Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy:  The certificate  guaranty  insurance policy No. 38185
issued by the Certificate  Insurer for the benefit of the Holders of the Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Five.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

          (ii) the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant  to Section  4.05;  provided,  however,  that solely for
               purposes  of  determining  the  Certificate  Insurer's  rights as
               subrogee  to  the  Insured  Certificateholders,  the  Certificate
               Principal  Balance of any Insured  Certificate shall be deemed to
               not be  reduced  by any  principal  amounts  paid  to the  Holder
               thereof from Certificate Insurance Payments,  unless such amounts
               have been

                                             -7-

<PAGE>

               reimbursed  to  the  Certificate   Insurer  pursuant  to  Section
               4.02(a)(xvi) or Section 4.02(g);

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates  then outstanding (not taking into  consideration any reductions
in the  Certificate  Principal  Balance  of the  Insured  Certificates  due to a
withdrawal of funds from the Rounding Account).

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

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

        Closing Date: May 30, 2002.

        Commitment   Letter:  The  commitment  to  issue  a  financial  guaranty
insurance  policy,  dated May 29, 2002,  between the Senior  Underwriter and the
Certificate Insurer.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2002-S7.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest  U, the Class A-1,  Class A-2,  Class A-4,  Class A-5,
Class A-6, Class A-7, Class A-8, Class A-15,  Class A-16, Class R-II, Class M-1,
Class M-2,  Class M-3,  Class B-1,  Class B-2 and Class B-3  Certificates;  with
respect  to   Uncertificated   REMIC  I  Regular   Interest  V,  the  Class  A-3
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest W, the
Class A-9 and Class A-12  Certificates;  with respect to Uncertificated  REMIC I
Regular Interest X, the Class A-10 Certificates;  with respect to Uncertificated
REMIC I Regular  Interest  Y, the  Class  A-13  Certificates;  with  respect  to
Uncertificated REMIC I Regular Interest Z, the Class A-P Certificates;  and with
respect  to the  Uncertificated  REMIC I IO  Regular  Interests,  the  Class A-V
Certificates.

        Cumulative  Insurance  Payments:  As of any time of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments  previously  made  to the  Certificate  Insurer  pursuant  to  Sections
4.02(a)(xvi)  and  4.02(f)  of  this  Series  Supplement  as  reimbursement  for
Certificate Insurance Payments.

                                             -8-

<PAGE>

        Cut-off Date: May 1, 2002.

        Deceased Holder: A Certificate Owner of an Insured Certificate who was a
natural  person  living  at the  time  such  interest  was  acquired  and  whose
authorized personal representative,  surviving tenant by the entirety, surviving
joint tenant or surviving  tenant in common or other person  empowered to act on
behalf of a deceased  Certificate Owner causes to be furnished to the Depository
Participant evidence of death satisfactory to the Depository Participant and any
tax waivers requested by the Depository Participant.

     Deficiency Amount:  With respect to the Insured  Certificates and as of any
Distribution Date, an amount equal to:

        (i) any interest shortfall allocated to the Insured Certificates, except
        for (a) any  Prepayment  Interest  Shortfalls  allocated  to the Insured
        Certificates  that  were not  offset  by the  Master  Servicer  and were
        otherwise  covered by the Reserve Fund and (b) any  interest  shortfalls
        caused by the  application  of the Relief Act  allocated  to the Insured
        Certificates that were otherwise covered by the Reserve Fund;

          (ii) the  principal  portion of any Realized  Losses  allocated to the
          Insured Certificates; and

        (iii) the Certificate  Principal Balance of the Insured  Certificates to
        the extent unpaid on the Scheduled Final Distribution Date.

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

        Discount Net Mortgage Rate: 6.50% per annum.

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

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

     Floater  Certificates:  Any one of the A-10  Certificates  and  Class  A-13
Certificates.

                                             -9-

<PAGE>

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the third  anniversary  of the  Cut-off
Date, an amount equal to 1.0% 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 and (Y) from the third to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  0.50% 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 of this Series  Supplement  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  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

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

     Individual  Insured  Certificate:  An Insured  Certificate  that  evidences
$1,000 Initial Certificate Principal Balance.

        Initial Monthly Payment Fund: $59,431,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in May 2002, for those Mortgage Loans for which the Trustee will not be entitled
to receive such payment in accordance  with the definition of "Trust Fund".  The
Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional Amount:  With respect to the Class A-3A  Certificates,
approximately  $26,178,000.00.  With  respect  to the Class  A-11  Certificates,
approximately  $12,500,000.00.  With  respect  to the Class  A-14  Certificates,
approximately  $14,955,161.00.  With  respect to any Class A-V  Certificates  or
Subclass thereof issued pursuant to Section 5.01(c),  the aggregate Cut-off Date
Principal  Balance of the Mortgage  Loans  corresponding  to the  Uncertificated
Class A-V REMIC Regular Interests  represented by such Class or Subclass on such
date.

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

                                             -10-

<PAGE>

        Class M-1: 1.30%                    Class B-1: 0.20%
        Class M-2: 0.55%                    Class B-2: 0.15%
        Class M-3: 0.40%                    Class B-3: 0.15%

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

     Insured  Payment:  With respect to the Insured  Certificates  (a) as of any
Distribution Date, any Deficiency Amount, and (b) any Preference Amount.

     Interest Only Certificates: Any one of Class A-3A Certificates,  Class A-11
Certificates,  Class A-14 Certificates or Class A-V  Certificates.  The Interest
Only Certificates will have no Certificate Principal Balance.

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

     Inverse Floater  Certificates:  Any one of the Class A-11  Certificates and
Class A-14 Certificates.

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

     Living Owner: A Certificate  Owner of an Insured  Certificate  other than a
Deceased Holder.

     Lockout   Certificates:   The  Class   A-4,   Class  A-15  and  Class  A-16
Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in June 2007, 0%. For any  Distribution  Date occurring after
the first five years  following  the Closing  Date, a percentage  determined  as
follows:  (i) for any Distribution  Date during the sixth year after the Closing
Date,  30%;  (ii) for any  Distribution  Date during the seventh  year after the
Closing Date, 40%; (iii) for any Distribution  Date during the eighth year after
the Closing  Date,  60%;  (iv) for any  Distribution  Date during the ninth year
after the Closing Date, 80%; and (v) for any Distribution Date thereafter, 100%.

        Maturity Date: With respect to each Class of Certificates, May 25, 2032,
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:

                                             -11-

<PAGE>

        (a)    the Mortgage Loan identifying number ("RFC LOAN #");
        (b)    the maturity of the Mortgage Note ("MATURITY DATE");
        (c)    the Mortgage Rate ("ORIG RATE");
        (d)    the Subservicer pass-through rate ("CURR NET");
        (e)    the Net Mortgage Rate ("NET MTG RT");
        (f)    the Pool Strip Rate ("STRIP");

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

        (h)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");
        (i)    the Loan-to-Value Ratio at origination ("LTV");
        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");
        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence.

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

        Notional Amount: As of any Distribution  Date, with respect to the Class
A-3A  Certificates,  an  amount  equal to the  aggregate  Certificate  Principal
Balance of the Class A-3 Certificates. For federal income tax purposes, however,
as of any Distribution  Date, with respect to the Class A-3A  Certificates,  the
equivalent of the foregoing,  expressed as the Uncertificated  Principal Balance
of  Uncertificated  REMIC I Regular  Interest  V. As of the  Closing  Date,  the
Notional  Amount  of the  Class  A-3A  Certificates  is equal  to  approximately
$26,178,000.00.  As of any  Distribution  Date,  with  respect to the Class A-11
Certificates,  an amount equal to the aggregate Certificate Principal Balance of
the Class A-10 Certificates. For federal income tax purposes, however, as of any
Distribution Date, with respect to the Class A-11  Certificates,  the equivalent
of  the  foregoing,   expressed  as  the  Uncertificated  Principal  Balance  of
Uncertificated  REMIC I Regular Interest X. As of the Closing Date, the Notional
Amount of the Class A-11 Certificates is equal to approximately  $12,500,000.00.
As of any  Distribution  Date, with respect to the Class A-14  Certificates,  an
amount equal to the aggregate  Certificate  Principal  Balance of the Class A-13
Certificates.  For federal income tax purposes,  however, as of any Distribution
Date,  with  respect  to the Class  A-14  Certificates,  the  equivalent  of the
foregoing,  expressed as the Uncertificated  Principal Balance of Uncertificated
REMIC I Regular  Interest Y. As of the Closing Date, the Notional  Amount of the
Class A-14  Certificates  is equal to  approximately  $14,955,161.00.  As of any
Distribution  Date,  with  respect  to any Class A-V  Certificates  or  Subclass
thereof  issued  pursuant to Section  5.01(c),  the aggregate  Stated  Principal
Balance of the Mortgage  Loans  corresponding  to the  Uncertificated  Class A-V
REMIC  Regular  Interests  represented  by such Class or  Subclass as of the day
immediately  preceding such  Distribution  Date (or, with respect to the initial
Distribution Date, at the close of business on the Cut-off Date).

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the Floater Certificates,  Inverse Floater Certificates,  Class A-V Certificates
and Principal Only Certificates), Class M Certificates, Class B Certificates and
Class R Certificates and any Distribution Date, the

                                             -12-

<PAGE>

per annum rates set forth in the Preliminary  Statement hereto.  With respect to
the Class A-10 Certificates and the initial Interest Accrual Period,  2.340% per
annum, and as to any Interest Accrual Period thereafter,  a per annum rate equal
to LIBOR plus 0.50%,  subject to a maximum rate of 8.50% per annum and a minimum
rate of 0.50% per annum.  With  respect to the Class A-11  Certificates  and the
initial  Interest  Accrual  Period,  6.160%  per annum,  and as to any  Interest
Accrual Period thereafter,  a per annum rate equal to 8.00% minus LIBOR, subject
to a maximum rate of 8.00% per annum and a minimum rate of 0.00% per annum. With
respect to the Class A-13  Certificates and the initial Interest Accrual Period,
2.390% 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.  With respect to the Class A-14  Certificates
and the  initial  Interest  Accrual  Period,  6.110%  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.  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  0.1649%  per  annum.  With  respect  to any  Subclass  of  Class  A-V
Certificates  and any Distribution  Date, a rate equal to the weighted  average,
expressed  as a  percentage,  of the  Pool  Strip  Rates of all  Mortgage  Loans
corresponding  to  the   Uncertificated   Class  A-V  REMIC  Regular   Interests
represented  by such  Subclass  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution  Date (or
with respect to the initial  Distribution  Date, at the close of business on the
Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.

        Preference   Amount:   Any   amount   previously    distributed   to   a
Certificateholder on an Insured Certificate that is recoverable and sought to be
recovered as a voidable  preference by a trustee in  bankruptcy  pursuant to the
United  States  Bankruptcy  Code (11 U.S.C.),  as amended from time to time,  in
accordance  with  a  final  nonappealable  order  of a  court  having  competent
jurisdiction.

        Prepayment Assumption: A prepayment assumption of 275% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

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

                                             -13-

<PAGE>

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

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

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

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

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

     Random Lot: With respect to any Distribution  Date, the method by which the
Depository will determine  which Insured  Certificates  will be paid,  using its
established random lot procedures

                                             -14-

<PAGE>

or, if the  Insured  Certificates  are no  longer  represented  by a  Book-Entry
Certificate, using the Trustee's procedures.

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

     Relief  Act:  The  Soldiers'  and  Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

     Relief Act Shortfalls:  Shortfalls in interest  payable by a Mortgagor that
is not collectable from the Mortgagor pursuant to the Relief Act.

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

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

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

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

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any,  and the  interest  in the Surety  Bond  transferred  to the
               Trustee pursuant to Section 2.01 of the Standard Terms, and

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

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund, the Rounding Account and the Reserve Fund.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1, Class A-2, Class A-3, Class A-3A, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A- 10, Class A-11,  Class
A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-P, Class A-V,

                                             -15-

<PAGE>

Class M-1,  Class  M-2,  Class M-3,  Class  B-1,  Class B-2,  Class B-3 and R-II
Certificates  pursuant to Section 2.06,  with respect to which a separate  REMIC
election is to be made. The REMIC election with respect to REMIC II specifically
excludes the Initial Monthly Payment Fund, the Rounding  Account and the Reserve
Fund.

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

        Reserve Fund:  Any one or more  segregated  trust  accounts  established
pursuant  to Section  4.11 that are  Eligible  Accounts,  which  shall be titled
"Reserve Fund,  Bank One,  National  Association,  as trustee for the registered
holders of Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 2002-S7, Class A-3."

        Reserve Fund Deposit:  $11,000.

        Reserve Fund Withdrawal:  As defined in Section 4.11.

     Rounding  Account:  With respect to the Insured  Certificates,  the account
created and maintained for such Insured Certificates pursuant to Section 4.12.

        Rounding  Amount:  With respect to the Rounding  Account,  the amount of
funds,  if any,  needed  to be  withdrawn  and used to round  the  amount of any
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates upward to the next higher integral multiple of $1,000.

        Scheduled Final Distribution Date: May 25, 2032.

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

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

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

                                             -16-

<PAGE>

Senior   Certificateholders  on  such  Distribution  Date  pursuant  to  Section
4.02(a)(ii)(Y),   (xvii)  and  (xviii)  of  this  Series   Supplement   and  the
distribution of the Insurance Premium.

        Senior Support Certificates:  Any of the Class A-15 Certificates.

        Senior Underwriter: Salomon Smith Barney Inc.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$4,131,779  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated. For each anniversary of the Cut- off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  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
49.92% (which  percentage is equal to the percentage of Mortgage Loans initially
secured by Mortgaged Properties located in the State of California) and (ii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution  Date) of the largest Mortgage Loan secured by a Mortgaged Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
located in the State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the Senior Certificates; (ii) such Class's

                                             -17-

<PAGE>

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

        Super Senior Certificates: Any of the Class A-4 Certificates.

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

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

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

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

                                             -18-

<PAGE>

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

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

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

        Uncertificated Class A-V REMIC Regular Interests: The 692 uncertificated
partial  undivided  beneficial  ownership  interests in the Trust Fund  numbered
sequentially  from 1 through 692 each relating to the  particular  Mortgage Loan
identified by sequential  number on the Mortgage Loan  Schedule,  each having no
principal balance, and each bearing the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$248,492,451.40  with respect to Uncertificated REMIC I Regular Interest U, (ii)
$26,178,000.00 with respect to Uncertificated  REMIC I Regular Interest V, (iii)
$109,820,645.00  with respect to Uncertificated REMIC I Regular Interest W, (iv)
$12,500,000.00  with respect to  Uncertificated  REMIC I Regular Interest X, (v)
$14,955,161.00  with respect to  Uncertificated  REMIC I Regular Interest Y, and
(vi) $ 1,231,617.98 with respect to  Uncertificated  REMIC I Regular Interest Z,
minus  (B)  the  sum of (x)  the  aggregate  of all  amounts  previously  deemed
distributed   with   respect  to  such   interest  and  applied  to  reduce  the
Uncertificated Principal Balance thereof pursuant to Section 4.09(a)(ii) and (y)
the aggregate of all reductions in  Uncertificated  Principal  Balance deemed to
have occurred in connection  with Realized  Losses that were  previously  deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.09(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  U, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the  definition  thereof on the Class A-1,  Class A-2,
Class A-4, Class A-5,  Class A-6, Class A-7, Class A-8, Class A-15,  Class A-16,
Class R-II,  Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates  if the Pass-  Through  Rate on each such  Class  were equal to the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balances were the  Certificate  Principal  Balances,  (ii) as to  Uncertificated
REMIC I Regular  Interest V, an amount equal to the aggregate  amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-3 Certificates if the  Pass-Through  Rate on each such Class were
equal to the  Uncertificated  REMIC I Pass-Through  Rate and the  Uncertificated
Principal  Balances  were  the  Certificate  Principal  Balances,  (iii)  as  to
Uncertificated  REMIC I Regular  Interest  W, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof  on  the  Class  A-9  and  Class  A-12  Certificates  if the
Pass-Through  Rate on each such Class were equal to the  Uncertificated  REMIC I
Pass-Through Rate and the Uncertificated Principal Balances were the Certificate
Principal

                                             -19-

<PAGE>

Balances,  (iv) as to Uncertificated REMIC I Regular Interest X, an amount equal
to the aggregate amount of Accrued Certificate  Interest that would result under
the terms of the  definition  thereof  on the  Class  A-10  Certificates  if the
Pass-Through  Rate on each such Class were equal to the  Uncertificated  REMIC I
Pass-Through Rate and the Uncertificated Principal Balances were the Certificate
Principal  Balances,  (v) as to  Uncertificated  REMIC I Regular  Interest Y, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition  thereof on the Class A-13 Certificates
if the  Pass-Through  Rate on each such Class  were equal to the  Uncertificated
REMIC I Pass-Through  Rate and the  Uncertificated  Principal  Balances were the
Certificate  Principal Balances,  and (iv) as to each Uncertificated  REMIC I IO
Regular Interest, an amount equal to the aggregate amount of Accrued Certificate
Interest  that would  result under the terms of the  definition  thereof on each
such  uncertificated  interest,  if the Pass-Through Rate on such uncertificated
interest was equal to the related  Uncertificated  REMIC I Pass-Through Rate and
the  notional  amount of such  uncertificated  interest was equal to the related
Uncertificated REMIC I IO Notional Amount;  provided,  that any reduction in the
amount  of  Accrued  Certificate  Interest  resulting  from  the  allocation  of
Prepayment  Interest  Shortfalls,  Realized  Losses  or  other  amounts  to  the
Certificates  pursuant to Sections 4.02(a) and 4.05 hereof shall be allocated to
the Uncertificated REMIC I Regular Interests for which such Certificates are the
Corresponding Certificated Interests.

        Uncertificated  REMIC  I  IO  Notional  Amount:  With  respect  to  each
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the  aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I Regular  Interests  U, V, W, X, Y and Z,  6.50%,  6.50%,
6.00%,  8.50%,  8.50% and 0.00%,  respectively.  With respect to  Uncertificated
REMIC I IO  Regular  Interest,  an amount  equal to the Pool  Strip Rate for the
related Mortgage Loan.

        Uncertificated  REMIC I Regular  Interest U: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-1,  Class
A-2, Class A-4,  Class A-5,  Class A-6, Class A-7, Class A-8, Class A-15,  Class
A-16,  Class R-II,  Class M-1,  Class M-2,  Class M-3,  Class B-1, Class B-2 and
Class B-3  Certificates,  and which bears  interest at a rate equal to 6.50% per
annum.

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

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate Principal Balance of the Class A-9 and Class
A-12 Certificates and which bears interest at a rate equal to 6.00% per annum.

        Uncertificated  REMIC I Regular  Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of  the  Class  A-10
Certificates and which bears interest at a rate equal to 8.50% per annum.

                                             -20-

<PAGE>

        Uncertificated  REMIC I Regular  Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of  the  Class  A-13
Certificates, and which bears interest at a rate equal to 8.50% per annum.

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

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest U, Uncertificated  REMIC I Regular Interest V,  Uncertificated  REMIC I
Regular Interest W,  Uncertificated  REMIC I Regular Interest X,  Uncertificated
REMIC I Regular  Interest Y,  Uncertificated  REMIC I Regular Interest Z and the
Uncertificated Class A-V REMIC Regular Interests.

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

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

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

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

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

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

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

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   U   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   W   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   X   Distribution   Amount,   the
Uncertificated REMIC I

                                             -21-

<PAGE>

Regular  Interest Y  Distribution  Amount,  the  Uncertificated  REMIC I Regular
Interest  Z  Distribution  Amount  and the  Uncertificated  REMIC  I IO  Regular
Interest Distribution Amount.

     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 on each LIBOR Rate Adjustment Date.

        On each LIBOR Rate Adjustment Date (other than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period,  will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m.,  London
time, on such LIBOR Rate Adjustment Date.  "Telerate Screen Page 3750" means the
display  designated as page 3750 on the Telerate  Service (or such other page as
may  replace  page 3750 on that  service for the  purpose of  displaying  London
interbank  offered rates of major  banks).  If such rate does not appear on such
page (or such other page as may replace  that page on that  service,  or if such
service is no longer offered, LIBOR shall be so established by use of such other
service  for  displaying  LIBOR or  comparable  rates as may be  selected by the
Trustee  after  consultation  with the  Master  Servicer),  the rate will be the
Reference Bank Rate.  The "Reference  Bank Rate" will be determined on the basis
of the rates at which  deposits in U.S.  Dollars  are  offered by the  reference
banks (which shall be any three major banks that are engaged in  transactions in
the London interbank market, selected by the Trustee after consultation with the
Master  Servicer) as of 11:00 a.m.,  London time,  on the LIBOR Rate  Adjustment
Date to prime banks in the London  interbank market for a period of one month in
amounts  approximately equal to the aggregate  Certificate  Principal Balance of
the 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, 1.84%;  provided however,  if, under the priorities listed
previously in this  paragraph,  LIBOR for a Distribution  Date would be based on
LIBOR for the previous Distribution Date for the third

                                             -22-

<PAGE>

consecutive   Distribution   Date,  the  Trustee  shall  select  an  alternative
comparable  index over which the Trustee has no  control,  used for  determining
one-month Eurodollar lending rates that is calculated and published or otherwise
made available by an independent party.

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

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

                                             -23-

<PAGE>

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

                      (iv) To the best of the Company's knowledge, if a Mortgage
               Loan is  secured by a  Mortgaged  Property  with a  Loan-to-Value
               Ratio at  origination in excess of 80%, such Mortgage Loan is the
               subject of a Primary  Insurance  Policy that  insures that (a) at
               least 30% of the Stated Principal Balance of the Mortgage Loan at
               origination  if the  Loan-to-Value  Ratio is  between  95.00% and
               90.01%,  (b) at least 25% of such  balance  if the  Loan-to-Value
               Ratio is between 90.00% and 85.01%,  and (c) at least 12% of such
               balance if the Loan-to-Value  Ratio is between 85.00% and 80.01%.
               To the  best  of  the  Company's  knowledge,  each  such  Primary
               Insurance  Policy is in full force and effect and the  Trustee is
               entitled to the benefits thereunder;

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

                                             -24-

<PAGE>

                      (vi) No more than 1.0% 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) 11.87% of the Mortgage Loans were underwritten  under a
               reduced loan documentation program;

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

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

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

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

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

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

                                             -25-

<PAGE>

               property at the time of origination  of the  refinanced  Mortgage
               Loan or (b) the Loan-  to-Value  Ratio of the Mortgage Loan as of
               the date of origination of the Mortgage Loan generally  meets the
               Company's underwriting guidelines;

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

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

                    (xviii)None of the Mortgage Loans are Pledged Asset Loans or
               Additional Collateral Loans.

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

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

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

               Section 2.05 Execution and Authentication of Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together

                                             -26-

<PAGE>

with the  assignment  to it of all other  assets  included  in the  Trust  Fund,
receipt of which is hereby acknowledged.  Concurrently with such delivery and in
exchange therefor,  the Trustee,  pursuant to the written request of the Company
executed  by  an  officer  of  the  Company  has   executed  and  caused  to  be
authenticated and delivered to or upon the order of the Company the Certificates
in authorized denominations which evidence ownership of the entire Trust Fund.

                                             -27-

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                      -28-

<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,  to  the  Certificate  Insurer,  in the  case  of a
        distribution pursuant to Section 4.02(a)(xvi) below, the amount required
        to be  distributed  to  the  Certificate  Insurer  pursuant  to  Section
        4.02(a)(xvi) below, and to each  Certificateholder of record on the next
        preceding Record Date (other than as provided in Section 9.01 respecting
        the final distribution),  either (1) in immediately  available funds (by
        wire transfer or otherwise) to the account of such  Certificateholder at
        a bank or other entity having appropriate  facilities therefor,  if such
        Certificateholder  has so  notified  the Master  Servicer  or the Paying
        Agent, as the case may be, or (2) if such  Certificateholder  has not so
        notified the Master  Servicer or the Paying Agent by the Record Date, by
        check  mailed to such  Certificateholder  at the  address of such Holder
        appearing in the Certificate Register,  such  Certificateholder's  share
        (which share (A) with respect to each Class of Certificates  (other than
        any  Subclass  of the  Class  A-V  Certificates),  shall be based on the
        aggregate of the Percentage Interests represented by Certificates of the
        applicable Class held by such Holder or (B) with respect to any Subclass
        of the Class A-V  Certificates,  shall be equal to the  amount  (if any)
        distributed  pursuant  to Section  4.02(a)(i)  below to each Holder of a
        Subclass  thereof) of the following  amounts,  in the following order of
        priority  (subject to the provisions of Section 4.02(b) below),  in each
        case to the extent of the Available  Distribution  Amount together with,
        as to the Insured Certificates,  any Reserve Fund Withdrawal pursuant to
        Section 4.11 of this Series  Supplement and any Insured Payment pursuant
        to Section 12.02 of this Series Supplement:

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

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

                             (Y) to the  Senior  Certificates  (other  than  the
               Class A-P Certificates),  in the priorities and amounts set forth
               in Section 4.02(b)(ii) through

                                             -29-

<PAGE>

               Section 4.02(e),  the sum of the following (applied to reduce the
               Certificate  Principal Balances of such Senior  Certificates,  as
               applicable):

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

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

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

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

                             (B) with respect to each  Mortgage Loan for which a
                      Cash Liquidation or a REO Disposition  occurred during the
                      preceding calendar

                                             -30-

<PAGE>

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

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

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

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

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

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

                                             -31-

<PAGE>

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

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

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

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

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

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

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

                                             -32-

<PAGE>

               (xv) of this Series Supplement are insufficient therefor, applied
               in reduction of the  Certificate  Principal  Balance of the Class
               B-1 Certificates;

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

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

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

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

                      (xvi)  to the  Certificate  Insurer,  as  subrogee  of the
               Insured Certificateholders,  an amount necessary to reimburse the
               Certificate Insurer for claims paid under the Certificate Policy,
               to the extent of  Cumulative  Insurance  Payments  on the Insured
               Certificates;

                      (xvii) to the Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing distributions,  together with Insured Payments pursuant
               to Section 12.02 herein and any Reserve Fund Withdrawals pursuant
               to  Section   4.11  herein  each  with  respect  to  the  Insured
               Certificates and Rounding Account withdrawals with respect to the
               Insured Certificates, applied to reduce the Certificate Principal
               Balances of such Senior  Certificates,  but in no event more than
               the aggregate of the outstanding  Certificate  Principal Balances
               of each such Class of Senior  Certificates,  and  thereafter,  to
               each Class of Subordinate Certificates then outstanding beginning
               with such Class with the  Highest  Priority,  any  portion of the
               Available   Distribution   Amount   remaining  after  the  Senior
               Certificates have been

                                             -33-

<PAGE>

               retired,  applied to reduce the Certificate  Principal Balance of
               each such Class of Subordinate Certificates, but in no event more
               than the outstanding  Certificate  Principal Balance of each such
               Class of Subordinate Certificates; and

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

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

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

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

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

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

                             (C) in connection with the Cash  Liquidation or REO
                      Disposition  of a  Discount  Mortgage  Loan  that  did not
                      result in any Excess Special Hazard

                                             -34-

<PAGE>

                      Losses,  Excess Fraud Losses,  Excess Bankruptcy Losses or
                      Extraordinary Losses, an amount equal to the lesser of (1)
                      the applicable  Discount  Fraction of the Stated Principal
                      Balance of such Discount  Mortgage Loan immediately  prior
                      to such  Distribution Date and (2) the aggregate amount of
                      the  collections  on such  Discount  Mortgage  Loan to the
                      extent applied as recoveries of principal;

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

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

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

                      (iii) the  balance  of the Senior  Principal  Distribution
        Amount remaining after the  distribution  described in clause (ii) above
        shall be distributed to the Lockout Certificates,  concurrently on a pro
        rata basis, in reduction of the Certificate  Principal Balances thereof,
        in  an  amount   equal  to  the  Lockout   Percentage   of  the  Lockout
        Certificates' pro rata share (based on the Certificate Principal Balance
        thereof relative to the aggregate  Certificate  Principal Balance of all
        classes  of  Senior   Certificates   (other  than  the  Principal   Only
        Certificates)),  until the Certificate  Principal  Balances thereof have
        been reduced to zero;

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

               (A) 76.2268279457% in the following manner and priority:

                                    (1) first, concurrently as follows:

               (a)  22.2449615162%  to the  Class  A-5  Certificates,  until the
          Certificate Principal Balance thereof has been reduced to zero;

               (b)  14.3398874405%  to the Class  A-12  Certificates,  until the
          Certificate Principal Balance thereof has been reduced to zero;

                                             -35-

<PAGE>

               (c)  3.5849717489%  to the  Class  A-13  Certificates,  until the
          Certificate Principal Balance thereof has been reduced to zero;

               (d) 32.0239773991%,  sequentially,  to the Class A-7 Certificates
          and  Class  A-8  Certificates,  in each  case  until  the  Certificate
          Principal Balance thereof has been reduced to zero;

               (e)  22.2449615162%  to the  Class  A-9  Certificates,  until the
          Certificate Principal Balance thereof has been reduced to zero; and

               (f)  5.5612403791%  to the  Class  A-10  Certificates,  until the
          Certificate Principal Balance thereof has been reduced to zero; and

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

          (B)  23.7731720543% in the following manner and priority:

                    (1) first, concurrently as follows:

                    (a) 46.5216535036% to the Class A-1 Certificates,  until the
               Certificate  Principal  Balance thereof has been reduced to zero;
               and

                    (b) 53.4783464964%, to the Class A-12 Certificates and Class
               A-13  Certificates,  on a pro rata basis,  in each case until the
               Certificate  Principal  Balance thereof has been reduced to zero;
               and

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

                      (v)  the  balance  of the  Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii) through  (iv) shall be  distributed  to the Class A-3  Certificates
        until the  Certificate  Principal  Balance  thereof has been  reduced to
        zero; and

                      (vi) the  balance  of the  Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii) through (v) shall be  distributed  to the Class A-4, Class A-15 and
        Class A-16 Certificates,  concurrently on a pro rata basis, in each case
        until the  Certificate  Principal  Balance  thereof has been  reduced to
        zero.

                                             -36-

<PAGE>

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

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

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

               (f) In addition to the foregoing  distributions,  with respect to
        any Mortgage Loan that was previously the subject of a Cash  Liquidation
        or an REO  Disposition  that  resulted in a Realized  Loss, in the event
        that  within  two  years  of the date on which  such  Realized  Loss was
        determined to have occurred the Master Servicer receives amounts,  which
        the  Master  Servicer  reasonably   believes  to  represent   subsequent
        recoveries (net of any related liquidation expenses), or determines that
        it  holds  surplus  amounts  previously   reserved  to  cover  estimated
        expenses, specifically related to such Mortgage Loan (including, but not

                                             -37-

<PAGE>

        limited to, recoveries in respect of the  representations and warranties
        made by the related Seller pursuant to the applicable Seller's Agreement
        and  assigned  to the  Trustee  pursuant  to Section  2.04),  the Master
        Servicer   shall    distribute    such   amounts   to   the   applicable
        Certificateholders  of the Class or Classes to which such  Realized Loss
        was  allocated  (or to the  Certificate  Insurer,  as  subrogee  for the
        Insured Certificateholders, to the extent the Certificate Insurer made a
        Insured  Payment in respect of such Realized Loss, if applicable)  (with
        the amounts to be  distributed  allocated  among such Classes (or to the
        Certificate  Insurer) in the same  proportions as such Realized Loss was
        allocated),  and  within  each such Class to the  Certificateholders  of
        record as of the  Record  Date  immediately  preceding  the date of such
        distribution (or if such Class of Certificates is no longer outstanding,
        to the  Certificateholders of record at the time that such Realized Loss
        was  allocated);  provided  that no such  distribution  to any  Class of
        Certificates of subsequent  recoveries  related to a Mortgage Loan shall
        exceed,  either  individually  or in the aggregate and together with any
        other amounts paid in reimbursement  therefor, the amount of the related
        Realized  Loss  that  was  allocated  to  such  Class  of  Certificates.
        Notwithstanding  the foregoing,  no such distribution shall be made with
        respect to the  Certificates  of any Class to the extent that either (i)
        such Class was protected  against the related  Realized Loss pursuant to
        any instrument or fund  established  under Section 11.01(e) or (ii) such
        Class of  Certificates  has been deposited into a separate trust fund or
        other structuring vehicle and separate certificates or other instruments
        representing  interests therein have been issued in one or more classes,
        and  any  of  such  separate  certificates  or  other  instruments  were
        protected  against the  related  Realized  Loss  pursuant to any limited
        guaranty, payment obligation, irrevocable letter of credit, surety bond,
        insurance  policy  or  similar  instrument  or  a  reserve  fund,  or  a
        combination thereof. Any amount to be so distributed with respect to the
        Certificates of any Class shall be distributed by the Master Servicer to
        the  Certificateholders  of record  as of the  Record  Date  immediately
        preceding  the  date  of  such  distribution  (i)  with  respect  to the
        Certificates of any Class (other than the Class A-V Certificates),  on a
        pro rata basis  based on the  Percentage  Interest  represented  by each
        Certificate  of such Class as of such Record Date and (ii) with  respect
        to the Class A-V  Certificates,  to the  Class A-V  Certificates  or any
        Subclass thereof in the same proportion as the related Realized Loss was
        allocated.  Any amounts to be so distributed shall not be remitted to or
        distributed  from  the  Trust  Fund,  and  shall  constitute  subsequent
        recoveries  with respect to Mortgage  Loans that are no longer assets of
        the Trust Fund.

               (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

                                             -38-

<PAGE>

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

               (i)  Notwithstanding  the priorities relating to distributions of
        principal  among  the  Insured  Certificates  described  above,  on  any
        Distribution Date,  distributions in respect of principal on the Insured
        Certificates  will be  allocated  among  the  Certificate  Owners of the
        Insured  Certificates as set forth in Section 4.13. On each Distribution
        Date on which amounts are available  for  distributions  in reduction of
        the   Certificate   Principal   Balance  of  the  Insured   Certificates
        (including,   for  purposes  of  this  paragraph,  the  portion  of  any
        Certificate  Insurance  Payment  allocable to  principal)  the aggregate
        amount  available for such  distributions  will be rounded upward by the
        Rounding  Amount.  Such  rounding  will  be  accomplished  on the  first
        Distribution Date on which distributions in reduction of the Certificate
        Principal  Balance of the Insured  Certificates  are made by withdrawing
        from the  Rounding  Account the  Rounding  Amount for  deposit  into the
        Certificate  Account,  and  such  Rounding  Amount  will be added to the
        amount  that  is  available  for   distributions  in  reduction  of  the
        Certificate  Principal  Balance  of the  Insured  Certificates.  On each
        succeeding  Distribution Date on which distributions in reduction of the
        Certificate  Principal  Balance of the  Insured  Certificates  are made,
        first,  the aggregate  amount available for distribution in reduction of
        the Certificate  Principal  Balance of the Insured  Certificates will be
        applied to repay the Rounding Amount withdrawn from the Rounding Account
        on the prior Distribution Date and then, the remainder of such allocable
        amount,  if any,  will  be  similarly  rounded  upward  through  another
        withdrawal from the Rounding Account and such determined Rounding Amount
        will be  added to the  amount  that is  available  for  distribution  in
        reduction  of  the   Certificate   Principal   Balance  of  the  Insured
        Certificates.  Any funds  remaining  in the Rounding  Account  after the
        Certificate  Principal Balance of the Insured Certificates is reduced to
        zero shall be distributed to the Class R-II Certificateholders.

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

        (e) The Trustee  will make the reports  referred to in this Section 4.03
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders,  the Certificate
Insurer and other parties to the Agreement via the Trustee's  website,  which is
presently  located at  www.abs.bankone.com.  Persons  that are unable to use the
above  website are  entitled to have a paper copy mailed to them via first class
mail by calling the Trustee at (800) 524-9472.  The Trustee shall have the right
to change the way the reports referred

                                             -39-

<PAGE>

to in this Section 4.03 are distributed in order to make such  distribution more
convenient   and/or   more   accessible   to  the  above   parties  and  to  the
Certificateholders and the Certificate Insurer. The Trustee shall provide timely
and  adequate  notification  to  all  the  parties  mentioned  above  and to the
Certificateholders and the Certificate Insurer regarding any such change.

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

        Section 4.05  Allocation of Realized Losses.

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

                                             -40-

<PAGE>

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

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

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

          Section 4.08 [Reserved]

          Section 4.09  Distributions  on the  Uncertificated  REMIC  I  Regular
               Interests.

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

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

            (ii) In accordance  with the priority set forth in Section  4.09(b),
        an  amount  equal to the sum of the  amounts  in  respect  of  principal
        distributable on the Class A-1 Certificates,

                                             -41-

<PAGE>

        Class A-2 Certificates,  Class A-3 Certificates, Class A-4 Certificates,
        Class A-5 Certificates,  Class A-6 Certificates, Class A-7 Certificates,
        Class A-8 Certificates, Class A-9 Certificates, Class A-10 Certificates,
        Class   A-12   Certificates,   Class   A-13   Certificates,   Class  A-P
        Certificates,  Class M-1 Certificates, Class M-2 Certificates, Class M-3
        Certificates, Class B- 1 Certificates, Class B-2 Certificates, Class B-3
        Certificates  and Class R-II  Certificates  under  Section  4.02(a),  as
        allocated thereto pursuant to Section 4.02(b).

        (b)  The  amount  described  in  Section  4.09(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   U,  (ii)
Uncertificated  REMIC I Regular Interest V, (iii) Uncertificated REMIC I Regular
Interest W,  (iv)Uncertificated  REMIC I Regular  Interest X,  (v)Uncertificated
REMIC I Regular  Interest Y and (vi)  Uncertificated  REMIC I Regular Interest Z
with the amount to be distributed  allocated  among such interests in accordance
with the priority  assigned to the (i) Class A-1,  Class A-2,  Class A-4,  Class
A-5, Class A-6, Class A-7, Class A-8, Class A-15,  Class A-16, Class R-II, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, (ii)
Class A-3 Certificates,  (iii) Class A-9 and Class A-12 Certificates, (iv) Class
A-10 Certificates,  (v) Class A-13 Certificates and (vi) Class A-P Certificates,
respectively,  under Section 4.02(b) until the Uncertificated  Principal Balance
of each such interest is reduced to zero.

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

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

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

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

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

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

                                             -42-

<PAGE>

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

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

        Section 4.11  Reserve Fund.

        No later than the Closing Date,  the Trustee will establish and maintain
the Reserve Fund. On the Closing Date the Senior  Underwriter shall deposit with
the Trustee,  and the Trustee shall  deposit into the Reserve  Fund,  cash in an
amount equal to the Reserve Fund Deposit.

        The  Master  Servicer  shall  direct  the  Trustee  in  writing  on each
Distribution Date to withdraw amounts on deposit in the Reserve Fund for deposit
into  the  Certificate  Account,  and  to  pay to  the  holders  of the  Insured
Certificates  pursuant to Section  4.02(a),  the amount of  Prepayment  Interest
Shortfalls  and  Relief  Act  Shortfalls  otherwise  allocable  to  the  Insured
Certificates  pursuant to the definition of Accrued Certificate Interest (to the
extent not  offset by the Master  Servicer  pursuant  to Section  3.16(e) of the
Standard Terms),  and to the extent of funds on deposit in the Reserve Fund (the
amount  of  such  withdrawal  for  any  Distribution  Date,  the  "Reserve  Fund
Withdrawal").

        For federal  income tax purposes,  the Senior  Underwriter  shall be the
owner of the Reserve Fund and shall report all items of income,  deduction, gain
or loss arising therefrom.  Notwithstanding anything herein to the contrary, the
Reserve  Fund  shall not be an asset of any  REMIC.  The  Reserve  Fund shall be
invested in Permitted  Investments  at the direction of the Senior  Underwriter.
All income and gain realized from  investment of funds  deposited in the Reserve
Fund  shall be  deposited  in the  Reserve  Fund for the sole use and  exclusive
benefit of the Reserve  Fund.  The amount of any loss incurred in respect of any
such  investments  shall  be  deposited  in  the  Reserve  Fund  by  the  Senior
Underwriter  out of its own funds  immediately as realized  without any right of
reimbursement.  The  balance,  if  any,  remaining  in the  Reserve  Fund on the
Distribution  Date on which the  Certificate  Principal  Balance of the  Insured
Certificates is reduced to zero will be distributed by the Trustee to the Senior
Underwriter.  To the extent that the Reserve Fund constitutes a reserve fund for
federal income tax purposes,  (1) it shall be an outside reserve fund and not an
asset of any  REMIC  and (2) it shall be owned by the  Senior  Underwriter,  all
within the  meaning of Section  1.860G-2(h)  of the  Treasury  Regulations.  The
Reserve  Fund may not be owned by more than one Person and for all  federal  tax
purposes,  any  amounts  transferred  by any REMIC to the  Reserve  Fund will be
treated as amounts distributed by any REMIC to the Senior Underwriter.

        Section 4.12  Rounding Account.

        No later than the Closing Date,  the Trustee will establish and maintain
with itself a segregated trust account that is an Eligible Account,  which shall
be titled "Rounding Account, Bank

                                             -43-

<PAGE>

One, National Association,  as trustee for the registered holders of Residential
Funding Mortgage Securities I, Inc., Mortgage Pass-Through Certificates,  Series
2002-S7,  Class A-3." On the Closing Date, the Senior  Underwriter shall deposit
with the Trustee, and the Trustee shall deposit into the Rounding Account,  cash
in an amount equal to $999.99.

        The  Trustee on each  Distribution  Date shall,  based upon  information
provided by the Master  Servicer  for the related  Distribution  Date,  withdraw
funds from the Rounding Account to pay the Rounding Amount to the Holders of the
Insured  Certificates  pursuant to Section 4.02(j). In addition,  the Trustee on
each  Distribution  Date shall,  based upon  information  provided by the Master
Servicer for the related  Distribution Date, withdraw funds from the Certificate
Account to repay to the  Rounding  Account  the  Rounding  Amount from the prior
Distribution Date as contemplated in Section 4.02(i).

        Section 4.13  Principal Distributions on the Insured Certificates.

        Distributions in reduction of the Certificate  Principal  Balance of the
Insured Certificates will be made in integral multiples of $1,000 at the request
of  the  appropriate   representatives  of  Deceased  Holders  of  such  Insured
Certificates and at the request of Living Owners of such Insured Certificates or
by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below,
or on a pro rata basis pursuant to clause (e) below.

        (a) On each Distribution Date on which distributions in reduction of the
Certificate  Principal  Balance  of the  Insured  Certificates  are  made , such
distributions  will be made in the  following  priority  among  the  Certificate
Owners of the Insured Certificates:

               (i) any  request by the  personal  representatives  of a Deceased
        Holder or by a surviving  tenant by the entirety,  by a surviving  joint
        tenant  or by a  surviving  tenant  in  common,  but  not  exceeding  an
        aggregate amount of $100,000 per request; and

               (ii)  any  request  by a  Living  Owner,  but  not  exceeding  an
          aggregate amount of $10,000 per request.

        Thereafter,  distributions  will be made,  with  respect to the  Insured
Certificates,  as provided in clauses (i) and (ii) above up to a second $100,000
and $10,000, respectively. This sequence of priorities will be repeated for each
request  for  principal  distributions  made by the  Certificate  Owners  of the
Insured Certificates until all such requests have been honored.

        Requests for  distributions  in reduction of the  Certificate  Principal
Balance of the Insured  Certificates  presented on behalf of Deceased Holders in
accordance  with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository.  Requests for distributions in reduction of the
Certificate Principal Balance of the Insured Certificate presented in accordance
with the  provisions of clause (ii) above will be accepted in the order of their
receipt by the Depository after all requests presented in accordance with clause
(i) above have been honored.  All requests for distributions in reduction of the
Certificate  Principal  Balance of the Insured  Certificates will be accepted in
accordance  with the provisions set forth in Section  4.13(c).  All requests for
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates with respect to any

                                             -44-

<PAGE>

Distribution  Date must be received by the  Depository  and on the  Depository's
"participant  terminal  system"  and  received  by the Trustee no later than the
close of business on the related Record Date.  Requests for  distributions  that
are on the Depository's  participant terminal system and received by the Trustee
after the related Record Date and requests,  in either case,  for  distributions
not accepted with respect to any Distribution  Date, will be treated as requests
for  distributions in reduction of the Certificate  Principal Balance of Insured
Certificates  on the next  succeeding  Distribution  Date,  and each  succeeding
Distribution Date thereafter,  until such request is accepted or is withdrawn as
provided in Section 4.13(c).  Such requests as are not so withdrawn shall retain
their order of priority  without the need for any further  action on the part of
the appropriate  Certificate  Owner of the related Insured  Certificate,  all in
accordance  with the  procedures  of the  Depository  and the Trustee.  Upon the
transfer  of  the  beneficial   ownership  of  the  Insured   Certificate,   any
distribution  request previously submitted with respect to such Certificate will
be deemed to have been  withdrawn  only upon the  receipt  by the  Trustee on or
before  the  Record  Date for such  Distribution  Date of  notification  of such
withdrawal  in the  manner  set forth in  Section  4.13(c)  on the  Depository's
participant terminal system.

        Distributions in reduction of the Certificate  Principal  Balance of the
Insured  Certificates will be applied in an amount equal to the Senior Principal
Distribution  Amount allocable to such Class pursuant to Section 4.02(b),  plus,
with respect to the Insured Certificates, any amounts available for distribution
from the Rounding Account established as provided in Section 4.12, provided that
the aggregate  distribution in reduction of the Certificate Principal Balance of
the Insured  Certificates on any Distribution  Date shall be made in an integral
multiple of $1,000.

        To the extent  that the  portion of the  Senior  Principal  Distribution
Amount  allocable to  distributions  in reduction of the  Certificate  Principal
Balance  of the  Insured  Certificates  on any  Distribution  Date  exceeds  the
aggregate Certificate Principal Balance of the Insured Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account with respect
to the Insured  Certificates),  distributions  in reduction  of the  Certificate
Principal  Balance  of the  Insured  Certificates  will  be  made  by  mandatory
distribution pursuant to Section 4.13(d).

        (b) An  Insured  Certificate  shall be deemed  to be held by a  Deceased
Holder for purposes of this Section 4.13 if the death of the  Certificate  Owner
thereof is deemed to have occurred.  Insured Certificates  beneficially owned by
tenants by the  entirety,  joint tenants or tenants in common will be considered
to be  beneficially  owned  by a single  owner.  The  death  of a tenant  by the
entirety, joint tenant or tenant in common will be deemed to be the death of the
Certificate  Owner, and the Insured  Certificates so beneficially  owned will be
eligible  for  priority  with  respect  to  distributions  in  reduction  of the
Certificate Principal Balance thereof,  subject to the limitations stated above.
Insured  Certificates  beneficially  owned by a trust will be  considered  to be
beneficially  owned  by each  beneficiary  of the  trust to the  extent  of such
beneficiary's  beneficial  interest  therein,  but in no  event  will a  trust's
beneficiaries  collectively  be deemed to be  Certificate  Owners of a number of
Individual Insured Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate  Owner of
the Insured  Certificates,  as  applicable,  owned by the trust to the extent of
such beneficiary's beneficial interest in such trust. The death of an individual
who was a tenant by the entirety,  joint tenant or tenant in common in a tenancy
which  is the  beneficiary  of a trust  will be  deemed  to be the  death of the
beneficiary of such trust. The death

                                             -45-

<PAGE>

of a person who, during his or her lifetime,  was entitled to substantially  all
of the beneficial ownership interests in Individual Insured Certificates will be
deemed  to be the death of the  Certificate  Owner of the  Insured  Certificates
regardless of the registration of ownership,  if such beneficial interest can be
established to the satisfaction of the Depository  Participant.  Such beneficial
interest  will be deemed to exist in  typical  cases of street  name or  nominee
ownership,  ownership by a trustee,  ownership under the Uniform Gifts to Minors
Act and  community  property or other  joint  ownership  arrangements  between a
husband and wife.  Certificate  beneficial  interests shall include the power to
sell,  transfer or otherwise dispose of an Insured  Certificate and the right to
receive  the  proceeds  therefrom,  as well as  interest  and  distributions  in
reduction of the Certificate Principal Balance of the Insured  Certificates,  as
applicable,  payable with respect  thereto.  The Trustee  shall not be under any
duty to  determine  independently  the  occurrence  of the death of any deceased
Certificate Owner. The Trustee may rely entirely upon documentation delivered to
it  pursuant  to  Section  4.13(c)  in  establishing   the  eligibility  of  any
Certificate  Owner to receive the priority  accorded Deceased Holders in Section
4.13(a).

        (c) Requests for distributions in reduction of the Certificate Principal
Balance of Insured  Certificates  must be made by  delivering a written  request
therefor to the Depository  Participant or Indirect Depository  Participant that
maintains the account  evidencing such  Certificate  Owner's interest in Insured
Certificates.  In  the  case  of a  request  on  behalf  of a  Deceased  Holder,
appropriate  evidence of death and any tax waivers are  required to be forwarded
to the Depository  Participant under separate cover. The Depository  Participant
shall forward a certification, satisfactory to the Trustee, certifying the death
of the Deceased Holder and the receipt of the appropriate death and tax waivers.
The  Depository  Participant  should in turn make the request of the  Depository
(or, in the case of an Indirect Depository Participant, such Indirect Depository
Participant  must notify the related  Depository  Participant  of such  request,
which Depository  Participant  should make the request of the Depository) on the
Depository's  participant  terminal  system.  The  Depository may establish such
procedures  as it deems fair and  equitable to establish the order of receipt of
requests  for such  distributions  received  by it on the same day.  None of the
Company,  the Master  Servicer or the  Trustee  shall be liable for any delay in
delivery of requests for  distributions  or  withdrawals of such requests by the
Depository, a Depository Participant or any Indirect Depository Participant.

        The Depository  shall maintain a list of those  Depository  Participants
representing the appropriate  Certificate  Owners of Insured  Certificates  that
have  submitted  requests for  distributions  in  reduction  of the  Certificate
Principal  Balance of Insured  Certificates,  together with the order of receipt
and the  amounts  of such  requests  on the  Depository's  participant  terminal
system.  The Depository  will honor requests for  distributions  in the order of
their receipt  (subject to the priorities  described in Section  4.13(a) above).
The Trustee shall notify the Depository as to which  requests  should be honored
on each  Distribution Date at least two Business Days prior to such Distribution
Date based on the report  received by the Trustee  pursuant to Section  4.04 and
shall  notify  the  Depository  as  to  the  amount  of  the  Senior   Principal
Distribution amount to be distributed to the Insured  Certificates by Random Lot
pursuant to Section  4.13(d).  Requests  shall be honored by the  Depository  in
accordance with the procedures,  and subject to the priorities and  limitations,
described  in this  Section  4.13.  The exact  procedures  to be followed by the
Trustee and the  Depository  for purposes of  determining  such  priorities  and
limitations will be those established from time to time

                                             -46-

<PAGE>

by the  Trustee  or the  Depository,  as the case may be. The  decisions  of the
Trustee and the Depository  concerning such matters will be final and binding on
all affected persons.

        Individual   Insured   Certificates   that  have  been  accepted  for  a
distribution shall be due and payable on the applicable  Distribution Date. Such
Certificates  shall  cease to bear  interest  after  the  last day of the  month
preceding the month in which such Distribution Date occurs.

        Any  Certificate  Owner of an Insured  Certificate  that has requested a
distribution  may withdraw its request by so notifying in writing the Depository
Participant or Indirect  Depository  Participant that maintains such Certificate
Owner's  account.  In the event that such account is  maintained  by an Indirect
Depository  Participant,  such Indirect  Depository  Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the Depository's participant terminal system. If such withdrawal of a
request for distribution  has not been received on the Depository's  participant
terminal system on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Insured Certificates on such Distribution Date.

        In  the  event  any  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of the Insured  Certificates are rejected by the
Trustee for failure to comply with the  requirements  of this Section 4.13,  the
Trustee shall return such request to the appropriate Depository Participant with
a copy  to  the  Depository  with  an  explanation  as to the  reason  for  such
rejection.

        (d) To the  extent,  if any,  that  distributions  in  reduction  of the
Certificate Principal Balance of the Insured Certificates on a Distribution Date
exceed the outstanding Certificate Principal Balance of the Insured Certificates
with respect to which  distribution  requests  have been received by the related
Record Date, as provided in Section 4.13(a) above, the additional  distributions
in reduction of the Certificate  Principal  Balance of the Insured  Certificates
will be made by mandatory  distributions  in reduction  thereof.  Such mandatory
distributions on Individual  Insured  Certificates will be made by Random Lot in
accordance with the then-applicable Random Lot procedures of the Depository, the
Depository  Participants and the Indirect Depository  Participants  representing
the Certificate Owners. The Trustee shall notify the Depository of the aggregate
amount of the mandatory  distribution in reduction of the Certificate  Principal
Balance of the Insured  Certificates to be made on any such  Distribution  Date.
The Depository  shall then allocate such  aggregate  amount among its Depository
Participants on a Random Lot basis.  Each Depository  Participant  and, in turn,
each Indirect  Depository  Participant will then select,  in accordance with its
own procedures,  Individual  Insured  Certificates  from among those held in its
accounts to receive  mandatory  distributions  in reduction  of the  Certificate
Principal  Balance of the Insured  Certificates,  such that the total  amount so
selected  is equal  to the  aggregate  amount  of such  mandatory  distributions
allocated to such Depository  Participant by the Depository and to such Indirect
Depository  Participant by its related Depository  Participant,  as the case may
be.  Depository  Participants  and Indirect  Depository  Participants  that hold
Insured  Certificates  selected for mandatory  distributions in reduction of the
Certificate  Principal  Balance  thereof are required to provide  notice of such
mandatory  distributions to the affected Certificate Owners. The Master Servicer
agrees to notify the Trustee of the amount of  distributions in reduction of the
Certificate  Principal  Balance of the Insured  Certificates  to be made on each
Distribution Date in a timely

                                             -47-

<PAGE>

manner such that the Trustee may fulfill its obligations  pursuant to the letter
of representations dated the Closing Date among the Company, the Trustee and the
Depository.

        (e)  Notwithstanding  any  provisions  herein  to the  contrary,  on any
Distribution  Date on which (i) any Realized Losses are allocated to the Insured
Certificates  and (ii) a  Certificate  Insurer  Default has  occurred  and/or is
continuing,  distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates will be made pro rata on the basis of their respective
Percentage  Interests  with the  respect to the Insured  Certificates  among the
Certificate Owners of the Insured  Certificates and will not be made in integral
multiples of $1,000 nor pursuant to requests  for  distribution  as permitted by
this Section 4.13 or mandatory distributions by Random Lot.

        (f) In the event that Definitive  Certificates  representing the Insured
Certificates  are issued  pursuant to Section  5.01 of the  Standard  Terms,  an
amendment to this  Agreement,  which may be approved  without the consent of any
Certificateholders,  shall establish  procedures relating to the manner in which
distributions in reduction of the Certificate  Principal Balance of such Insured
Certificates are to be made;  provided that such procedures shall be consistent,
to the extent practicable and customary for certificates  similar to the Insured
Certificates, with the provisions of this Section 4.13.

                                             -48-

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

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

        Section 5.02. Registration of Transfer and Exchange of Certificates.

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

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

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

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

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

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

                                             -49-

<PAGE>

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
                            (SEE ARTICLE VI OF THE STANDARD TERMS)

                                             -50-

<PAGE>

                                   ARTICLE VII

                                           DEFAULT
                           (SEE ARTICLE VII OF THE STANDARD TERMS)

                                             -51-

<PAGE>

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
                           (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                             -52-

<PAGE>

                                          ARTICLE IX

                                         TERMINATION
                            (SEE ARTICLE IX OF THE STANDARD TERMS)

                                             -53-

<PAGE>

                                    ARTICLE X

                                REMIC PROVISIONS

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

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

          Section 10.03 Designation of REMIC(s).

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

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

      Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.

        (a) On each  Distribution Date the Trustee shall be deemed to distribute
to  itself,  as  the  holder  of the  Uncertificated  REMIC  Regular  Interests,
Uncertificated  Accrued Interest on the  Uncertificated  REMIC Regular Interests
for such  Distribution  Date, plus any  Uncertificated  Accrued Interest thereon
remaining unpaid from any previous Distribution Date.

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

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
REMIC Regular Interest  Distribution Amounts deemed to have been received by the
Trustee  from the Trust  Fund  under  this  Section  10.04.  The  amount  deemed
distributable  hereunder with respect to the Class A-V Certificates  shall equal
100% of the amounts  payable with respect to the  Uncertificated  REMIC  Regular
Interests.

                                             -54-

<PAGE>

        (d) Notwithstanding the deemed distributions on the Uncertificated REMIC
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  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                             -55-

<PAGE>

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

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

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

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

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

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

           Recipient                                        Addres
s
                                 8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota  55437,
Company                          Attention:  President
                                 2255 N. Ontario Street, Suite 400
                                 Burbank, California 91504-2130,
Master Servicer                  Attention:  Managing Director/Master Servicing
                                 Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 55 Water Street,  1st Floor New York,  New York
                                 10041, for the purposes of Section 8.12
Trustee                          of the Standard Terms
                                 55 Water Street
Standard and Poor's              New York, New York 10041
                                 One State Street Plaza
Fitch                            New York, New York 10007
Certificate Insurer              113 King Street
                                 Armonk, New York 10504
                                 Attention: Insured Portfolio Managment--
                                 Structured Finance
                                 (RFMSI 2002-S7)

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

                                             -56-

<PAGE>

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

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

               (a)    a material change or amendment to this Agreement,

               (b)    the occurrence of an Event of Default,

               (c) the termination or appointment of a successor Master Servicer
          or Trustee or a change in the majority ownership of the Trustee,

               (d) the filing of any claim under the Master  Servicer's  blanket
        fidelity bond and the errors and omissions  insurance policy required by
        Section 3.12 or the  cancellation  or modification of coverage under any
        such instrument,

               (e) the statement required to be delivered to the Holders of each
          Class of Certificates pursuant to Section 4.03,

               (f) the statements  required to be delivered pursuant to Sections
          3.18 and 3.19,

               (g) a change in the  location  of the  Custodial  Account  or the
          Certificate Account,

               (h) the  occurrence  of any monthly  cash flow  shortfall  to the
        Holders of any Class of  Certificates  resulting from the failure by the
        Master Servicer to make an Advance pursuant to Section 4.04,

               (i)    the occurrence of the Final Distribution Date,

               (j) the repurchase of or substitution for any Mortgage Loan, and

               (k)    any Certificate Insurer Default that has not been cured,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

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

                                             -57-

<PAGE>

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

          Section 11.09 Allocation of Voting Rights.

        95.0%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,   other  than  the  Interest   Only   Certificates   and  Residual
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  1.0% of all Voting  Rights  shall be allocated
among the  Holders  of the Class  A-3A  Certificates  in  accordance  with their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-11  Certificates  in  accordance  with their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-14  Certificates  in  accordance  with their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-V  Certificates  in  accordance  with  their
respective Percentage Interests; and 0.5% and 0.5% of all Voting Rights shall be
allocated  among  the  Holders  of the  Class R-I  Certificates  and Class  R-II
Certificates,  respectively,  in  accordance  with their  respective  Percentage
Interests.

        Notwithstanding the foregoing, so long as there does not exist a failure
by the  Certificate  Insurer to make a required  payment  under the  Certificate
Policy,  the Insurer  shall have the right to exercise all rights of the Holders
of the  Insured  Certificates  without  any  consent of such  holders,  and such
Holders may  exercise  such rights  only with the prior  written  consent of the
Certificate Insurer.

                                             -58-

<PAGE>

                                   ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

          Section 12.01.Rights of the Certificate  Insurer to Exercise Rights of
               Insured Certificateholders.

        By accepting its Certificate, each Insured Certificateholder agrees that
unless a Certificate  Insurer Default exists, the Certificate Insurer shall have
the right to exercise all consent, voting, direction and other control rights of
the Insured  Certificateholders under this Agreement without any further consent
of the Insured Certificateholders.

          Section  12.02.Claims   Upon  the  Certificate   Policy;   Certificate
               Insurance Account.

        (a) If, on the Business Day next succeeding the Determination  Date, the
Master  Servicer  determines  that (i) the funds  that will be on deposit in the
Certificate  Account on the related  Certificate  Account  Deposit  Date, to the
extent  distributable  to the  Insured  Certificateholders  pursuant  to Section
4.02(a)(i),   together  with  any  Reserve  Fund   Withdrawal  for  the  related
Distribution Date, are insufficient to pay the Accrued Certificate  Interest for
such Distribution Date; provided however,  Accrued  Certificate  Interest on the
Insured  Certificates  will be deemed to  include  any  portion  of the  amounts
allocated to such Certificates described in clause (i) of the definition thereof
(to the  extent  such  amounts  are not  offset by  payments  made by the Master
Servicer or from the Reserve Fund  Withdrawal)  and clauses (ii) through (iv) of
the  definition  thereof (in each case,  to the extent such  shortfalls  are not
covered by the subordination provided by the Class M and Class B Certificates or
otherwise  offset by the Reserve Fund  Withdrawals) on such  Distribution  Date,
(ii) the  principal  portion of any  Realized  Loss is  allocated to the Insured
Certificates  on such  Distribution  Date or (iii)  the funds  available  on the
Scheduled Final Distribution Date will be insufficient to reduce the Certificate
Principal Balance of the Insured Certificates to zero, the Master Servicer shall
deliver  to the  Trustee  not later  than  1:00  p.m.  New York City time on the
Business Day next succeeding the  Determination  Date a certificate  signed by a
Servicing  Officer  directing the Trustee to draw on the Certificate  Policy and
stating the amount to be drawn and stating the Insured  Payment for each Insured
Certificate,  and the Trustee  shall give notice by telephone or telecopy of the
aggregate amount of such deficiency,  confirmed in writing in the form set forth
as Exhibit A to the Certificate  Policy, to the Certificate Insurer at or before
12:00 noon,  New York City time, on the Business Day prior to such  Distribution
Date.  If,  subsequent to such notice,  and prior to payment by the  Certificate
Insurer  pursuant  to such  notice,  additional  amounts  are  deposited  in the
Certificate   Account,   the  Trustee  shall  reasonably   promptly  notify  the
Certificate  Insurer and  withdraw the notice or reduce the amount  claimed,  as
appropriate.

        (b) The Trustee shall establish a separate special purpose trust account
for the  benefit of  Holders of the  Insured  Certificates  and the  Certificate
Insurer referred to herein as the "Certificate Insurance Account" over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Insured  Certificates  of the  Insured  Payment for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or
liabilities of the Master Servicer, the Trustee or the Trust Fund. Amounts paid

                                             -59-

<PAGE>

under the Certificate Policy shall be transferred to the Certificate  Account in
accordance  with the next  succeeding  paragraph and disbursed by the Trustee to
Holders of Insured  Certificates  in  accordance  with  Section  4.02 or Section
9.01(c),  as applicable.  It shall not be necessary for such payments to be made
by checks or wire  transfers  separate from the checks or wire transfers used to
pay the  Insured  Payment  with  other  funds  available  to make such  payment.
However,  the amount of any payment of  principal  of or interest on the Insured
Certificates to be paid from funds  transferred  from the Certificate  Insurance
Account  shall be noted as provided in paragraph  (c) below and in the statement
to be furnished to Holders of the  Certificates  pursuant to Section 4.03. Funds
held in the  Certificate  Insurance  Account shall not be invested by the Master
Servicer or any other Person.

        On any  Distribution  Date with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by the Master Servicer on behalf of the Trustee, together with the other
funds to be  distributed to the Insured  Certificateholders  pursuant to Section
4.02,  directly to the payment in full of the Insured Payment due on the Insured
Certificates.  Any funds remaining in the Certificate  Insurance  Account on the
first  Business  Day  following  a  Distribution  Date shall be  remitted to the
Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by
the end of such Business Day.

        (c) The Trustee shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of the Insured  Certificates from moneys received under the Certificate  Policy.
The  Certificate  Insurer  shall  have the  right to  inspect  such  records  at
reasonable  times during  normal  business  hours upon two Business  Day's prior
notice to the Trustee.

        (d) In accordance with the terms of the Certificate Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Senior  Underwriter,  in accordance
with the terms of the Commitment Letter.

       Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation.

        Anything  herein to the contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered  payment  of  the  Insured
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal of or interest on the Insured
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Insured Certificateholder,

                                             -60-

<PAGE>

the Master  Servicer,  the Company and the Trustee hereby delegate and assign to
the Certificate  Insurer,  to the fullest extent permitted by law, the rights of
such  Holders  to receive  such  principal  and  interest  from the Trust  Fund;
provided that the  Certificate  Insurer shall be paid such amounts only from the
sources and in the manner explicitly provided for herein.

        The Trustee and the Master Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

        Section 12.04.Notices and Information to the Certificate Insurer.

        (a) All notices, statements,  reports, certificates or opinions required
by this Agreement to be sent to any other party hereto to the Rating Agencies or
to the Certificateholders shall also be sent to the Certificate Insurer.

        (b) the Master  Servicer shall designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

        Section 12.05.Trustee to Hold Certificate Policy.

        The Trustee will hold the  Certificate  Policy in trust as agent for the
Insured  Certificateholders  for  the  purpose  of  making  claims  thereon  and
distributing  the proceeds  thereof.  Neither the  Certificate  Policy,  nor the
amounts paid on the Certificate Policy will constitute part of the Trust Fund or
assets of any REMIC created by this Agreement.  Each Insured  Certificateholder,
by accepting its Certificate,  appoints the Trustee as attorney-in-fact  for the
purpose of making claims on the Certificate  Policy. The Trustee shall surrender
the Certificate  Policy to the  Certificate  Insurer for  cancellation  upon the
payment in full of the Insured Certificates.  To the extent that the Certificate
Policy constitutes a reserve fund for federal income tax purposes,  (1) it shall
be an outside credit support  agreement and not an asset of any REMIC and (2) it
shall be owned by the  Certificate  Insurer,  all within the  meaning of Section
1.860G-2(h) of the Treasury Regulations.

        Section 12.06.Ratings.

        The parties  hereto agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

        Section 12.07.Third Party Beneficiaries.

        The Certificate Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights and its express
rights set forth in Article  XII of this  Agreement  and shall have the right to
enforce the related provisions of this Agreement as if it were a party hereto.

                                             -61-

<PAGE>

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

[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

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

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

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

[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

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

                                             -1-

<PAGE>

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

               On the 30th day of May,  2002  before me, a notary  public in and
for said  State,  personally  appeared  Randy Van Zee,  known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

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

                                                    Notary Public

                                                    _________________

[Notarial Seal]

                                             -2-

<PAGE>

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

               On the 30th day of May,  2002  before me, a notary  public in and
for said State, personally appeared Lisa Lundsten,  known to me to be a Managing
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                    Notary Public

                                                    __________________

[Notarial Seal]

                                             -3-

<PAGE>

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

               On the 30th day of May,  2002  before me, a notary  public in and
for said State,  personally  appeared Keith R.  Richardson,  known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                                    Notary Public

                                                    ___________________

[Notarial Seal]

                                             -4-

<PAGE>

                                         EXHIBIT ONE
                                    MORTGAGE LOAN SCHEDULE
                                   (Available Upon Request)

  RUN ON     : 05/22/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.27.16           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S7                                  CUTOFF : 05/01/02
  POOL       : 0004587
             :
             :
  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
  -----------------------------------------------------------------------

      5364256                              .2500
      303,102.92                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5402045                              .2500
      285,877.29                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5445612                              .2500
      280,592.72                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5607930                              .2500
      339,767.06                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5660049                              .2500
      410,873.62                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5767244                              .2500
      144,621.18                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      5821780                              .2500
      280,428.01                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      5860622                              .2500
      270,609.10                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5910656                              .2500
      284,323.99                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5922114                              .2500
      286,199.32                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5935042                              .2500
      292,459.70                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5986158                              .2500
      103,445.57                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6010996                              .2500
      107,447.76                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6177932                              .2500
      288,767.81                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6263098                              .2500
      346,910.07                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6275150                              .2500
      291,693.12                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6285626                              .2500
      294,661.14                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      6291524                              .2500
      168,214.08                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6370168                              .2500
      172,803.74                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6370190                              .2500
      274,750.51                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6373216                              .2500
      592,089.09                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      6377680                              .2500
      390,588.24                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      6437340                              .2500
      184,134.11                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      6483174                              .2500
      298,523.56                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6513910                              .2500
      394,828.20                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6560776                              .2500
      298,288.15                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6587616                              .2500
      360,959.71                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6642112                              .2500
      295,734.31                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6644806                              .2500
      274,622.67                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6661030                              .2500
      103,547.37                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6677122                              .2500
      417,374.99                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6685278                              .2500
      297,698.27                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6724300                              .2500
      297,729.52                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6730784                              .2500
      277,760.76                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6731192                              .2500
      279,295.37                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6731254                              .2500
      292,611.21                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6750584                              .2500
      371,735.74                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6752138                              .2500
      270,872.16                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6770886                              .2500
      295,370.12                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6793816                              .2500
      273,398.27                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6848380                              .2500
      297,894.84                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6848404                              .2500
      298,725.27                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6848422                              .2500
      298,693.95                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6848434                              .2500
      297,354.28                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6848442                              .2500
      295,367.09                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      6854276                              .2500
      283,759.26                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      6858316                              .2500
      299,191.72                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6860254                              .2500
      297,957.26                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6898517                              .2500
      807,837.28                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6902589                              .2500
      334,732.10                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6902726                              .2500
      296,992.24                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6908437                              .2500
      337,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6911869                              .2500
      379,829.23                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6916511                              .2500
      381,679.07                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6924325                              .2500
      353,723.85                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
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      8261036                              .2500
      249,789.97                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8261042                              .2500
      439,639.34                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8265644                              .2500
      381,686.87                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8269952                              .2500
      308,214.27                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8272306                              .2500
      467,277.93                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8272322                              .2500
      453,846.64                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8276142                              .5000
      380,901.07                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8276146                              .2500
      444,929.63                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276150                              .5000
      403,367.76                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8276152                              .5000
      419,326.27                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8276158                              .3750
      335,833.14                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276160                              .3750
      403,319.22                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276166                              .5000
      318,488.27                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8276180                              .3750
      362,338.04                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276188                              .5000
      387,362.05                          .0300
            7.0000                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276190                              .2500
      430,143.12                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276196                              .3750
      339,427.08                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276210                              .3750
      429,275.41                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276214                              .5000
      467,249.26                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8276216                              .2500
      334,361.51                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276236                              .5000
      448,775.17                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8276240                              .3750
      366,381.58                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8276250                              .5000
      427,649.17                          .0300
            7.0000                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8277544                              .2500
      398,664.79                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8282590                              .2500
      366,411.28                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8284026                              .2500
      565,562.64                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8284748                              .2500
      399,638.01                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8285780                              .2500
      409,974.29                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8285876                              .2500
      376,675.42                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      8286928                              .2500
      419,664.13                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8289262                              .2500
      379,672.82                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8291144                              .2500
      399,645.67                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      8298748                              .2500
      399,572.20                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8300182                              .2500
      323,721.04                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8302550                              .2500
      384,668.53                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8302810                              .2500
      324,720.19                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      8304878                              .2500
      371,687.47                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8305350                              .2500
      419,647.15                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8306936                              .2500
      399,595.71                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      8307156                              .2500
      368,712.15                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8310882                              .2500
      440,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

  TOTAL NUMBER OF LOANS:     1002
  TOTAL BALANCE........:        413,177,925.38

  RUN ON     : 05/22/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.27.16            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S7        FIXED SUMMARY REPORT      CUTOFF : 05/01/02
  POOL       : 0004587
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.0042            6.1250      8.2500
  RFC NET RATE                          6.7094            5.8750      8.0000
  NET MTG RATE(INVSTR RATE)             6.6455            5.8450      7.9200
  POST STRIP RATE                       6.4806            5.8450      6.5000
  SUB SERV FEE                           .2947             .2500       .7500
  MSTR SERV FEE                          .0639             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1649             .0000      1.4200

  TOTAL NUMBER OF LOANS:  1002
  TOTAL BALANCE........:     413,177,925.38

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 05/22/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.27.16          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S7                                  CUTOFF : 05/01/02
  POOL       : 0004587
             :
             :
  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 #
  ______________________________________________________________________________

    5364256          956/G01             F          305,000.00         ZZ
                                         360        303,102.92          1
                                       7.375          2,106.56         88
                                       7.125          2,106.56
    CANTON           GA   30115          1            08/10/01         01
    0433086006                           03           10/01/01         25
    2711070063                           O            09/01/31
    0

    5402045          076/076             F          288,000.00         ZZ
                                         360        285,877.29          1
                                       7.125          1,940.31         80
                                       6.875          1,940.31
    STONY BROOK      NY   11790          1            07/26/01         00
    15441855                             05           09/01/01          0
    5441855                              O            08/01/31
    0

    5445612          369/G01             F          282,000.00         ZZ
                                         360        280,592.72          1
                                       7.000          1,876.15         58
                                       6.750          1,876.15
    SENECA           SC   29672          5            10/03/01         00
    0433340759                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5607930          025/025             F          342,150.00         ZZ
                                         360        339,767.06          1
                                       7.500          2,392.36         71
                                       7.250          2,392.36
    CORDOVA          TN   38018          5            07/17/01         00
    0130323637                           05           09/01/01          0
1

    130323637                            O            08/01/31
    0

    5660049          286/286             F          414,000.00         ZZ
                                         360        410,873.62          1
                                       7.000          2,754.35         76
                                       6.750          2,754.35
    LAPLATA          MD   20646          2            07/27/01         00
    0279763                              05           09/01/01          0
    279763                               O            08/01/31
    0

    5767244          E22/G01             F          145,450.00         ZZ
                                         360        144,621.18          1
                                       7.125            979.92         80
                                       6.875            979.92
    NEKOOSA          WI   54457          2            09/20/01         00
    0412969107                           05           11/01/01          0
    0412969107                           O            10/01/31
    0

    5821780          696/G01             F          282,200.00         ZZ
                                         360        280,428.01          1
                                       6.625          1,806.96         80
                                       6.375          1,806.96
    GERMANTOWN       MD   20876          1            09/24/01         00
    0433258860                           03           11/01/01          0
    31201066                             O            10/01/31
    0

    5860622          E22/G01             F          272,000.00         ZZ
                                         360        270,609.10          1
                                       6.875          1,786.85         80
                                       6.625          1,786.85
    ALAMEDA          CA   94501          1            10/02/01         00
    0413117672                           05           12/01/01          0
    0413117672                           O            11/01/31
    0

    5910656          E22/G01             F          285,750.00         ZZ
                                         360        284,323.99          1
                                       7.000          1,901.10         90
                                       6.750          1,901.10
    NORTHVILLE       MI   48167          1            10/11/01         01
    0413115940                           05           12/01/01         25
    0413115940                           O            11/01/31
    0

1

    5922114          U62/G01             F          288,000.00         ZZ
                                         360        286,199.32          1
                                       6.875          1,891.95         72
                                       6.625          1,891.95
    LONG BEACH       CA   90814          2            10/04/01         00
    0433362621                           05           12/01/01          0
    2001292031                           O            11/01/31
    0

    5935042          E22/G01             F          294,000.00         ZZ
                                         360        292,459.70          1
                                       6.750          1,906.88         58
                                       6.500          1,906.88
    ORANGE           CA   92869          2            10/04/01         00
    0413044116                           05           12/01/01          0
    0413044116                           O            11/01/31
    0

    5986158          E22/G01             F          104,000.00         ZZ
                                         360        103,445.57          1
                                       6.750            674.54         80
                                       6.500            674.54
    TUALATIN         OR   97062          2            10/11/01         00
    0413138785                           01           12/01/01          0
    0413138785                           O            11/01/31
    0

    6010996          E22/G01             F          108,000.00         ZZ
                                         360        107,447.76          1
                                       6.875            709.48         79
                                       6.625            709.48
    BATTLE CREEK     MI   49015          2            10/12/01         00
    0413113150                           05           12/01/01          0
    0413113150                           O            11/01/31
    0

    6177932          624/G01             F          290,000.00         ZZ
                                         360        288,767.81          1
                                       6.875          1,905.09         66
                                       6.625          1,905.09
    IRVINE           CA   92620          5            11/01/01         00
    0433425675                           05           01/01/02          0
    35003210183F                         O            12/01/31
    0

    6263098          956/G01             F          348,650.00         ZZ
                                         360        346,910.07          1
                                       7.000          2,319.58         85
                                       6.750          2,319.58
1

    MINNETRISTA      MN   55364          1            10/23/01         11
    0433316791                           05           12/01/01         12
    3511090237                           O            11/01/31
    0

    6275150          964/G01             F          293,000.00         ZZ
                                         360        291,693.12          1
                                       6.625          1,876.11         31
                                       6.375          1,876.11
    LOS ANGELES      CA   91436          2            11/12/01         00
    0433402765                           05           01/01/02          0
    161280                               O            12/01/31
    0

    6285626          964/G01             F          296,800.00         ZZ
                                         360        294,661.14          1
                                       6.375          1,851.65         60
                                       6.125          1,851.65
    YORBA LINDA      CA   92887          2            11/05/01         00
    0433412194                           05           01/01/02          0
    147517                               O            12/01/31
    0

    6291524          E82/G01             F          169,100.00         ZZ
                                         360        168,214.08          1
                                       6.750          1,096.78         80
                                       6.500          1,096.78
    JOPPA            MD   21085          2            10/31/01         00
    0400510988                           03           12/01/01          0
    3023001                              O            11/01/31
    0

    6370168          L60/F27             F          176,116.65         ZZ
                                         360        172,803.74          1
                                       7.125          1,186.53         40
                                       6.875          1,186.53
    YORK             SC   29745          1            03/08/01         00
    6610644447                           05           05/01/01          0
    6610644447                           O            04/01/31
    0

    6370190          L60/F27             F          277,100.00         ZZ
                                         360        274,750.51          1
                                       7.000          1,843.55         47
                                       6.750          1,843.55
    SEVERNA PARK     MD   21146          2            08/27/01         00
    6960222812                           05           10/01/01          0
    6960222812                           O            09/01/31
    0
1

    6373216          676/676             F          595,000.00         ZZ
                                         360        592,089.09          1
                                       6.500          3,760.81         70
                                       6.250          3,760.81
    HONOLULU         HI   96821          2            11/09/01         00
    6001625940                           03           01/01/02          0
    6001625940                           O            12/01/31
    0

    6377680          994/X14             F          392,500.00         ZZ
                                         360        390,588.24          1
                                       7.125          2,644.65         63
                                       6.875          2,644.65
    FOREST LAKE      MN   55025          5            10/03/01         00
    8016312731                           05           12/01/01          0
    218819385                            O            11/01/31
    0

    6437340          Q99/G01             F          185,000.00         ZZ
                                         360        184,134.11          1
                                       6.375          1,154.16         71
                                       6.125          1,154.16
    MADBURY          NH   03820          5            11/16/01         00
    0433404662                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6483174          M37/G01             F          300,000.00         ZZ
                                         360        298,523.56          1
                                       6.875          1,970.79         75
                                       6.625          1,970.79
    ORO VALLEY       AZ   85737          2            11/20/01         00
    0433486370                           05           01/01/02          0
    604346                               O            12/01/31
    0

    6513910          E22/G01             F          397,600.00         ZZ
                                         360        394,828.20          4
                                       6.875          2,611.95         80
                                       6.625          2,611.95
    SOUTH NYACK      NY   10960          2            11/06/01         00
    0413009333                           05           01/01/02          0
    0413009333                           O            12/01/31
    0

    6560776          Q99/G01             F          299,500.00         ZZ
                                         360        298,288.15          1
1

                                       7.125          2,017.79         93
                                       6.875          2,017.79
    KENT             WA   98042          2            11/27/01         14
    0433446929                           03           01/01/02         30
    9485950490                           O            12/01/31
    0

    6587616          W56/M32             F          362,500.00         ZZ
                                         360        360,959.71          1
                                       6.875          2,381.37         86
                                       6.625          2,381.37
    LOS ALAMOS       NM   87544          2            11/15/01         00
    400523437                            05           01/01/02          0
    0400523437                           O            12/01/31
    0

    6642112          G75/G75             F          297,400.00         ZZ
                                         360        295,734.31          1
                                       6.875          1,953.71         78
                                       6.625          1,953.71
    WESTMINSTER      MD   21157          1            11/08/01         00
    0004412273                           03           01/01/02          0
    04412273                             O            12/01/31
    0

    6644806          P09/G01             F          276,000.00         ZZ
                                         360        274,622.67          1
                                       7.000          1,836.23         80
                                       6.750          1,836.23
    UPPER MARLBORO   MD   20772          2            11/03/01         00
    0433427408                           05           12/01/01          0
    R0110046                             O            11/01/31
    0

    6661030          E22/G01             F          104,000.00         ZZ
                                         360        103,547.37          1
                                       6.875            683.21         80
                                       6.625            683.21
    YAKIMA           WA   98901          2            11/15/01         00
    0412963654                           05           01/01/02          0
    0412963654                           O            12/01/31
    0

    6677122          696/G01             F          419,200.00         ZZ
                                         360        417,374.99          1
                                       6.750          2,718.92         80
                                       6.500          2,718.92
    WASHINGTON       DC   20003          1            11/19/01         00
    0433414786                           05           01/01/02          0
1

    31201499                             O            12/01/31
    0

    6685278          M45/G01             F          299,000.00         ZZ
                                         360        297,698.27          1
                                       6.750          1,939.31         71
                                       6.500          1,939.31
    TACOMA           WA   98422          2            11/02/01         00
    0433388519                           03           01/01/02          0
    A0304902                             O            12/01/31
    0

    6724300          994/X14             F          299,000.00         ZZ
                                         360        297,729.52          1
                                       6.875          1,964.22         70
                                       6.625          1,964.22
    CEDARBURG        WI   53012          2            11/01/01         00
    8021144632                           05           01/01/02          0
    404238379                            O            12/01/31
    0

    6730784          994/X14             F          279,200.00         ZZ
                                         360        277,760.76          1
                                       6.875          1,834.15         80
                                       6.625          1,834.15
    VALLEY CENTER    CA   92082          1            11/01/01         00
    8016329669                           05           01/01/02          0
    218850562                            O            12/01/31
    0

    6731192          E82/G01             F          280,700.00         ZZ
                                         360        279,295.37          1
                                       6.875          1,844.00         72
                                       6.625          1,844.00
    ORANGE           CA   92866          2            11/24/01         00
    0400519567                           05           01/01/02          0
    3869628                              O            12/01/31
    0

    6731254          E82/G01             F          293,800.00         ZZ
                                         360        292,611.21          1
                                       7.125          1,979.39         84
                                       6.875          1,979.39
    ROCK HILL        NY   12775          2            11/26/01         04
    0400527065                           05           01/01/02         12
    04318519                             O            12/01/31
    0

1

    6750584          F62/F62             F          373,000.00         ZZ
                                         360        371,735.74          1
                                       6.875          2,450.34         68
                                       6.625          2,450.34
    MIAMI            FL   33031          2            12/04/01         00
    23586                                29           02/01/02          0
    23586                                O            01/01/32
    0

    6752138          E22/G01             F          272,000.00         ZZ
                                         360        270,872.16          1
                                       7.000          1,809.62         80
                                       6.750          1,809.62
    TORRANCE         CA   90504          2            11/16/01         00
    0413267956                           05           01/01/02          0
    0413267956                           O            12/01/31
    0

    6770886          E82/G01             F          296,600.00         ZZ
                                         360        295,370.12          1
                                       7.000          1,973.29         80
                                       6.750          1,973.29
    BEAVERTON        OR   97007          2            11/28/01         00
    0400519922                           05           01/01/02          0
    3501630                              O            12/01/31
    0

    6793816          E82/G01             F          275,000.00         ZZ
                                         360        273,398.27          1
                                       6.750          1,783.64         54
                                       6.500          1,783.64
    CARMICHAEL       CA   95608          2            11/28/01         00
    0400518585                           05           01/01/02          0
    1707803                              O            12/01/31
    0

    6848380          994/X14             F          300,000.00         ZZ
                                         360        297,894.84          1
                                       6.625          1,920.93         75
                                       6.375          1,920.93
    SIERRA VISTA     AZ   85635          5            11/09/01         00
    8016382684                           05           01/01/02          0
    1818943573                           O            12/01/31
    0

    6848404          994/X14             F          300,000.00         ZZ
                                         360        298,725.27          1
                                       6.875          1,970.79         64
                                       6.625          1,970.79
1

    HEWLETT          NY   11557          1            11/14/01         00
    8022197993                           05           01/01/02          0
    1000304651                           O            12/01/31
    0

    6848422          994/X14             F          300,000.00         ZZ
                                         360        298,693.95          1
                                       6.750          1,945.79         80
                                       6.500          1,945.79
    RANCHO CUCAMONG  CA   91737          2            11/01/01         00
    8016399217                           05           01/01/02          0
    618973612                            O            12/01/31
    0

    6848434          994/X14             F          299,000.00         ZZ
                                         360        297,354.28          1
                                       7.000          1,989.26         67
                                       6.750          1,989.26
    WEST ORANGE      NJ   07052          2            11/01/01         00
    8022278926                           05           01/01/02          0
    1000356390                           O            12/01/31
    0

    6848442          994/X14             F          297,000.00         ZZ
                                         360        295,367.09          1
                                       6.500          1,877.24         90
                                       6.250          1,877.24
    BOCA RATON       FL   33496          1            10/22/01         11
    8016366620                           03           12/01/01         25
    77189176361                          O            11/01/31
    0

    6854276          964/G01             F          285,000.00         ZZ
                                         360        283,759.26          1
                                       6.750          1,848.50         79
                                       6.500          1,848.50
    LITTLETON        CO   80127          2            11/06/01         00
    0433423381                           05           01/01/02          0
    159437                               O            12/01/31
    0

    6858316          196/G01             F          300,500.00         ZZ
                                         360        299,191.72          1
                                       6.750          1,949.04         80
                                       6.500          1,949.04
    CARLSBAD         CA   92008          2            11/09/01         00
    0433484888                           05           01/01/02          0
    1468293                              O            12/01/31
    0
1

    6860254          L60/F27             F          300,000.00         ZZ
                                         360        297,957.26          1
                                       6.875          1,970.79         60
                                       6.625          1,970.79
    NOKESVILLE       VA   20181          2            10/05/01         00
    6920157945                           05           12/01/01          0
    6920157945                           O            11/01/31
    0

    6898517          A46/G01             F          808,500.00         ZZ
                                         360        807,837.28          1
                                       7.000          5,378.97         70
                                       6.750          5,378.97
    BELLAIRE         TX   77401          2            03/15/02         00
    0433956281                           04           05/01/02          0
    1                                    O            04/01/32
    0

    6902589          L01/G01             F          335,000.00         ZZ
                                         360        334,732.10          1
                                       7.125          2,256.96         63
                                       6.875          2,256.96
    SCOTTSDALE       AZ   85262          1            03/19/02         00
    0433917895                           03           05/01/02          0
    6902589                              O            04/01/32
    0

    6902726          E22/G01             F          298,500.00         ZZ
                                         360        296,992.24          1
                                       6.875          1,960.93         78
                                       6.625          1,960.93
    BROUSSARD        LA   70518          2            12/05/01         00
    0413147216                           05           02/01/02          0
    0413147216                           O            01/01/32
    0

    6908437          H58/G01             F          337,000.00         T
                                         360        337,000.00          1
                                       7.125          2,270.43         38
                                       6.875          2,270.43
    CRYSTAL BAY      NV   89402          2            04/05/02         00
    0433934510                           05           06/01/02          0
    0000092930                           O            05/01/32
    0

    6911869          998/998             F          380,750.00         ZZ
                                         360        379,829.23          1
1

                                       7.250          2,597.39         90
                                       7.000          2,597.39
    OCOEE            FL   34761          1            01/24/02         01
    2848267                              03           03/01/02         25
    2848267                              O            02/01/32
    0

    6916511          964/G01             F          382,000.00         ZZ
                                         360        381,679.07          1
                                       6.875          2,509.47         77
                                       6.625          2,509.47
    PETALUMA         CA   94952          2            03/22/02         00
    0433924297                           05           05/01/02          0
    400197209                            O            04/01/32
    0

    6924325          W68/G01             F          354,000.00         ZZ
                                         360        353,723.85          1
                                       7.250          2,414.90         76
                                       7.000          2,414.90
    ALLEN            TX   75013          2            03/25/02         00
    0433929841                           03           05/01/02          0
    25043                                O            04/01/32
    0

    6927385          964/G01             F          648,000.00         ZZ
                                         360        647,455.60          1
                                       6.875          4,256.90         80
                                       6.625          4,256.90
    VILLA PARK       CA   92861          1            03/18/02         00
    0433917333                           05           05/01/02          0
    192578                               O            04/01/32
    0

    6927795          964/G01             F          385,000.00         ZZ
                                         360        384,676.55          1
                                       6.875          2,529.18         77
                                       6.625          2,529.18
    BREA             CA   92821          1            03/20/02         00
    0433915626                           03           05/01/02          0
    193045                               O            04/01/32
    0

    6937653          950/G01             F          974,250.00         ZZ
                                         360        974,250.00          1
                                       7.125          6,563.71         75
                                       6.875          6,563.71
    SAN RAMON        CA   94583          1            04/03/02         00
    0433941929                           03           06/01/02          0
1

    1                                    O            05/01/32
    0

    6939597          964/G01             F          372,500.00         ZZ
                                         360        372,500.00          1
                                       6.875          2,447.06         48
                                       6.625          2,447.06
    MILL VALLEY      CA   94941          5            03/25/02         00
    0433934601                           05           06/01/02          0
    203004                               O            05/01/32
    0

    6941931          R65/G01             F          904,000.00         ZZ
                                         360        903,240.53          1
                                       6.875          5,938.64         52
                                       6.625          5,938.64
    WESTPORT         CT   06880          2            03/22/02         00
    0433876695                           05           05/01/02          0
    1                                    O            04/01/32
    0

    6947202          E22/G01             F          148,000.00         ZZ
                                         360        147,498.38          1
                                       6.875            972.25         80
                                       6.625            972.25
    ROSEVILLE        CA   95747          2            12/03/01         00
    0413347451                           05           02/01/02          0
    0413347451                           O            01/01/32
    0

    6949366          313/G01             F          288,800.00         ZZ
                                         360        287,631.46          1
                                       7.125          1,945.70         80
                                       6.875          1,945.70
    ALGONQUIN        IL   60102          2            11/12/01         00
    0433483765                           05           01/01/02          0
    8404626                              O            12/01/31
    0

    6949386          313/G01             F          292,500.00         ZZ
                                         360        291,257.14          1
                                       6.875          1,921.52         75
                                       6.625          1,921.52
    CHICAGO          IL   60613          2            11/05/01         00
    0433454006                           01           01/01/02          0
    8375735                              O            12/01/31
    0

1

    6949472          313/G01             F          294,750.00         ZZ
                                         360        293,435.31          1
                                       6.625          1,887.32         77
                                       6.375          1,887.32
    DAWSONVILLE      GA   30534          2            11/19/01         00
    0433460342                           05           01/01/02          0
    8428054                              O            12/01/31
    0

    6949540          313/G01             F          284,400.00         ZZ
                                         360        283,191.57          1
                                       6.875          1,868.31         53
                                       6.625          1,868.31
    SHARON           MA   02067          2            11/06/01         00
    0433459849                           05           01/01/02          0
    8438103                              O            12/01/31
    0

    6952091          025/025             F          442,000.00         ZZ
                                         349        440,231.84          1
                                       6.375          2,786.66         80
                                       6.125          2,786.66
    CHATTANOOGA      TN   37421          1            12/07/01         00
    0020439485                           05           02/01/02          0
    0020439485                           O            02/01/31
    0

    6952119          025/025             F          314,100.00         T
                                         360        312,732.51          1
                                       6.750          2,037.25         90
                                       6.500          2,037.25
    CLAYTON          GA   30525          1            11/07/01         14
    0025315847                           05           01/01/02         25
    0025315847                           O            12/01/31
    0

    6952131          025/025             F          528,000.00         ZZ
                                         360        526,567.18          1
                                       7.125          3,557.23         80
                                       6.875          3,557.23
    WATKINSVILLE     GA   30677          2            01/07/02         00
    0025372723                           05           03/01/02          0
    0025372723                           O            02/01/32
    0

    6952139          025/025             F          552,000.00         ZZ
                                         360        550,128.99          1
                                       6.875          3,626.25         80
                                       6.625          3,626.25
1

    PONTE VEDRA BEA  FL   32082          2            11/28/01         00
    0025410200                           05           02/01/02          0
    0025410200                           O            01/01/32
    0

    6952141          025/025             F          400,000.00         ZZ
                                         360        397,631.81          1
                                       7.625          2,831.17         84
                                       7.375          2,831.17
    MIDDLEBURG       FL   32068          2            08/02/01         11
    0025510645                           05           10/01/01         12
    0025510645                           O            09/01/31
    0

    6952171          025/025             F          315,900.00         ZZ
                                         360        314,055.38          1
                                       7.000          2,101.69         90
                                       6.750          2,101.69
    FRANKLIN         TN   37067          1            09/19/01         04
    0025821505                           05           11/01/01         25
    0025821505                           O            10/01/31
    0

    6952203          025/025             F          625,000.00         ZZ
                                         360        621,350.48          1
                                       7.000          4,158.14         69
                                       6.750          4,158.14
    SAVANNAH         GA   31411          4            09/19/01         00
    0026061010                           03           11/01/01          0
    0026061010                           O            10/01/31
    0

    6952227          025/025             F          405,400.00         ZZ
                                         360        403,591.78          1
                                       6.625          2,595.82         58
                                       6.375          2,595.82
    SUFFOLK          VA   23435          1            11/29/01         00
    0026370114                           03           01/01/02          0
    0026370114                           O            12/01/31
    0

    6952323          025/025             F          510,400.00         ZZ
                                         360        509,168.24          1
                                       7.125          3,438.66         80
                                       6.875          3,438.66
    BALTIMORE        MD   21210          1            01/16/02         00
    0130800055                           05           03/01/02          0
    0130800055                           O            02/01/32
    0
1

    6952409          025/025             F          620,000.00         ZZ
                                         360        617,234.58          1
                                       6.625          3,969.93         78
                                       6.375          3,969.93
    PIKEVILLE        KY   41501          2            11/30/01         00
    0139744494                           05           01/01/02          0
    0139744494                           O            12/01/31
    0

    6973325          470/G01             F          350,000.00         ZZ
                                         360        349,698.66          1
                                       6.750          2,270.09         65
                                       6.500          2,270.09
    BREA             CA   92823          1            03/21/02         00
    0433929742                           03           05/01/02          0
    170100380                            O            04/01/32
    0

    6981179          964/G01             F          395,000.00         ZZ
                                         360        394,676.23          1
                                       7.000          2,627.94         60
                                       6.750          2,627.94
    MAPLE VALLEY     WA   98038          5            03/26/02         00
    0433924230                           03           05/01/02          0
    195514                               O            04/01/32
    0

    6990566          E22/G01             F          300,000.00         ZZ
                                         360        298,884.33          1
                                       6.750          1,945.79         75
                                       6.500          1,945.79
    SEATTLE          WA   98118          5            12/10/01         00
    0413341900                           05           02/01/02          0
    0413341900                           O            01/01/32
    0

    6993067          R21/G01             F          309,000.00         ZZ
                                         360        308,758.96          1
                                       7.250          2,107.92         92
                                       7.000          2,107.92
    GENEVA           IL   60134          2            03/25/02         01
    0433829785                           07           05/01/02         30
    20020428                             O            04/01/32
    0

    6998929          H58/G01             F          356,250.00         ZZ
                                         360        355,972.09          1
1

                                       7.250          2,430.25         75
                                       7.000          2,430.25
    ANGELS CAMP      CA   95222          1            03/21/02         00
    0433918703                           05           05/01/02          0
    0000092376                           O            04/01/32
    0

    7000141          964/G01             F          357,000.00         ZZ
                                         360        356,707.37          1
                                       7.000          2,375.13         44
                                       6.750          2,375.13
    SANTA BARBARA    CA   93105          5            03/28/02         00
    0433861408                           05           05/01/02          0
    198670                               O            04/01/32
    0

    7011434          E82/G01             F          375,000.00         ZZ
                                         360        373,632.90          1
                                       6.500          2,370.26         75
                                       6.250          2,370.26
    PLEASANTON       CA   94566          5            12/14/01         00
    0400539284                           05           02/01/02          0
    0400539284                           O            01/01/32
    0

    7011442          E82/G01             F          598,800.00         ZZ
                                         360        596,819.44          1
                                       7.000          3,983.83         75
                                       6.750          3,983.83
    LOS ALAMITOS     CA   90720          2            12/12/01         00
    0400531331                           05           02/01/02          0
    0400531331                           O            01/01/32
    0

    7015923          738/G01             F          524,500.00         ZZ
                                         360        521,583.40          1
                                       7.250          3,578.02         68
                                       7.000          3,578.02
    MOORESVILLE      NC   28117          5            09/13/01         00
    0433895653                           03           11/01/01          0
    00401068870005                       O            10/01/31
    0

    7020565          M27/G01             F          432,500.00         ZZ
                                         360        432,145.49          1
                                       7.000          2,877.43         76
                                       6.750          2,877.43
    LEBANON          TN   37087          2            03/25/02         00
    0433911773                           05           05/01/02          0
1

    600747855                            O            04/01/32
    0

    7027297          964/G01             F          423,500.00         ZZ
                                         360        423,152.86          1
                                       7.000          2,817.56         72
                                       6.750          2,817.56
    SAN DIMAS        CA   91773          2            03/25/02         00
    0433934197                           03           05/01/02          0
    197177                               O            04/01/32
    0

    7035071          757/G01             F          575,000.00         ZZ
                                         360        575,000.00          1
                                       6.875          3,777.35         64
                                       6.625          3,777.35
    EASTON           CT   06612          2            04/08/02         00
    0433940954                           05           06/01/02          0
    2JONESSTE2                           O            05/01/32
    0

    7035737          998/998             F          314,820.00         ZZ
                                         360        314,603.35          1
                                       7.875          2,282.66         90
                                       7.625          2,282.66
    JAMAICA          NY   11432          1            03/07/02         11
    3371549                              05           05/01/02         25
    3371549                              O            04/01/32
    0

    7035739          998/998             F          350,000.00         ZZ
                                         360        349,720.12          1
                                       7.125          2,358.01         73
                                       6.875          2,358.01
    WEST BARNSTABLE  MA   02668          5            02/27/02         00
    3600018                              05           05/01/02          0
    3600018                              O            04/01/32
    0

    7035741          998/998             F          370,000.00         ZZ
                                         360        369,420.99          1
                                       7.250          2,524.05         69
                                       7.000          2,524.05
    ORMOND BEACH     FL   32174          1            02/15/02         00
    3616610                              03           04/01/02          0
    3616610                              O            03/01/32
    0

1

    7035745          998/998             F          328,410.00         ZZ
                                         360        326,416.93          1
                                       7.500          2,296.30         90
                                       7.250          2,296.30
    SPRINGFIELD      IL   62707          2            08/20/01         10
    5652474                              05           10/01/01         25
    5652474                              O            09/01/31
    0

    7040739          964/G01             F          379,500.00         ZZ
                                         360        379,188.93          1
                                       7.000          2,524.82         78
                                       6.750          2,524.82
    ANAHIEM          CA   92808          2            03/15/02         00
    0433926854                           03           05/01/02          0
    195081                               O            04/01/32
    0

    7043349          R65/G01             F          358,000.00         ZZ
                                         360        357,720.73          1
                                       7.250          2,442.19         59
                                       7.000          2,442.19
    SAN CLEMENTE     CA   92673          5            03/29/02         00
    0433931276                           03           05/01/02          0
    1                                    O            04/01/32
    0

    7053775          975/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         67
                                       7.125          4,489.39
    HUNTINGTON BEAC  CA   92648          1            04/01/02         00
    0433890738                           03           06/01/02          0
    2021039                              O            05/01/32
    0

    7056679          964/G01             F          395,950.00         ZZ
                                         360        395,950.00          1
                                       7.000          2,634.27         78
                                       6.750          2,634.27
    SAN JOSE         CA   95118          2            04/01/02         00
    0433922200                           05           06/01/02          0
    400196634                            O            05/01/32
    0

    7057813          U80/U80             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.875          2,627.39         60
                                       6.625          2,627.39
1

    GEORGETOWN       SC   29440          2            03/28/02         00
    10006077                             03           06/01/02          0
    10006077                             O            05/01/32
    0

    7063701          R65/G01             F          573,000.00         ZZ
                                         360        572,518.61          1
                                       6.875          3,764.20         45
                                       6.625          3,764.20
    WASHINGTON       DC   20016          2            03/27/02         00
    0433880184                           05           05/01/02          0
    1                                    O            04/01/32
    0

    7068313          W02/G01             F          112,000.00         ZZ
                                         360        111,910.43          1
                                       7.125            754.57         90
                                       6.875            754.57
    LAKE WORTH       FL   33463          2            03/26/02         14
    0433934015                           03           05/01/02         25
    1000936253                           O            04/01/32
    0

    7070415          225/G01             F          496,000.00         ZZ
                                         360        494,399.25          1
                                       7.125          3,341.64         80
                                       6.875          3,341.64
    CARMEL           NY   10512          2            12/07/01         00
    0433844347                           05           02/01/02          0
    006554436                            O            01/01/32
    0

    7070437          225/G01             F          615,600.00         ZZ
                                         360        614,636.64          1
                                       7.250          4,199.48         80
                                       7.000          4,199.48
    CHADDS FORD      PA   19317          1            02/14/02         00
    0433844537                           03           04/01/02          0
    006568053                            O            03/01/32
    0

    7070449          225/G01             F          405,000.00         ZZ
                                         342        403,557.38          1
                                       7.250          2,804.28         60
                                       7.000          2,804.28
    WOODLAND         CA   95695          4            12/20/01         00
    0433846870                           05           02/01/02          0
    007160563                            O            07/01/30
    0
1

    7070457          225/G01             F          650,000.00         ZZ
                                         347        648,014.14          1
                                       7.875          4,757.23         70
                                       7.625          4,757.23
    LARKSPUR         CO   80118          4            01/04/02         00
    0433846847                           05           02/01/02          0
    007221448                            O            12/01/30
    0

    7070487          225/G01             F          348,000.00         ZZ
                                         360        346,820.44          1
                                       6.875          2,286.12         80
                                       6.625          2,286.12
    BATON ROUGE      LA   70815          2            12/13/01         00
    0433846185                           05           02/01/02          0
    007322531                            O            01/01/32
    0

    7070601          225/G01             F          333,000.00         ZZ
                                         360        332,491.67          1
                                       7.375          2,299.95         90
                                       7.125          2,299.95
    MOUNT VERNON     NY   10552          1            02/13/02         11
    0433846292                           05           04/01/02         25
    008471949                            O            03/01/32
    0

    7070607          225/G01             F          332,000.00         T
                                         360        331,274.52          1
                                       7.625          2,349.88         80
                                       7.375          2,349.88
    OCEAN CITY       MD   21842          1            01/12/02         00
    0433846631                           01           03/01/02          0
    007336519                            O            02/01/32
    0

    7070609          225/G01             F          400,000.00         T
                                         360        399,389.37          1
                                       7.375          2,762.71         80
                                       7.125          2,762.71
    BETHANY BEACH    DE   19930          1            02/13/02         00
    0433819661                           01           04/01/02          0
    007339118                            O            03/01/32
    0

    7070619          225/G01             F          556,000.00         ZZ
                                         360        554,624.76          1
1

                                       7.000          3,699.08         80
                                       6.750          3,699.08
    PHOENIX          MD   21131          1            01/16/02         00
    0433842887                           03           03/01/02          0
    006551991                            O            02/01/32
    0

    7070635          225/G01             F          424,000.00         ZZ
                                         360        422,966.39          1
                                       6.875          2,785.38         80
                                       6.625          2,785.38
    RICHMOND         VA   23233          1            02/07/02         00
    0433846896                           03           04/01/02          0
    006571350                            O            03/01/32
    0

    7070643          225/G01             F          533,281.00         ZZ
                                         360        532,086.24          1
                                       7.500          3,728.78         80
                                       7.250          3,728.78
    CHICAGO          IL   60660          1            01/14/02         00
    0433846730                           09           03/01/02          0
    007292887                            O            02/01/32
    0

    7073735          W93/G01             F          633,000.00         ZZ
                                         360        632,481.13          1
                                       7.000          4,211.37         67
                                       6.750          4,211.37
    SAN DIEGO        CA   92115          2            03/01/02         00
    0433828761                           03           05/01/02          0
    28369863                             O            04/01/32
    0

    7082121          562/562             F          392,000.00         ZZ
                                         360        390,293.35          1
                                       6.750          2,542.51         80
                                       6.500          2,542.51
    BRICK            NJ   08723          2            11/14/01         00
    160912774                            05           01/01/02          0
    160912774                            O            12/01/31
    0

    7082457          562/562             F          637,000.00         ZZ
                                         360        632,939.48          2
                                       7.250          4,345.47         64
                                       7.000          4,345.47
    BROOKLYN         NY   11215          2            08/31/01         00
    2697015480                           05           10/01/01          0
1

    2697015480                           O            09/01/31
    0

    7084191          R65/G01             F          872,000.00         ZZ
                                         360        871,267.41          1
                                       6.875          5,728.42         44
                                       6.625          5,728.42
    OWINGS MILLS     MD   21117          2            03/28/02         00
    0433874229                           05           05/01/02          0
    20017998                             O            04/01/32
    0

    7090031          K15/G01             F           83,800.00         ZZ
                                         360         83,800.00          1
                                       7.750            600.35         73
                                       7.500            600.35
    SOUTH THOMASTON  ME   04861          5            03/29/02         00
    0433880077                           05           06/01/02          0
    001350005500095                      O            05/01/32
    0

    7092161          562/562             F          519,000.00         ZZ
                                         360        517,283.37          1
                                       7.000          3,452.92         79
                                       6.750          3,452.92
    TREDYFFRIN TWP   PA   19301          2            12/21/01         00
    110917325                            05           02/01/02          0
    110917325                            O            01/01/32
    0

    7095575          M12/G01             F          650,000.00         T
                                         360        649,517.61          1
                                       7.500          4,544.89         44
                                       7.250          4,544.89
    TELLURIDE        CO   81435          2            03/18/02         00
    0433863248                           03           05/01/02          0
    R0328                                O            04/01/32
    0

    7096455          W53/G01             F           58,500.00         ZZ
                                         360         58,458.70          1
                                       7.750            419.11         90
                                       7.500            419.11
    CITY OF JERSEY   NJ   07305          1            03/28/02         01
    0433866001                           01           05/01/02         25
    1101000412                           O            04/01/32
    0

1

    7101491          H58/G01             F          374,400.00         ZZ
                                         360        374,107.93          1
                                       7.250          2,554.07         65
                                       7.000          2,554.07
    VACAVILLE        CA   95688          2            03/27/02         00
    0433928421                           05           05/01/02          0
    0000092803                           O            04/01/32
    0

    7109184          E82/G01             F          145,400.00         ZZ
                                         360        143,969.81          1
                                       7.125            979.59         50
                                       6.875            979.59
    BRIGHTON         MA   02135          2            12/19/01         00
    0400513057                           05           02/01/02          0
    1638059                              O            01/01/32
    0

    7109214          E82/G01             F          366,000.00         ZZ
                                         360        364,847.53          1
                                       7.250          2,496.77         62
                                       7.000          2,496.77
    ALEXANDRIA       VA   22314          2            12/20/01         00
    0400553251                           07           02/01/02          0
    0400553251                           O            01/01/32
    0

    7109244          E82/G01             F          392,000.00         ZZ
                                         360        390,605.10          1
                                       6.625          2,510.02         56
                                       6.375          2,510.02
    BLOOMFIELD TOWN  MI   48301          2            12/18/01         00
    0400547055                           05           02/01/02          0
    3997308                              O            01/01/32
    0

    7114839          N47/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.000          2,660.88         47
                                       6.750          2,660.88
    BERKELEY         CA   94709          2            04/03/02         00
    0433894045                           05           06/01/02          0
    20220402                             O            05/01/32
    0

    7119767          K39/G01             F          370,000.00         ZZ
                                         240        369,321.48          1
                                       7.375          2,952.48         57
                                       7.125          2,952.48
1

    WATCHUNG         NJ   07069          5            03/29/02         00
    0433931623                           05           05/03/02          0
    172505935                            O            04/03/22
    0

    7122385          964/G01             F          339,300.00         ZZ
                                         360        339,014.95          1
                                       6.875          2,228.96         74
                                       6.625          2,228.96
    SAN RAFAEL       CA   94903          2            03/29/02         00
    0433919602                           05           05/01/02          0
    198859                               O            04/01/32
    0

    7124477          H58/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.000          2,395.09         80
                                       6.750          2,395.09
    SAN LEANDRO      CA   94578          1            04/01/02         00
    0433949385                           05           06/01/02          0
    0000092825                           O            05/01/32
    0

    7124623          964/G01             F          448,000.00         ZZ
                                         360        447,632.77          1
                                       7.000          2,980.56         40
                                       6.750          2,980.56
    MILL VALLEY      CA   94941          2            03/28/02         00
    0433931920                           05           05/01/02          0
    400190349                            O            04/01/32
    0

    7126871          L86/G01             F          396,750.00         ZZ
                                         360        396,750.00          1
                                       7.375          2,740.25         75
                                       7.125          2,740.25
    SEBASTOPOL       CA   95472          1            03/29/02         00
    0433870367                           05           06/01/02          0
    14500076                             O            05/01/32
    0

    7127888          W70/W70             F          394,966.17         ZZ
                                         360        392,793.89          1
                                       6.875          2,594.64         75
                                       6.625          2,594.64
    MC KINNEY        TX   75070          2            10/31/01         00
    500203086                            05           12/01/01          0
    500203086                            O            11/01/31
    0
1

    7127924          W70/W70             F          645,600.00         ZZ
                                         360        643,563.50          1
                                       7.250          4,404.13         80
                                       7.000          4,404.13
    SAINT CHARLES    IL   60174          1            12/28/01         00
    104190838                            03           02/01/02          0
    104190838                            O            01/01/32
    0

    7127926          W70/W70             F          411,093.27         ZZ
                                         334        408,595.95          1
                                       6.875          2,765.52         75
                                       6.625          2,765.52
    GENEVA           IL   60134          1            10/24/01         00
    990730837                            05           12/01/01          0
    990730837                            O            09/01/29
    0

    7127936          W70/W70             F          650,000.00         ZZ
                                         240        644,734.08          1
                                       6.625          4,894.17         79
                                       6.375          4,894.17
    NAPERVILLE       IL   60565          2            12/13/01         00
    511019234                            05           02/01/02          0
    511019234                            O            01/01/22
    0

    7128173          E22/G01             F          365,000.00         ZZ
                                         360        364,685.75          1
                                       6.750          2,367.38         45
                                       6.500          2,367.38
    PALO ALTO        CA   94306          5            03/19/02         00
    0413353582                           05           05/01/02          0
    0413353582                           O            04/01/32
    0

    7135303          964/G01             F          510,000.00         ZZ
                                         360        510,000.00          1
                                       7.375          3,522.44         69
                                       7.125          3,522.44
    SALT LAKE CITY   UT   84108          5            04/03/02         00
    0433923729                           03           06/01/02          0
    199888                               O            05/01/32
    0

    7140431          964/G01             F          543,000.00         ZZ
                                         360        543,000.00          1
1

                                       7.000          3,612.59         60
                                       6.750          3,612.59
    STOCKTON         CA   95212          5            04/03/02         00
    0433932894                           05           06/01/02          0
    202434                               O            05/01/32
    0

    7140479          757/G01             F          619,000.00         ZZ
                                         360        618,479.96          1
                                       6.875          4,066.39         63
                                       6.625          4,066.39
    ATLANTA          GA   30342          2            03/15/02         00
    0433924933                           05           05/01/02          0
    1000626638                           O            04/01/32
    0

    7144673          B49/G01             F          407,000.00         ZZ
                                         360        407,000.00          1
                                       7.000          2,707.79         79
                                       6.750          2,707.79
    LAFAYETTE        CO   80026          1            04/03/02         00
    0433849445                           03           06/01/02          0
    00022111141                          O            05/01/32
    0

    7144869          E44/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       7.250          3,056.15         80
                                       7.000          3,056.15
    NORTH SALT LAKE  UT   84054          2            04/10/02         00
    0433909744                           05           06/01/02          0
    59020054                             O            05/01/32
    0

    7146823          E22/G01             F          354,500.00         ZZ
                                         360        354,194.78          1
                                       6.750          2,299.28         57
                                       6.500          2,299.28
    BERKELEY         CA   94707          2            03/14/02         00
    0413763046                           05           05/01/02          0
    0413763046                           O            04/01/32
    0

    7147863          E86/G01             F          477,000.00         ZZ
                                         360        476,637.04          1
                                       7.375          3,294.52         90
                                       7.125          3,294.52
    STEWART MANOR    NY   11530          1            03/19/02         40
    0433840774                           05           05/01/02         25
1

    0000172018                           O            04/01/32
    0

    7148069          E86/G01             F          594,700.00         ZZ
                                         360        594,258.65          1
                                       7.500          4,158.23         60
                                       7.250          4,158.23
    MOHNTON          PA   19540          2            02/25/02         00
    0433847217                           05           05/01/02          0
    0000176451                           O            04/01/32
    0

    7149203          M27/G01             F          566,000.00         ZZ
                                         360        565,524.49          1
                                       6.875          3,718.22         72
                                       6.625          3,718.22
    RICHMOND         VA   23233          1            04/01/02         00
    0433928967                           03           05/01/02          0
    600750154                            O            04/01/32
    0

    7149447          E86/G01             F          430,000.00         ZZ
                                         360        429,638.75          1
                                       6.875          2,824.79         60
                                       6.625          2,824.79
    NEEDHAM          MA   02492          2            03/01/02         00
    0433847340                           05           05/01/02          0
    0000152790                           O            04/01/32
    0

    7150741          H58/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         53
                                       6.625          4,270.04
    SEATTLE          WA   98112          1            03/18/02         00
    0433899689                           05           05/01/02          0
    0000091294                           O            04/01/32
    0

    7159347          952/G01             F          448,000.00         ZZ
                                         360        447,650.52          1
                                       7.250          3,056.15         80
                                       7.000          3,056.15
    MAHWAH           NJ   07430          1            03/27/02         00
    0433837804                           05           05/01/02          0
    20015284                             O            04/01/32
    0

1

    7159563          E86/G01             F          384,000.00         ZZ
                                         360        383,685.24          1
                                       7.000          2,554.76         80
                                       6.750          2,554.76
    EASTCHESTER      NY   10709          1            03/14/02         00
    0433839248                           05           05/01/02          0
    163293                               O            04/01/32
    0

    7161481          H58/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.000          3,326.51         66
                                       6.750          3,326.51
    SAN DIEGO        CA   92109          1            04/03/02         00
    0433919198                           05           06/01/02          0
    0000092398                           O            05/01/32
    0

    7163070          E45/G01             F          344,750.00         ZZ
                                         360        344,169.08          1
                                       6.875          2,264.76         90
                                       6.625          2,264.76
    GAVILAN HILLS    CA   92570          1            02/07/02         11
    0433830270                           03           04/01/02         25
    193973                               O            03/01/32
    0

    7168095          E22/G01             F          494,000.00         ZZ
                                         360        493,651.34          1
                                       7.750          3,539.08         80
                                       7.500          3,539.08
    SOUTH ORANGE     NJ   07079          1            03/28/02         00
    0413701731                           05           05/01/02          0
    0413701731                           O            04/01/32
    0

    7168315          E22/G01             F          363,750.00         T
                                         360        363,473.22          1
                                       7.375          2,512.33         75
                                       7.125          2,512.33
    LEESBURG         VA   20176          1            03/28/02         00
    0413879214                           09           05/01/02          0
    0413879214                           O            04/01/32
    0

    7168957          E82/G01             F          196,300.00         ZZ
                                         360        196,300.00          1
                                       7.375          1,355.80         72
                                       7.125          1,355.80
1

    OVIEDO           FL   32765          2            03/26/02         00
    0400609616                           03           06/01/02          0
    1987400                              O            05/01/32
    0

    7169001          E82/G01             F          602,900.00         ZZ
                                         360        602,405.81          1
                                       7.000          4,011.11         80
                                       6.750          4,011.11
    BOXFORD          MA   01921          2            03/26/02         00
    0400599296                           05           05/01/02          0
    4881300                              O            04/01/32
    0

    7170885          A21/A21             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.875          3,251.80         65
                                       6.625          3,251.80
    MAHWAH           NJ   07430          1            04/03/02         00
    0100132705                           05           06/01/02          0
    0100132705                           O            05/01/32
    0

    7178878          W70/W70             F          310,383.25         ZZ
                                         352        308,993.25          1
                                       6.875          2,053.07         80
                                       6.625          2,053.07
    NAPERVILLE       IL   60563          2            12/04/01         00
    510127048                            05           01/01/02          0
    510127048                            O            04/01/31
    0

    7180335          E86/G01             F          374,000.00         ZZ
                                         360        373,677.99          1
                                       6.750          2,425.76         79
                                       6.500          2,425.76
    CONCORD          MA   01742          1            03/15/02         00
    0433835626                           01           05/01/02          0
    0000176597                           O            04/01/32
    0

    7180679          550/550             F          638,000.00         ZZ
                                         360        637,512.10          1
                                       7.350          4,395.65         54
                                       7.100          4,395.65
    SAN FRANCISCO    CA   94118          2            03/22/02         00
    120556027                            05           05/01/02          0
    120556027                            O            04/01/32
    0
1

    7184045          116/116             F          434,550.00         ZZ
                                         360        434,550.00          1
                                       7.000          2,891.08         63
                                       6.750          2,891.08
    BELLAIRE         TX   77401          2            04/03/02         00
    091020102                            05           06/01/02          0
    091020102                            O            05/01/32
    0

    7185647          E86/G01             F          496,000.00         ZZ
                                         360        495,603.36          1
                                       7.125          3,341.64         80
                                       6.875          3,341.64
    ARLINGTON        VA   22205          1            03/08/02         00
    0433841459                           05           05/01/02          0
    0000174317                           O            04/01/32
    0

    7187087          076/076             F          303,000.00         ZZ
                                         360        301,973.01          1
                                       6.875          1,990.49         77
                                       6.625          1,990.49
    SANTA CLARITA    CA   91350          2            12/04/01         00
    2102215                              03           02/01/02          0
    2102215                              O            01/01/32
    0

    7187089          076/076             F          420,000.00         ZZ
                                         360        418,541.31          1
                                       6.750          2,724.11         73
                                       6.500          2,724.11
    WHITE HALL       MI   49461          2            12/07/01         00
    2155648                              05           02/01/02          0
    2155648                              O            01/01/32
    0

    7187225          E86/G01             F          348,000.00         ZZ
                                         360        347,455.42          1
                                       7.250          2,373.97         80
                                       7.000          2,373.97
    SAG HARBOR       NY   11963          1            02/28/02         00
    0433840261                           05           04/01/02          0
    0000173165                           O            03/01/32
    0

    7191019          642/G01             F          314,899.00         ZZ
                                         360        314,899.00          1
1

                                       7.125          2,121.53         90
                                       6.875          2,121.53
    SANTEE           CA   92071          1            04/03/02         10
    0433923539                           05           06/01/02         25
    03129602                             O            05/01/32
    0

    7195399          E22/G01             F          380,000.00         ZZ
                                         360        379,680.75          1
                                       6.875          2,496.33         78
                                       6.625          2,496.33
    RANDOLPH         NJ   07869          2            03/25/02         00
    0413778085                           05           05/01/02          0
    0413778085                           O            04/01/32
    0

    7196217          E82/G01             F          364,000.00         ZZ
                                         360        363,694.20          1
                                       6.875          2,391.22         70
                                       6.625          2,391.22
    NEW HARMONY      UT   84757          2            03/26/02         00
    0400600110                           05           05/01/02          0
    3999305                              O            04/01/32
    0

    7196485          196/G01             F          477,600.00         ZZ
                                         360        476,613.57          1
                                       7.000          3,177.49         80
                                       6.750          3,177.49
    ALPHARETTA       GA   30022          1            02/28/02         00
    0433878683                           03           04/01/02          0
    1500820                              O            03/01/32
    0

    7196781          E86/G01             F          424,000.00         ZZ
                                         360        423,669.24          1
                                       7.250          2,892.43         80
                                       7.000          2,892.43
    ARLINGTON        MA   02476          1            03/07/02         00
    0433882206                           01           05/01/02          0
    0000174447                           O            04/01/32
    0

    7196791          E86/G01             F          397,500.00         ZZ
                                         360        397,166.05          1
                                       6.875          2,611.29         80
                                       6.625          2,611.29
    NAPERVILLE       IL   60564          2            03/15/02         00
    0433841517                           03           05/01/02          0
1

    0000178555                           O            04/01/32
    0

    7197015          E86/G01             F          385,000.00         ZZ
                                         360        384,692.12          1
                                       7.125          2,593.82         70
                                       6.875          2,593.82
    WOODBRIDGE       CT   06525          5            03/06/02         00
    0433849767                           05           05/01/02          0
    0000178384                           O            04/01/32
    0

    7200255          N47/G01             F          386,900.00         ZZ
                                         360        386,900.00          1
                                       7.125          2,606.62         90
                                       6.875          2,606.62
    CAMERON PARK     CA   95682          1            04/04/02         10
    0433930765                           05           06/01/02         25
    20220462                             O            05/01/32
    0

    7203413          S43/G01             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.875            854.01         28
                                       6.625            854.01
    ARROYO HONDO     NM   87513          5            04/01/02         00
    0433871852                           05           06/01/02          0
    020071                               O            05/01/32
    0

    7204001          B49/G01             F          512,000.00         ZZ
                                         360        511,559.17          1
                                       6.750          3,320.83         80
                                       6.500          3,320.83
    LAFAYETTE        CO   80026          1            03/28/02         00
    0433840717                           03           05/01/02          0
    00023339141                          O            04/01/32
    0

    7204827          196/G01             F          371,900.00         ZZ
                                         360        371,272.33          1
                                       6.875          2,443.12         80
                                       6.625          2,443.12
    OLNEY            MD   20832          1            02/14/02         00
    0433878618                           03           04/01/02          0
    1496280                              O            03/01/32
    0

1

    7207305          E86/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         77
                                       6.750          2,328.56
    LAKE GROVE       NY   11755          1            03/08/02         00
    0433843216                           05           05/01/02          0
    117929                               O            04/01/32
    0

    7208849          E86/G01             F          336,000.00         ZZ
                                         360        335,731.31          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
    WHITE PLAINS     NY   10605          1            03/21/02         00
    0433842820                           05           05/01/02          0
    172194                               O            04/01/32
    0

    7209449          E86/G01             F          488,000.00         ZZ
                                         360        487,590.02          1
                                       6.875          3,205.81         58
                                       6.625          3,205.81
    ST LEONARD       MD   20685          5            03/04/02         00
    0433847068                           05           05/01/02          0
    0000177956                           O            04/01/32
    0

    7210233          E86/G01             F          368,000.00         ZZ
                                         360        367,394.96          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
    SCITUATE         MA   02066          1            02/28/02         00
    0433844255                           05           04/01/02          0
    0000178978                           O            03/01/32
    0

    7211157          964/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    LANGLEY          WA   98260          2            04/03/02         00
    0433921392                           05           06/01/02          0
    194339                               O            05/01/32
    0

    7211517          E86/G01             F          433,750.00         ZZ
                                         360        433,385.60          1
                                       6.875          2,849.43         61
                                       6.625          2,849.43
1

    TARRYTOWN        NY   10591          1            03/20/02         00
    0433842697                           05           05/01/02          0
    0000172412                           O            04/01/32
    0

    7211993          696/G01             F          508,250.00         ZZ
                                         360        507,823.01          1
                                       6.875          3,338.84         80
                                       6.625          3,338.84
    ROCKVILLE        MD   20850          1            03/28/02         00
    0433837242                           03           05/01/02          0
    32701088                             O            04/01/32
    0

    7213241          G51/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         37
                                       6.875          2,694.87
    BOULDER          CO   80304          2            04/12/02         00
    0433929155                           05           06/01/02          0
    813425                               O            05/01/32
    0

    7219213          E22/G01             F          380,000.00         ZZ
                                         360        379,688.52          1
                                       7.000          2,528.15         80
                                       6.750          2,528.15
    CENTREVILLE      VA   20120          1            03/28/02         00
    0413802430                           03           05/01/02          0
    0413802430                           O            04/01/32
    0

    7219669          E82/G01             F          314,800.00         ZZ
                                         360        314,800.00          1
                                       6.875          2,068.01         80
                                       6.625          2,068.01
    LEBANON          IN   46052          2            03/29/02         04
    0400601837                           05           06/01/02         12
    3098963                              O            05/01/32
    0

    7226829          E33/G01             F          900,000.00         ZZ
                                         360        900,000.00          1
                                       7.000          5,987.72         75
                                       6.750          5,987.72
    LAKE FOREST      IL   60045          1            04/02/02         00
    0433879921                           05           06/01/02          0
    GRIFFITH                             O            05/01/32
    0
1

    7231647          K21/G01             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       7.125          1,704.51         61
                                       6.875          1,704.51
    CULVER CITY      CA   90230          1            04/04/02         00
    0433908746                           05           06/01/02          0
    0217501                              O            05/01/32
    0

    7234263          E86/G01             F          370,000.00         T
                                         360        369,704.12          1
                                       7.125          2,492.76         59
                                       6.875          2,492.76
    WOODSTOCK        NY   12498          2            03/15/02         00
    0433862901                           05           05/01/02          0
    167511                               O            04/01/32
    0

    7245953          E22/G01             F          512,000.00         ZZ
                                         360        511,505.80          1
                                       7.375          3,536.26         80
                                       7.125          3,536.26
    WATCHUNG         NJ   07060          1            04/02/02         00
    0413701780                           05           05/01/02          0
    0413701780                           O            04/01/32
    0

    7246131          E22/G01             F           24,800.00         ZZ
                                         360         24,800.00          1
                                       7.875            179.82         80
                                       7.625            179.82
    GADSDEN          AL   35901          1            04/02/02         00
    0413890500                           05           06/01/02          0
    0413890500                           O            05/01/32
    0

    7247045          E86/G01             F          425,000.00         ZZ
                                         360        424,634.09          1
                                       6.750          2,756.54         73
                                       6.500          2,756.54
    ROSLYN           NY   11576          1            03/15/02         00
    0433839404                           05           05/01/02          0
    183237                               O            04/01/32
    0

    7254665          975/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
1

                                       6.625          2,081.01         60
                                       6.375          2,081.01
    IRVINE           CA   92602          2            04/04/02         00
    0433933512                           03           06/01/02          0
    2021351                              O            05/01/32
    0

    7258524          E45/G01             F          448,000.00         ZZ
                                         360        447,281.35          1
                                       7.125          3,018.26         80
                                       6.875          3,018.26
    SNELLVILLE       GA   30078          1            02/20/02         00
    0433830890                           05           04/01/02          0
    202057                               O            03/01/32
    0

    7266566          E82/G01             F          367,800.00         ZZ
                                         360        366,912.37          1
                                       7.125          2,477.94         80
                                       6.875          2,477.94
    ARLINGTON        VA   22203          2            01/04/02         00
    0400487013                           05           03/01/02          0
    3954248                              O            02/01/32
    0

    7267071          893/G01             F          800,000.00         ZZ
                                         360        800,000.00          1
                                       7.250          5,457.41         64
                                       7.000          5,457.41
    SAN MATEO        CA   94403          1            04/05/02         00
    0433922804                           05           06/01/02          0
    2030708                              O            05/01/32
    0

    7269443          E33/G01             F          414,000.00         ZZ
                                         360        413,652.19          1
                                       6.875          2,719.69         80
                                       6.625          2,719.69
    GURNEE           IL   60031          1            03/27/02         00
    0433851797                           03           05/01/02          0
    RICHTER                              O            04/01/32
    0

    7270207          Q97/G01             F          373,100.00         ZZ
                                         360        372,786.55          1
                                       6.875          2,451.00         80
                                       6.625          2,451.00
    SHREWSBURY       MA   01545          1            03/26/02         00
    0433861705                           05           05/01/02          0
1

    16021221                             O            04/01/32
    0

    7272293          E22/G01             F          367,200.00         ZZ
                                         360        366,891.51          1
                                       6.875          2,412.24         80
                                       6.625          2,412.24
    CORAL GABLES     FL   33134          1            04/03/02         00
    0413574633                           05           05/01/02          0
    0413574633                           O            04/01/32
    0

    7272401          E22/G01             F          484,200.00         ZZ
                                         360        484,200.00          1
                                       6.875          3,180.85         63
                                       6.625          3,180.85
    ARLINGTON        TX   76017          2            03/29/02         00
    0413807603                           03           06/01/02          0
    0413807603                           O            05/01/32
    0

    7272413          E22/G01             F          220,000.00         ZZ
                                         240        219,571.23          1
                                       6.875          1,689.19         80
                                       6.625          1,689.19
    ROYSE CITY       TX   75189          5            03/29/02         00
    0413819616                           05           05/01/02          0
    0413819616                           O            04/01/22
    0

    7272465          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.000          2,654.56         69
                                       6.750          2,654.56
    MENLO PARK       CA   94025          1            04/01/02         00
    0413846981                           05           06/01/02          0
    0413846981                           O            05/01/32
    0

    7272709          E82/G01             F          318,000.00         ZZ
                                         360        317,732.85          1
                                       6.875          2,089.03         73
                                       6.625          2,089.03
    RICHMOND         CA   94803          5            03/28/02         00
    0400598785                           05           05/01/02          0
    0400598785                           O            04/01/32
    0

1

    7272715          E82/G01             F          283,400.00         ZZ
                                         360        283,161.91          1
                                       6.875          1,861.74         65
                                       6.625          1,861.74
    HAYWARD          CA   94544          5            03/28/02         00
    0400605432                           05           05/01/02          0
    0400605432                           O            04/01/32
    0

    7272727          E82/G01             F          285,000.00         ZZ
                                         360        284,766.39          1
                                       7.000          1,896.11         54
                                       6.750          1,896.11
    MISSION VIEJO    CA   92692          2            03/26/02         00
    0400596060                           03           05/01/02          0
    4366011                              O            04/01/32
    0

    7273701          998/998             F          418,200.00         ZZ
                                         360        416,997.98          1
                                       7.375          2,888.41         60
                                       7.125          2,888.41
    DESTIN           FL   32541          1            01/25/01         00
    3235047                              03           03/01/02          0
    3235047                              O            02/01/32
    0

    7273703          998/998             F          569,000.00         ZZ
                                         360        565,658.89          1
                                       7.000          3,785.57         77
                                       6.750          3,785.57
    CARDIFF BY THE   CA   92007          2            02/25/02         00
    3283603                              03           04/01/02          0
    3283603                              O            03/01/32
    0

    7273705          998/998             F          464,000.00         ZZ
                                         360        463,222.69          1
                                       7.875          3,364.32         80
                                       7.625          3,364.32
    EDGEWATER        NJ   07020          1            02/28/02         00
    3329202                              03           04/01/02          0
    3329202                              O            03/01/32
    0

    7273709          998/998             F          323,500.00         ZZ
                                         360        322,954.88          1
                                       6.875          2,125.17         75
                                       6.625          2,125.17
1

    BETTENDORF       IA   52722          5            02/19/02         00
    3343627                              05           04/01/02          0
    3343627                              O            03/01/32
    0

    7273711          998/998             F          430,000.00         ZZ
                                         360        429,310.23          1
                                       7.125          2,896.99         80
                                       6.875          2,896.99
    HARBOR SPRINGS   MI   49740          2            03/01/02         00
    3620780                              29           04/01/02          0
    3620780                              O            03/01/32
    0

    7274017          998/998             F          377,000.00         ZZ
                                         360        374,798.54          1
                                       7.000          2,508.20         75
                                       6.750          2,508.20
    SPRINGFIELD      IL   62704          1            10/01/01         00
    1441203                              05           11/01/01          0
    1441203                              O            10/01/31
    0

    7276015          H58/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.250          2,592.27         80
                                       7.000          2,592.27
    ELK GROVE        CA   95758          1            04/09/02         00
    0433934049                           03           06/01/02          0
    0000093896                           O            05/01/32
    0

    7282955          H58/G01             F          399,998.00         ZZ
                                         360        399,998.00          1
                                       7.125          2,694.86         80
                                       6.875          2,694.86
    PLEASANTON       CA   94588          1            04/08/02         00
    0433951977                           05           06/01/02          0
    0000093294                           O            05/01/32
    0

    7283191          367/367             F          329,000.00         ZZ
                                         360        329,000.00          1
                                       7.375          2,272.32         63
                                       7.125          2,272.32
    WASHINGTON       DC   20007          5            03/28/02         00
    99166405                             07           06/01/02          0
    99166405                             O            05/01/32
    0
1

    7287125          Q97/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         68
                                       6.750          2,328.56
    FOXBORO          MA   02035          2            03/26/02         00
    0433892684                           05           05/01/02          0
    16031018                             O            04/01/32
    0

    7287611          E86/G01             F          346,550.00         ZZ
                                         360        346,550.00          1
                                       7.125          2,334.77         80
                                       6.875          2,334.77
    WASHINGTON       DC   20015          1            04/12/02         00
    0433929924                           05           06/01/02          0
    0000187555                           O            05/01/32
    0

    7288227          E87/G01             F          586,250.00         ZZ
                                         360        586,250.00          1
                                       6.875          3,851.25         70
                                       6.625          3,851.25
    THOUSAND OAKS    CA   91362          1            04/09/02         00
    0433931441                           05           06/01/02          0
    70004083                             O            05/01/32
    0

    7289239          Q97/G01             F          352,000.00         ZZ
                                         360        351,711.47          1
                                       7.000          2,341.86         79
                                       6.750          2,341.86
    WALPOLE          MA   02081          2            03/25/02         00
    0433861903                           05           05/01/02          0
    16031028                             O            04/01/32
    0

    7291007          N47/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.250          3,547.32         80
                                       7.000          3,547.32
    SAN JOSE         CA   95133          1            04/09/02         00
    0433938859                           05           06/01/02          0
    20320442                             O            05/01/32
    0

    7292553          S11/G01             F          588,000.00         ZZ
                                         360        588,000.00          1
1

                                       7.250          4,011.20         80
                                       7.000          4,011.20
    LOS ANGELES      CA   90056          1            04/09/02         00
    0433938941                           05           06/01/02          0
    10207563                             O            05/01/32
    0

    7293071          964/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.875          2,857.64         77
                                       6.625          2,857.64
    CLARKSBURG       CA   95612          2            04/09/02         00
    0433938370                           05           06/01/02          0
    202840                               O            05/01/32
    0

    7293293          964/G01             F          399,400.00         ZZ
                                         360        399,400.00          1
                                       7.125          2,690.83         78
                                       6.875          2,690.83
    SEAL BEACH       CA   90740          2            04/03/02         00
    0433921434                           05           06/01/02          0
    197323                               O            05/01/32
    0

    7295031          E82/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.000          3,991.81         80
                                       6.750          3,991.81
    MARIETTA         GA   30066          2            04/01/02         00
    0400601985                           05           06/01/02          0
    4502609                              O            05/01/32
    0

    7311083          696/G01             F          352,000.00         ZZ
                                         360        351,738.76          1
                                       7.500          2,461.24         80
                                       7.250          2,461.24
    KENSINGTON       MD   20895          2            03/26/02         00
    0433889193                           05           05/01/02          0
    31101185                             O            04/01/32
    0

    7311640          E82/G01             F          307,700.00         ZZ
                                         360        306,881.05          1
                                       6.625          1,970.24         52
                                       6.375          1,970.24
    SAN JOSE         CA   95110          2            01/07/02         00
    0400545711                           05           03/01/02          0
1

    1710630                              O            02/01/32
    0

    7312247          Q97/G01             F          455,000.00         ZZ
                                         360        454,627.04          1
                                       7.000          3,027.13         70
                                       6.750          3,027.13
    EAST GREENWICH   RI   02818          1            04/01/02         00
    0433883618                           05           05/01/02          0
    16031079                             O            04/01/32
    0

    7318739          M27/G01             F          375,200.00         ZZ
                                         360        374,884.78          1
                                       6.875          2,464.80         80
                                       6.625          2,464.80
    CHARLOTTE        NC   28203          2            03/25/02         00
    0433939527                           05           05/01/02          0
    600708574                            O            04/01/32
    0

    7319757          E22/G01             F          308,000.00         ZZ
                                         360        307,765.64          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    HARWOOD          MD   20776          5            03/27/02         00
    0413702036                           05           05/01/02          0
    0413702036                           O            04/01/32
    0

    7319795          E22/G01             F          999,000.00         ZZ
                                         360        999,000.00          1
                                       7.125          6,730.45         34
                                       6.875          6,730.45
    PACIFIC PALISAD  CA   90272          2            03/29/02         00
    0413798695                           05           06/01/02          0
    0413798695                           O            05/01/32
    0

    7319817          E22/G01             F          140,000.00         ZZ
                                         360        139,885.25          3
                                       7.000            931.42         80
                                       6.750            931.42
    WEST HAVEN       CT   06516          2            04/01/02         00
    0413816133                           05           05/01/02          0
    0413816133                           O            04/01/32
    0

1

    7319877          E22/G01             F          383,920.00         ZZ
                                         360        383,920.00          1
                                       7.500          2,684.42         80
                                       7.250          2,684.42
    EAST GREENWICH   RI   02818          1            04/05/02         00
    0413872086                           05           06/01/02          0
    0413872086                           O            05/01/32
    0

    7319949          E22/G01             F           72,500.00         ZZ
                                         360         72,500.00          1
                                       7.250            494.58         80
                                       7.000            494.58
    CHOCTAW          OK   73020          1            04/05/02         00
    0413920489                           05           06/01/02          0
    0413920489                           O            05/01/32
    0

    7320279          E82/G01             F          381,200.00         ZZ
                                         360        381,200.00          1
                                       7.125          2,568.22         76
                                       6.875          2,568.22
    CHAPPAQUA        NY   10514          2            04/04/02         00
    0400598629                           05           06/01/02          0
    1619099                              O            05/01/32
    0

    7323845          196/G01             F          710,000.00         ZZ
                                         360        707,938.45          1
                                       6.375          4,429.48         60
                                       6.125          4,429.48
    WESTON           MA   02493          2            02/08/02         00
    0433929544                           05           04/01/02          0
    1308360                              O            03/01/32
    0

    7323849          196/G01             F          436,000.00         ZZ
                                         360        435,247.11          1
                                       6.750          2,827.89         80
                                       6.500          2,827.89
    NEEDHAM          MA   02494          2            02/27/02         00
    0433880374                           05           04/01/02          0
    1312951                              O            03/01/32
    0

    7323851          196/G01             F          600,000.00         ZZ
                                         360        599,013.49          1
                                       7.000          3,991.82         61
                                       6.750          3,991.82
1

    DARIEN           CT   06820          1            02/28/02         00
    0433876745                           05           04/01/02          0
    1315384                              O            03/01/32
    0

    7323859          196/G01             F          320,000.00         ZZ
                                         360        319,473.87          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    DALLAS           GA   30157          2            02/22/02         00
    0433877081                           03           04/01/02          0
    1316401                              O            03/01/32
    0

    7323867          196/G01             F          428,000.00         ZZ
                                         360        427,649.17          1
                                       7.000          2,847.50         78
                                       6.750          2,847.50
    ALEXANDRIA       VA   22314          5            03/21/02         00
    0433890605                           09           05/01/02          0
    1317193                              O            04/01/32
    0

    7323869          196/G01             F          435,000.00         ZZ
                                         360        434,643.43          1
                                       7.000          2,894.07         55
                                       6.750          2,894.07
    POTOMAC          MD   20854          5            03/14/02         00
    0433890563                           03           05/01/02          0
    1317301                              O            04/01/32
    0

    7323871          196/G01             F          390,000.00         ZZ
                                         360        389,672.35          1
                                       6.875          2,562.03         78
                                       6.625          2,562.03
    LYNNFIELD        MA   01940          2            03/06/02         00
    0433879673                           05           05/01/02          0
    1317528                              O            04/01/32
    0

    7323879          196/G01             F          332,500.00         ZZ
                                         360        331,966.62          1
                                       7.125          2,240.12         90
                                       6.875          2,240.12
    GRAND RAPIDS     MI   49525          2            03/01/02         10
    0433976867                           05           04/01/02         25
    1444570                              O            03/01/32
    0
1

    7323885          196/G01             F          302,900.00         ZZ
                                         360        302,651.71          1
                                       7.000          2,015.21         80
                                       6.750          2,015.21
    CHESTERFIELD     VA   23832          1            03/28/02         00
    0433877750                           05           05/01/02          0
    1448162                              O            04/01/32
    0

    7323897          196/G01             F          353,500.00         ZZ
                                         360        352,932.94          1
                                       7.125          2,381.60         52
                                       6.875          2,381.60
    TEMECULA         CA   92592          5            02/27/02         00
    0433879749                           03           04/01/02          0
    1475035                              O            03/01/32
    0

    7323899          196/G01             F          367,100.00         ZZ
                                         360        366,806.43          1
                                       7.125          2,473.23         75
                                       6.875          2,473.23
    LORTON           VA   22079          2            03/25/02         00
    0433891819                           03           05/01/02          0
    1476022                              O            04/01/32
    0

    7323919          196/G01             F          450,000.00         ZZ
                                         360        449,278.14          1
                                       7.125          3,031.74         80
                                       6.875          3,031.74
    MIDLOTHIAN       VA   23112          2            02/14/02         00
    0433881489                           03           04/01/02          0
    1489275                              O            03/01/32
    0

    7323927          196/G01             F          335,000.00         ZZ
                                         360        334,449.19          1
                                       7.000          2,228.77         61
                                       6.750          2,228.77
    SONOMA           CA   95476          5            02/07/02         00
    0433879970                           05           04/01/02          0
    1491152                              O            03/01/32
    0

    7323929          196/G01             F          336,300.00         ZZ
                                         360        335,761.49          1
1

                                       7.250          2,294.16         95
                                       7.000          2,294.16
    MILFORD          NH   03086          1            02/15/02         10
    0433976289                           05           04/01/02         30
    1491333                              O            03/01/32
    0

    7323933          196/G01             F          400,000.00         ZZ
                                         360        399,147.56          1
                                       7.750          2,865.65         87
                                       7.500          2,865.65
    SEMINOLE         FL   33772          2            01/24/02         01
    0433976909                           05           03/01/02         25
    1492008                              O            02/01/32
    0

    7323949          196/G01             F          355,000.00         ZZ
                                         360        354,709.00          1
                                       7.000          2,361.83         74
                                       6.750          2,361.83
    RICHMOND         VA   23233          2            03/08/02         00
    0433929247                           05           05/01/02          0
    1496103                              O            04/01/32
    0

    7323951          196/G01             F          456,000.00         ZZ
                                         360        455,616.90          1
                                       6.875          2,995.60         80
                                       6.625          2,995.60
    OKLAHOMA CITY    OK   73170          1            03/08/02         00
    0433880390                           03           05/01/02          0
    1497294                              O            04/01/32
    0

    7323961          196/G01             F          440,000.00         ZZ
                                         360        439,344.86          1
                                       7.500          3,076.55         80
                                       7.250          3,076.55
    LOS ANGELES      CA   90020          1            02/14/02         00
    0433929262                           05           04/01/02          0
    1498430                              O            03/01/32
    0

    7323969          196/G01             F          329,600.00         ZZ
                                         360        327,924.97          1
                                       6.875          2,165.24         80
                                       6.625          2,165.24
    COPPELL          TX   75019          1            02/27/02         00
    0433929270                           03           04/01/02          0
1

    1498506                              O            03/01/32
    0

    7323973          196/G01             F          454,400.00         ZZ
                                         360        453,634.30          1
                                       6.875          2,985.09         80
                                       6.625          2,985.09
    HOUSTON          TX   77005          1            02/25/02         00
    0433929197                           05           04/01/02          0
    1498990                              O            03/01/32
    0

    7323975          196/G01             F          352,000.00         ZZ
                                         360        351,711.46          1
                                       7.000          2,341.87         80
                                       6.750          2,341.87
    WESTPORT         CT   06880          1            03/04/02         00
    0433929213                           05           05/01/02          0
    1498998                              O            04/01/32
    0

    7323983          196/G01             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    SILVER SPRING    MD   20906          2            03/14/02         00
    0433976693                           05           05/01/02          0
    1499855                              O            04/01/32
    0

    7323989          196/G01             F          446,000.00         ZZ
                                         360        445,266.70          1
                                       7.000          2,967.25         53
                                       6.750          2,967.25
    CAMPBELL         CA   95008          2            02/21/02         00
    0433877784                           05           04/01/02          0
    1500091                              O            03/01/32
    0

    7323995          196/G01             F          329,000.00         ZZ
                                         360        328,730.32          1
                                       7.000          2,188.85         75
                                       6.750          2,188.85
    STERLING         VA   20165          2            03/25/02         00
    0433898384                           03           05/01/02          0
    1500924                              O            04/01/32
    0

1

    7324003          196/G01             F          304,500.00         ZZ
                                         360        304,250.40          1
                                       7.000          2,025.85         69
                                       6.750          2,025.85
    CHESTERFIELD     VA   23838          2            03/19/02         00
    0433929536                           03           05/01/02          0
    1502617                              O            04/01/32
    0

    7324005          196/G01             F          456,500.00         ZZ
                                         360        456,134.94          1
                                       7.125          3,075.53         79
                                       6.875          3,075.53
    NEWTOWN          CT   06470          2            03/18/02         00
    0433976586                           05           05/01/02          0
    1502624                              O            04/01/32
    0

    7324011          196/G01             F          535,000.00         ZZ
                                         360        534,550.53          1
                                       6.875          3,514.57         65
                                       6.625          3,514.57
    LEESBURG         VA   20176          2            03/20/02         00
    0433892957                           03           05/01/02          0
    1503219                              O            04/01/32
    0

    7324015          196/G01             F          320,000.00         ZZ
                                         360        319,750.36          1
                                       7.250          2,182.97         68
                                       7.000          2,182.97
    SAN JOSE         CA   95132          1            03/14/02         00
    0433892064                           05           05/01/02          0
    1503425                              O            04/01/32
    0

    7324019          196/G01             F          408,000.00         ZZ
                                         360        407,665.56          1
                                       7.000          2,714.44         80
                                       6.750          2,714.44
    LA CANADA FLINT  CA   91011          1            03/18/02         00
    0433878154                           05           05/01/02          0
    1503455                              O            04/01/32
    0

    7324027          196/G01             F          335,000.00         ZZ
                                         360        334,725.40          1
                                       7.000          2,228.77         70
                                       6.750          2,228.77
1

    STAFFORD         VA   22554          2            03/25/02         00
    0433892502                           05           05/01/02          0
    1504612                              O            04/01/32
    0

    7324031          196/G01             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         63
                                       6.750          2,395.09
    OAKLAND TWP      MI   48307          1            03/28/02         00
    0433976529                           01           05/01/02          0
    1504893                              O            04/01/32
    0

    7324043          196/G01             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    IRVINE           CA   92602          1            03/15/02         00
    0433929932                           05           05/01/02          0
    1506002                              O            04/01/32
    0

    7324045          196/G01             F          384,300.00         ZZ
                                         360        383,977.14          1
                                       6.875          2,524.58         79
                                       6.625          2,524.58
    AUSTIN           TX   78738          2            03/19/02         00
    0433929569                           05           05/01/02          0
    1506271                              O            04/01/32
    0

    7324049          196/G01             F          416,000.00         ZZ
                                         360        415,683.46          1
                                       7.375          2,873.21         80
                                       7.125          2,873.21
    TUSTIN           CA   92782          1            03/20/02         00
    0433929585                           03           05/01/02          0
    1507739                              O            04/01/32
    0

    7324051          196/G01             F          384,000.00         ZZ
                                         360        383,728.97          1
                                       7.750          2,751.03         80
                                       7.500          2,751.03
    CHESTERFIELD     VA   23838          1            03/28/02         00
    0433930005                           03           05/01/02          0
    1509393                              O            04/01/32
    0
1

    7329473          H58/G01             F          519,500.00         ZZ
                                         360        519,500.00          1
                                       7.125          3,499.97         80
                                       6.875          3,499.97
    BEND             OR   97701          1            04/15/02         00
    0433968229                           05           06/01/02          0
    0000094810                           O            05/01/32
    0

    7330983          405/405             F          475,000.00         ZZ
                                         360        474,600.94          1
                                       6.875          3,120.41         63
                                       6.500          3,120.41
    CASTLE ROCK      CO   80104          1            03/22/02         00
    0013012125                           05           05/01/02          0
    0013012125                           O            04/01/32
    0

    7330987          405/405             F          402,084.00         ZZ
                                         360        401,746.20          1
                                       6.875          2,641.41         80
                                       6.500          2,641.41
    SAN ANTONIO      TX   78266          1            03/15/02         00
    0013023338                           03           05/01/02          0
    0013023338                           O            04/01/32
    0

    7330989          405/405             F          621,500.00         ZZ
                                         360        620,527.41          1
                                       7.250          4,239.73         78
                                       6.750          4,239.73
    AUSTIN           TX   78730          1            02/25/02         00
    0013026026                           03           04/01/02          0
    0013026026                           O            03/01/32
    0

    7330995          405/405             F          534,700.00         ZZ
                                         360        534,293.14          1
                                       7.375          3,693.04         80
                                       6.875          3,693.04
    MCLEAN           VA   22101          1            03/11/02         00
    0013042254                           05           05/01/02          0
    0013042254                           O            04/01/32
    0

    7330999          405/405             F          398,000.00         ZZ
                                         360        397,665.63          1
1

                                       6.875          2,614.58         70
                                       6.500          2,614.58
    MORRISON         CO   80465          2            03/15/02         00
    0013055983                           05           05/01/02          0
    0013055983                           O            04/01/32
    0

    7331005          405/405             F          623,200.00         ZZ
                                         360        622,663.43          1
                                       6.750          4,042.07         54
                                       6.500          4,042.07
    LADUE            MO   63124          2            03/20/02         00
    0013077037                           03           05/01/02          0
    0013077037                           O            04/01/32
    0

    7331029          405/405             F          435,000.00         ZZ
                                         360        434,652.13          1
                                       7.125          2,930.68         60
                                       6.625          2,930.68
    OAKLAND          CA   94611          5            03/08/02         00
    0018243212                           05           05/01/02          0
    0018243212                           O            04/01/32
    0

    7331035          405/405             F          620,000.00         ZZ
                                         360        619,491.79          1
                                       7.000          4,124.88         78
                                       6.500          4,124.88
    SAN FRANCISCO    CA   94109          2            03/19/02         00
    0018257360                           01           05/01/02          0
    0018257360                           O            04/01/32
    0

    7331039          405/405             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         43
                                       6.500          2,299.25
    SAN FRANCISCO    CA   94131          5            03/19/02         00
    0018260067                           05           05/01/02          0
    0018260067                           O            04/01/32
    0

    7331041          405/405             F          433,400.00         ZZ
                                         360        433,044.75          1
                                       7.000          2,883.42         52
                                       6.500          2,883.42
    ORINDA           CA   94563          5            03/20/02         00
    0018261990                           05           05/01/02          0
1

    0018261990                           O            04/01/32
    0

    7331067          405/405             F          460,000.00         ZZ
                                         360        459,613.54          1
                                       6.875          3,021.88         52
                                       6.500          3,021.88
    PIEDMONT         CA   94611          5            03/18/02         00
    0018278382                           05           05/01/02          0
    0018278382                           O            04/01/32
    0

    7331091          405/405             F          472,000.00         ZZ
                                         360        471,622.54          1
                                       7.125          3,179.96         61
                                       6.625          3,179.96
    GREENSBURG       PA   15601          5            03/25/02         00
    0018289488                           05           05/01/02          0
    0018289488                           O            04/01/32
    0

    7331093          405/405             F          420,000.00         ZZ
                                         360        419,647.15          1
                                       6.875          2,759.10         76
                                       6.500          2,759.10
    OAKLAND          CA   94611          5            03/22/02         00
    0018291138                           05           05/01/02          0
    0018291138                           O            04/01/32
    0

    7331097          405/405             F          511,000.00         ZZ
                                         360        510,581.13          1
                                       7.000          3,399.70         75
                                       6.500          3,399.70
    EASTON           CT   06612          2            03/27/02         00
    0018294736                           05           05/01/02          0
    0018294736                           O            04/01/32
    0

    7331105          405/405             F          377,500.00         ZZ
                                         360        377,182.85          1
                                       6.875          2,479.91         80
                                       6.500          2,479.91
    WILMINGTON       NC   28411          2            03/27/02         00
    0018299883                           05           05/01/02          0
    0018299883                           O            04/01/32
    0

1

    7331121          405/405             F          384,000.00         ZZ
                                         360        383,677.39          1
                                       6.875          2,522.61         61
                                       6.500          2,522.61
    LIVERMORE        CA   94550          5            03/21/02         00
    0018310193                           05           05/01/02          0
    0018310193                           O            04/01/32
    0

    7331169          405/405             F          477,000.00         ZZ
                                         360        476,618.55          1
                                       7.125          3,213.64         60
                                       6.625          3,213.64
    LAFAYETTE        CA   94549          5            03/27/02         00
    0018321695                           05           05/01/02          0
    0018321695                           O            04/01/32
    0

    7331185          405/405             F          455,900.00         ZZ
                                         360        455,516.99          1
                                       6.875          2,994.94         73
                                       6.500          2,994.94
    SILVER SPRING    MD   20905          2            03/28/02         00
    0018328476                           03           05/01/02          0
    0018328476                           O            04/01/32
    0

    7331211          405/405             F          420,000.00         ZZ
                                         360        419,638.38          1
                                       6.750          2,724.12         66
                                       6.500          2,724.12
    ATLANTA          GA   30306          5            03/29/02         00
    0018337733                           05           05/01/02          0
    0018337733                           O            04/01/32
    0

    7331215          405/405             F          352,000.00         ZZ
                                         360        351,704.28          1
                                       6.875          2,312.39         70
                                       6.500          2,312.39
    SOUTH GLASTONBU  CT   06073          2            03/25/02         00
    0018338988                           05           05/01/02          0
    0018338988                           O            04/01/32
    0

    7331221          405/405             F          333,000.00         ZZ
                                         360        332,733.70          1
                                       7.125          2,243.49         52
                                       6.625          2,243.49
1

    SUNNYVALE        CA   94087          2            03/25/02         00
    0018340075                           05           05/01/02          0
    0018340075                           O            04/01/32
    0

    7331245          405/405             F          361,000.00         ZZ
                                         360        360,704.08          1
                                       7.000          2,401.75         70
                                       6.500          2,401.75
    WESTON           FL   33327          5            03/29/02         00
    0018348276                           05           05/01/02          0
    0018348276                           O            04/01/32
    0

    7331247          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         52
                                       6.500          2,627.72
    SAN JOSE         CA   95112          1            03/18/02         00
    0018349043                           05           05/01/02          0
    0018349043                           O            04/01/32
    0

    7331255          405/405             F          385,000.00         ZZ
                                         360        384,684.41          1
                                       7.000          2,561.42         54
                                       6.500          2,561.42
    NAPA             CA   94558          2            03/20/02         00
    0018353631                           05           05/01/02          0
    0018353631                           O            04/01/32
    0

    7331259          405/405             F          412,000.00         ZZ
                                         360        411,645.27          1
                                       6.750          2,672.23         80
                                       6.500          2,672.23
    CARLSBAD         CA   92009          1            03/22/02         00
    0018354423                           05           05/01/02          0
    0018354423                           O            04/01/32
    0

    7331273          405/405             F          540,000.00         ZZ
                                         360        539,578.75          1
                                       7.250          3,683.75         80
                                       6.750          3,683.75
    CORTE MADERA     CA   94925          1            03/26/02         00
    0018369918                           05           05/01/02          0
    0018369918                           O            04/01/32
    0
1

    7340901          964/G01             F          335,500.00         ZZ
                                         360        335,224.99          1
                                       7.000          2,232.09         72
                                       6.750          2,232.09
    PARKER           CO   80134          2            03/25/02         00
    0433860061                           05           05/01/02          0
    194853                               O            04/01/32
    0

    7344727          K21/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       7.250          3,820.19         80
                                       7.000          3,820.19
    THOUSAND OAKS A  CA   91360          2            03/29/02         00
    0433905205                           05           06/01/02          0
    0117287                              O            05/01/32
    0

    7345421          964/G01             F          354,500.00         ZZ
                                         360        354,500.00          1
                                       7.500          2,478.72         63
                                       7.250          2,478.72
    SCOTTSDALE       AZ   85259          5            04/11/02         00
    0433931417                           03           06/01/02          0
    200302                               O            05/01/32
    0

    7346761          E22/G01             F          330,400.00         ZZ
                                         360        330,400.00          1
                                       6.750          2,142.97         66
                                       6.500          2,142.97
    AUSTIN           TX   78726          2            04/02/02         00
    0413794256                           03           06/01/02          0
    0413794256                           O            05/01/32
    0

    7346859          E22/G01             F          336,800.00         ZZ
                                         360        336,800.00          1
                                       7.375          2,326.19         80
                                       7.125          2,326.19
    WINDSOR          CA   95492          2            03/27/02         00
    0413854209                           05           06/01/02          0
    0413854209                           O            05/01/32
    0

    7347559          E82/G01             F          353,300.00         ZZ
                                         360        353,010.41          1
1

                                       7.000          2,350.51         59
                                       6.750          2,350.51
    PALO ALTO        CA   94303          2            03/20/02         00
    0400580320                           05           05/01/02          0
    1627118                              O            04/01/32
    0

    7347563          E82/G01             F          647,400.00         ZZ
                                         360        647,400.00          1
                                       7.000          4,307.17         54
                                       6.750          4,307.17
    LANGLEY          WA   98260          5            04/02/02         00
    0400599221                           05           06/01/02          0
    0400599221                           O            05/01/32
    0

    7347575          E82/G01             F          350,500.00         ZZ
                                         360        350,500.00          1
                                       7.125          2,361.38         58
                                       6.875          2,361.38
    NOVATO           CA   94949          2            04/03/02         00
    0400607602                           03           06/01/02          0
    3109545                              O            05/01/32
    0

    7363701          K21/G01             F          160,000.00         ZZ
                                         360        159,416.71          1
                                       6.500          1,011.31         76
                                       6.250          1,011.31
    ROSEBURG         OR   97470          2            12/01/01         00
    0433924503                           05           02/01/02          0
    0115846                              O            01/01/32
    0

    7373675          E22/G01             F          532,000.00         ZZ
                                         360        532,000.00          2
                                       7.375          3,674.39         65
                                       7.125          3,674.39
    LOS ANGELES      CA   90035          2            04/03/02         00
    0412938680                           05           06/01/02          0
    0412938680                           O            05/01/32
    0

    7373677          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.39         40
                                       6.500          2,594.39
    PLEASANTON       CA   94566          2            04/02/02         00
    0413391517                           03           06/01/02          0
1

    0413391517                           O            05/01/32
    0

    7373693          E22/G01             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       7.250          3,786.08         62
                                       7.000          3,786.08
    SAN MATEO        CA   94402          5            03/28/02         00
    0413694969                           05           06/01/02          0
    0413694969                           O            05/01/32
    0

    7373719          E22/G01             F          107,500.00         ZZ
                                         360        107,500.00          1
                                       7.500            751.66         80
                                       7.250            751.66
    CHARLOTTE        NC   28215          2            04/02/02         00
    0413754037                           05           06/01/02          0
    0413754037                           O            05/01/32
    0

    7373787          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.000          2,594.68         65
                                       6.750          2,594.68
    TOMBALL          TX   77375          5            04/04/02         00
    0413844820                           03           06/01/02          0
    0413844820                           O            05/01/32
    0

    7373823          E22/G01             F          361,250.00         ZZ
                                         360        361,250.00          1
                                       7.125          2,433.81         85
                                       6.875          2,433.81
    PINE             CO   80410          1            04/09/02         04
    0413869439                           05           06/01/02         12
    0413869439                           O            05/01/32
    0

    7373843          E22/G01             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.250            695.82         45
                                       7.000            695.82
    FARMERS BRANCH   TX   75234          5            04/03/02         00
    0413881822                           05           06/01/02          0
    0413881822                           O            05/01/32
    0

1

    7374113          E82/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.875          2,181.00         80
                                       6.625          2,181.00
    BRISBANE         CA   94005          2            04/04/02         00
    0400546719                           01           06/01/02          0
    3127872                              O            05/01/32
    0

    7378020          E82/G01             F          530,000.00         ZZ
                                         360        528,656.55          1
                                       6.875          3,481.72         37
                                       6.625          3,481.72
    WEST BLOOMFIELD  MI   48323          2            01/04/02         00
    0400517595                           05           03/01/02          0
    0400517595                           O            02/01/32
    0

    7396647          B57/G01             F          538,000.00         ZZ
                                         360        537,525.34          1
                                       6.625          3,444.87         71
                                       6.375          3,444.87
    IRVINE           CA   92620          2            03/28/02         00
    0433928470                           05           05/01/02          0
    2119831                              O            04/01/32
    0

    7397735          E22/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.375          2,555.50         65
                                       7.125          2,555.50
    WOODCLIFF LAKE   NJ   07675          2            04/05/02         00
    0413498874                           05           06/01/02          0
    0413498874                           O            05/01/32
    0

    7397739          E22/G01             F          326,128.50         ZZ
                                         360        326,128.50          1
                                       7.125          2,197.19         70
                                       6.875          2,197.19
    MIAMI            FL   33133          1            04/10/02         00
    0413566961                           05           06/01/02          0
    0413565961                           O            05/01/32
    0

    7397745          E22/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.875          2,207.28         85
                                       6.625          2,207.28
1

    CHINO            CA   91710          2            04/04/02         04
    0413629890                           05           06/01/02         12
    0413629890                           O            05/01/32
    0

    7397761          E22/G01             F          114,300.00         ZZ
                                         360        114,300.00          1
                                       6.875            750.87         46
                                       6.625            750.87
    AUSTIN           TX   78704          2            04/05/02         00
    0413735432                           05           06/01/02          0
    0413735432                           O            05/01/32
    0

    7397763          E22/G01             F          374,000.00         ZZ
                                         360        374,000.00          1
                                       6.875          2,456.91         74
                                       6.625          2,456.91
    LAKE FOREST      CA   92630          5            04/05/02         00
    0413746710                           03           06/01/02          0
    0413746710                           O            05/01/32
    0

    7397775          E22/G01             F          343,500.00         ZZ
                                         360        343,500.00          1
                                       6.750          2,227.93         54
                                       6.500          2,227.93
    WOODBURY         CT   06798          2            04/05/02         00
    0413774209                           05           06/01/02          0
    0413774209                           O            05/01/32
    0

    7397909          E22/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.000          2,660.54         67
                                       6.750          2,660.54
    PARKLAND         FL   33067          1            04/10/02         00
    0413881855                           03           06/01/02          0
    0413881855                           O            05/01/32
    0

    7397945          E22/G01             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       6.875          3,645.95         60
                                       6.625          3,645.95
    SEATTLE          WA   98112          2            04/02/02         00
    0413900895                           05           06/01/02          0
    0413900895                           O            05/01/32
    0
1

    7397955          E22/G01             F          183,200.00         ZZ
                                         360        183,200.00          1
                                       7.250          1,249.75         80
                                       7.000          1,249.75
    WOODINVILLE      WA   98072          1            04/08/02         00
    0413905217                           05           06/01/02          0
    0413905217                           O            05/01/32
    0

    7398197          E82/G01             F          241,000.00         ZZ
                                         360        241,000.00          1
                                       7.250          1,644.04         68
                                       7.000          1,644.04
    SAN JOSE         CA   95138          2            04/04/02         00
    0400607073                           05           06/01/02          0
    0400607073                           O            05/01/32
    0

    7398209          E82/G01             F          885,500.00         ZZ
                                         360        885,500.00          1
                                       7.250          6,040.67         64
                                       7.000          6,040.67
    LOCKPORT         IL   60441          2            04/08/02         00
    0400550968                           05           06/01/02          0
    1679706                              O            05/01/32
    0

    7398213          E82/G01             F          328,600.00         ZZ
                                         360        328,600.00          1
                                       6.875          2,158.67         66
                                       6.625          2,158.67
    IRVINE           CA   92612          2            04/05/02         00
    0400603049                           03           06/01/02          0
    1814455                              O            05/01/32
    0

    7399831          998/998             F          330,000.00         ZZ
                                         360        329,767.09          1
                                       7.750          2,364.16         80
                                       7.250          2,364.16
    BAYVILLE         NY   11709          1            03/07/02         00
    3621033                              05           05/01/02          0
    3621033                              O            04/01/32
    0

    7399833          998/998             F          334,000.00         ZZ
                                         360        333,726.22          1
1

                                       7.000          2,222.11         77
                                       6.750          2,222.11
    EUFAULA          AL   36027          2            03/15/02         00
    3655838                              05           05/01/02          0
    3655838                              O            04/01/32
    0

    7412985          116/116             F          314,550.00         ZZ
                                         360        314,550.00          1
                                       7.125          2,119.19         66
                                       6.875          2,119.19
    MAGNOLIA         TX   77355          2            04/15/02         00
    091021540                            05           06/01/02          0
    091021540                            O            05/01/32
    0

    7415425          025/025             F          395,817.20         ZZ
                                         299        389,094.20          1
                                       7.875          3,025.52         76
                                       7.625          3,025.52
    FORT MYERS       FL   33919          2            02/08/01         00
    0003303088                           05           03/01/01          0
    0003303088                           O            01/01/26
    0

    7422445          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         47
                                       6.625          1,970.79
    TARZANA          CA   91356          1            04/02/02         00
    0413776014                           05           06/01/02          0
    0413776014                           O            05/01/32
    0

    7422459          E22/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       6.875          2,943.04         80
                                       6.625          2,943.04
    HERMOSA BEACH    CA   90254          1            04/08/02         00
    0413812108                           05           06/01/02          0
    0413812108                           O            05/01/32
    0

    7422485          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.125          2,021.16         66
                                       6.875          2,021.16
    LOS ANGELES      CA   90068          1            04/08/02         00
    0413855099                           05           06/01/02          0
1

    0413855099                           O            05/01/32
    0

    7422761          E82/G01             F          435,350.00         ZZ
                                         360        435,350.00          1
                                       7.125          2,933.03         55
                                       6.875          2,933.03
    NASHVILLE        TN   37215          2            04/09/02         00
    0400610572                           05           06/01/02          0
    43041997                             O            05/01/32
    0

    7423229          952/G01             F          800,000.00         ZZ
                                         360        800,000.00          1
                                       7.125          5,389.75         70
                                       6.875          5,389.75
    MAHWAH           NJ   07430          1            04/11/02         00
    0433914132                           05           06/01/02          0
    20025891                             O            05/01/32
    0

    7435994          E45/G01             F          337,000.00         ZZ
                                         360        336,418.06          1
                                       6.750          2,185.78         72
                                       6.500          2,185.78
    PASADENA         CA   91105          5            02/11/02         00
    0433937885                           05           04/01/02          0
    199664                               O            03/01/32
    0

    7447073          E22/G01             F          255,000.00         ZZ
                                         360        255,000.00          4
                                       7.000          1,696.52         79
                                       6.750          1,696.52
    BURBANK          CA   91501          2            04/08/02         00
    0413707902                           05           06/01/02          0
    0413707902                           O            05/01/32
    0

    7447557          E82/G01             F          315,000.00         T
                                         360        315,000.00          1
                                       7.375          2,175.63         70
                                       7.125          2,175.63
    OSAGE BEACH      MO   65065          2            04/10/02         00
    0400614145                           05           06/01/02          0
    3912384                              O            05/01/32
    0

1

    7447561          E82/G01             F          414,100.00         ZZ
                                         360        413,768.85          1
                                       7.125          2,789.87         66
                                       6.875          2,789.87
    LAGUNA NIGUEL    CA   92677          2            04/03/02         00
    0400587531                           03           05/01/02          0
    3014468                              O            04/01/32
    0

    7447567          E82/G01             F          346,600.00         ZZ
                                         360        346,600.00          1
                                       7.000          2,305.94         78
                                       6.750          2,305.94
    REDWOOD CITY     CA   94061          2            04/04/02         00
    0400609731                           05           06/01/02          0
    1783032                              O            05/01/32
    0

    7447581          E82/G01             F          595,400.00         ZZ
                                         360        595,400.00          1
                                       7.000          3,961.21         49
                                       6.750          3,961.21
    LOS ALTOS HILLS  CA   94022          2            04/09/02         00
    0400602512                           05           06/01/02          0
    1856060                              O            05/01/32
    0

    7447583          E82/G01             F          367,200.00         ZZ
                                         360        367,200.00          1
                                       7.000          2,442.99         65
                                       6.750          2,442.99
    NEVADA CITY      CA   95959          2            04/08/02         00
    0400598082                           05           06/01/02          0
    3718467                              O            05/01/32
    0

    7447589          E82/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       6.875          1,806.55         69
                                       6.625          1,806.55
    HOLLISWOOD       NY   11423          2            04/09/02         00
    0400580924                           05           06/01/02          0
    0400580924                           O            05/01/32
    0

    7447593          E82/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         73
                                       6.750          2,262.03
1

    HOPEWELL JUNCTI  NY   12533          5            04/09/02         00
    0400598728                           05           06/01/02          0
    0400598728                           O            05/01/32
    0

    7463404          076/076             F          369,000.00         ZZ
                                         360        367,543.25          1
                                       7.250          2,517.23         72
                                       7.000          2,517.23
    ROSCOE           IL   61073          2            11/21/01         00
    12097072                             05           01/01/02          0
    2097072                              O            12/01/31
    0

    7474805          E22/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.875          2,542.31         80
                                       6.625          2,542.31
    IRVINE           CA   92612          2            04/08/02         00
    0413801747                           03           06/01/02          0
    0413801747                           O            05/01/32
    0

    7474861          E22/G01             F          374,250.00         ZZ
                                         360        374,250.00          1
                                       6.875          2,458.56         75
                                       6.625          2,458.56
    LIVERMORE        CA   94550          1            04/10/02         00
    0413841107                           05           06/01/02          0
    0413841107                           O            05/01/32
    0

    7474933          E22/G01             F          318,500.00         ZZ
                                         360        318,500.00          1
                                       7.000          2,118.99         37
                                       6.750          2,118.99
    BIRMINGHAM       AL   35244          2            04/09/02         00
    0413870049                           03           06/01/02          0
    0413870049                           O            05/01/32
    0

    7474971          E22/G01             F          380,000.00         T
                                         360        380,000.00          1
                                       7.250          2,592.27         80
                                       7.000          2,592.27
    BETHEL ISLAND    CA   94511          1            04/03/02         00
    0413888736                           05           06/01/02          0
    0413888736                           O            05/01/32
    0
1

    7475025          E22/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.000          2,741.05         79
                                       6.750          2,741.05
    BLOOMFIELD TOWN  MI   48304          2            04/10/02         00
    0413913989                           05           06/01/02          0
    0413913989                           O            05/01/32
    0

    7475039          E22/G01             F          570,500.00         ZZ
                                         360        570,500.00          1
                                       7.250          3,891.82         70
                                       7.000          3,891.82
    DANVILLE         CA   94506          2            04/09/02         00
    0413918517                           03           06/01/02          0
    0413918517                           O            05/01/32
    0

    7475055          E22/G01             F          364,500.00         ZZ
                                         360        364,500.00          1
                                       7.125          2,455.70         48
                                       6.875          2,455.70
    SAN CARLOS       CA   94070          5            04/03/02         00
    0413923855                           05           06/01/02          0
    0413923855                           O            05/01/32
    0

    7475065          E22/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       7.125          2,661.19         63
                                       6.875          2,661.19
    GLENVIEW         IL   60025          5            04/09/02         00
    0413925405                           05           06/01/02          0
    0413925405                           O            05/01/32
    0

    7475405          E82/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.750          2,918.69         55
                                       6.500          2,918.69
    SALINAS          CA   93907          2            04/03/02         00
    0400602702                           05           06/01/02          0
    0400602702                           O            05/01/32
    0

    7475417          E82/G01             F          334,000.00         ZZ
                                         360        334,000.00          1
1

                                       6.750          2,166.32         56
                                       6.500          2,166.32
    SAN FRANCISCO    CA   94122          2            04/10/02         00
    0400593034                           05           06/01/02          0
    1772785                              O            05/01/32
    0

    7475419          E82/G01             F          295,750.00         ZZ
                                         360        295,750.00          1
                                       6.750          1,918.23         65
                                       6.500          1,918.23
    SALT LAKE CITY   UT   84121          2            04/12/02         00
    0400596177                           05           06/01/02          0
    1751219                              O            05/01/32
    0

    7477081          W70/W70             F          390,000.00         ZZ
                                         360        389,695.77          1
                                       7.250          2,660.48         78
                                       7.000          2,660.48
    VERNON HILLS     IL   60061          1            03/28/02         00
    510410446                            05           05/01/02          0
    510410446                            O            04/01/32
    0

    7478155          286/286             F          459,000.00         ZZ
                                         360        458,226.57          1
                                       6.875          3,015.30         64
                                       6.625          3,015.30
    CUMMING          GA   30041          5            02/11/02         00
    1011393                              05           04/01/02          0
    1011393                              O            03/01/32
    0

    7478157          286/286             F          328,000.00         ZZ
                                         360        327,511.62          1
                                       7.500          2,293.43         44
                                       7.250          2,293.43
    HALF MOON BAY    CA   94019          2            02/01/02         00
    1005852                              03           04/01/02          0
    1005852                              O            03/01/32
    0

    7478159          286/286             F          483,950.00         ZZ
                                         360        483,154.29          1
                                       7.000          3,219.74         80
                                       6.750          3,219.74
    LADERA RANCH     CA   92694          1            02/08/02         00
    941117                               03           04/01/02          0
1

    941117                               O            03/01/32
    0

    7478161          286/286             F          450,000.00         ZZ
                                         360        448,728.05          1
                                       6.750          2,918.70         69
                                       6.500          2,918.70
    DECATUR          GA   30030          5            02/11/02         00
    985614                               05           04/01/02          0
    985614                               O            03/01/32
    0

    7478165          286/286             F          465,000.00         ZZ
                                         360        464,290.17          1
                                       7.375          3,211.64         49
                                       7.125          3,211.64
    CORTE MADERA     CA   94925          2            02/05/02         00
    994829                               05           04/01/02          0
    994829                               O            03/01/32
    0

    7478173          286/286             F          542,200.00         ZZ
                                         360        541,308.53          1
                                       7.000          3,607.27         79
                                       6.750          3,607.27
    AUSTIN           TX   78731          2            02/01/02         00
    968586                               03           04/01/02          0
    968586                               O            03/01/32
    0

    7478177          286/286             F          356,750.00         ZZ
                                         360        356,102.98          1
                                       6.625          2,284.31         60
                                       6.375          2,284.31
    CHARLOTTESVILLE  VA   22901          1            02/20/02         00
    684783                               03           04/01/02          0
    684783                               O            03/01/32
    0

    7478179          286/286             F          454,400.00         ZZ
                                         360        451,408.20          1
                                       7.125          3,061.38         80
                                       6.875          3,061.38
    DUBLIN           OH   43016          1            09/21/01         00
    498327                               05           11/01/01          0
    498327                               O            10/01/31
    0

1

    7478181          286/286             F          532,000.00         ZZ
                                         360        531,125.30          1
                                       7.000          3,539.41         80
                                       6.750          3,539.41
    ESCONDIDO        CA   92025          1            02/12/02         00
    1011178                              05           04/01/02          0
    1011178                              O            03/01/32
    0

    7478187          286/286             F          428,000.00         ZZ
                                         360        427,218.00          1
                                       6.875          2,811.66         71
                                       6.625          2,811.66
    FUQUAY-VARINA    NC   27526          2            02/13/02         00
    971995                               03           04/01/02          0
    971995                               O            03/01/32
    0

    7478195          286/286             F          635,000.00         ZZ
                                         360        630,366.00          1
                                       7.750          4,549.22         42
                                       7.500          4,549.22
    CINCINNATI       OH   45243          2            02/15/02         00
    1022273                              05           04/01/02          0
    1022273                              O            03/01/32
    0

    7478197          286/286             F        1,000,000.00         ZZ
                                         360        995,750.97          1
                                       6.875          6,569.29         57
                                       6.625          6,569.29
    POTOMAC          MD   20854          2            11/30/01         00
    67694                                05           01/01/02          0
    67694                                O            12/01/31
    0

    7478201          286/286             F          427,000.00         ZZ
                                         360        426,079.90          1
                                       6.875          2,805.09         78
                                       6.625          2,805.09
    HAWTHORN WOODS   IL   60060          2            02/12/02         00
    916630                               05           04/01/02          0
    916630                               O            03/01/32
    0

    7478203          286/286             F          650,000.00         ZZ
                                         360        649,007.76          1
                                       7.375          4,489.39         80
                                       7.125          4,489.39
1

    TALLMADGE        OH   44278          2            02/15/02         00
    943908                               05           04/01/02          0
    943908                               O            03/01/32
    0

    7478205          286/286             F          455,700.00         ZZ
                                         360        454,950.74          1
                                       7.000          3,031.79         70
                                       6.750          3,031.79
    SANDPOINT        ID   83864          1            02/20/02         00
    748894                               05           04/01/02          0
    748894                               O            03/01/32
    0

    7478209          286/286             F          319,700.00         ZZ
                                         360        318,003.40          1
                                       6.625          2,047.08         78
                                       6.375          2,047.08
    TUCSON           AZ   85730          1            11/28/01         00
    300002                               03           01/01/02          0
    300002                               O            12/01/31
    0

    7478211          286/286             F          340,000.00         ZZ
                                         360        339,398.39          1
                                       6.625          2,177.06         80
                                       6.375          2,177.06
    ATLANTA          GA   30328          2            02/15/02         00
    1023755                              05           04/01/02          0
    1023755                              O            03/01/32
    0

    7478215          286/286             F          749,000.00         ZZ
                                         360        742,739.35          1
                                       7.000          4,983.12         70
                                       6.750          4,983.12
    OVERLAND PARK    KS   66223          2            02/08/02         00
    1002854                              03           04/01/02          0
    1002854                              O            03/01/32
    0

    7478217          286/286             F          540,000.00         ZZ
                                         360        539,112.14          1
                                       7.000          3,592.64         50
                                       6.750          3,592.64
    WINTER PARK      FL   32789          5            02/11/02         00
    954467                               05           04/01/02          0
    954467                               O            03/01/32
    0
1

    7478219          286/286             F          395,920.00         ZZ
                                         360        395,269.03          1
                                       7.000          2,634.07         80
                                       6.750          2,634.07
    FALLS CHURCH     VA   22041          1            02/22/02         00
    972925                               05           04/01/02          0
    972925                               O            03/01/32
    0

    7478221          286/286             F          300,000.00         T
                                         360        298,786.12          1
                                       7.125          2,021.16         24
                                       6.875          2,021.16
    PANAMA CITY BEA  FL   32413          2            11/21/01         00
    1026257                              05           01/01/02          0
    1026257                              O            12/01/31
    0

    7478229          286/286             F          364,000.00         T
                                         360        363,386.62          1
                                       6.875          2,391.23         80
                                       6.625          2,391.23
    HILTON HEAD      SC   29925          1            02/21/02         00
    1022941                              01           04/01/02          0
    1022941                              O            03/01/32
    0

    7478235          286/286             F          420,000.00         ZZ
                                         360        419,326.27          1
                                       7.125          2,829.62         80
                                       6.875          2,829.62
    PELHAM MANOR     NY   10803          1            02/20/02         00
    966710                               05           04/01/02          0
    966710                               O            03/01/32
    0

    7478237          286/286             F          599,500.00         ZZ
                                         360        598,250.27          1
                                       7.000          3,988.49         80
                                       6.750          3,988.49
    BETHESDA         MD   20817          2            02/14/02         00
    1012281                              05           04/01/02          0
    1012281                              O            03/01/32
    0

    7478239          286/286             F          650,000.00         ZZ
                                         360        647,852.74          1
1

                                       7.000          4,324.47         62
                                       6.750          4,324.47
    MENDHAM          NJ   07945          1            02/15/02         00
    838194                               05           04/01/02          0
    838194                               O            03/01/32
    0

    7478241          286/286             F          333,800.00         ZZ
                                         360        333,264.53          1
                                       7.125          2,248.88         80
                                       6.875          2,248.88
    RICHMOND         TX   77469          2            02/12/02         00
    1008971                              03           04/01/02          0
    1008971                              O            03/01/32
    0

    7478251          286/286             F          318,000.00         ZZ
                                         360        317,151.40          1
                                       6.875          2,089.03         61
                                       6.625          2,089.03
    ATLANTA          GA   30328          5            02/08/02         00
    988143                               05           04/01/02          0
    988143                               O            03/01/32
    0

    7478257          286/286             F          314,500.00         ZZ
                                         300        313,721.24          1
                                       7.000          2,222.83         74
                                       6.750          2,222.83
    GREENWOOD        IN   46142          5            02/08/02         00
    1000463                              03           04/01/02          0
    1000463                              O            03/01/27
    0

    7478259          286/286             F          480,000.00         ZZ
                                         360        477,507.07          1
                                       7.000          3,193.46         80
                                       6.750          3,193.46
    ALGONQUIN        IL   60102          2            12/28/01         00
    144735                               05           02/01/02          0
    144735                               O            01/01/32
    0

    7478263          286/286             F          374,600.00         ZZ
                                         360        373,968.77          1
                                       6.875          2,460.86         74
                                       6.625          2,460.86
    MIAMI            FL   33157          2            02/11/02         00
    668554                               03           04/01/02          0
1

    668554                               O            03/01/32
    0

    7478269          286/286             F          351,500.00         ZZ
                                         360        350,907.69          1
                                       6.875          2,309.11         74
                                       6.625          2,309.11
    HOUSTON          TX   77024          2            02/14/02         00
    985250                               03           04/01/02          0
    985250                               O            03/01/32
    0

    7478273          286/286             F          572,000.00         ZZ
                                         360        571,059.54          1
                                       7.000          3,805.53         80
                                       6.750          3,805.53
    TULSA            OK   74114          1            02/08/02         00
    1007379                              05           04/01/02          0
    1007379                              O            03/01/32
    0

    7478277          286/286             F          385,000.00         ZZ
                                         360        384,382.41          1
                                       7.125          2,593.82         59
                                       6.875          2,593.82
    WASHINGTON       DC   20016          5            02/15/02         00
    1006805                              05           04/01/02          0
    1006805                              O            03/01/32
    0

    7478281          286/286             F          349,000.00         ZZ
                                         360        348,136.75          1
                                       7.000          2,321.91         50
                                       6.750          2,321.91
    SCOTTSDALE       AZ   85259          2            01/21/02         00
    957697                               03           03/01/02          0
    957697                               O            02/01/32
    0

    7478283          286/286             F          385,000.00         ZZ
                                         360        384,231.70          1
                                       6.750          2,497.11         80
                                       6.500          2,497.11
    FOUNTAIN VALLEY  CA   92708          5            02/12/02         00
    903776                               05           04/01/02          0
    903776                               O            03/01/32
    0

1

    7478287          286/286             F          400,000.00         ZZ
                                         360        398,258.57          1
                                       6.750          2,594.39         75
                                       6.500          2,594.39
    MYRTLE BEACH     SC   29577          5            11/09/01         00
    1028984                              05           01/01/02          0
    1028984                              O            12/01/31
    0

    7478289          286/286             F          400,000.00         ZZ
                                         360        399,374.03          1
                                       7.250          2,728.71         20
                                       7.000          2,728.71
    SAN FRANCISCO    CA   94115          5            02/12/02         00
    1011148                              05           04/01/02          0
    1011148                              O            03/01/32
    0

    7478291          286/286             F          608,000.00         ZZ
                                         360        607,000.35          1
                                       7.000          4,045.04         80
                                       6.750          4,045.04
    VACAVILLE        CA   95688          2            02/12/02         00
    941116                               05           04/01/02          0
    941116                               O            03/01/32
    0

    7478295          286/286             F          649,900.00         ZZ
                                         360        648,831.46          1
                                       7.000          4,323.80         65
                                       6.750          4,323.80
    HOUSTON          TX   77024          2            02/08/02         00
    961559                               03           04/01/02          0
    961559                               O            03/01/32
    0

    7478301          286/286             F          527,200.00         ZZ
                                         360        526,374.97          1
                                       7.250          3,596.44         80
                                       7.000          3,596.44
    HILTON HEAD ISL  SC   29926          1            02/15/02         00
    960172                               03           04/01/02          0
    960172                               O            03/01/32
    0

    7478303          286/286             F          375,000.00         ZZ
                                         360        374,368.11          1
                                       6.875          2,463.48         66
                                       6.625          2,463.48
1

    TUCSON           AZ   85718          1            02/13/02         00
    1027267                              05           04/01/02          0
    1027267                              O            03/01/32
    0

    7478311          286/286             F          310,000.00         ZZ
                                         360        309,023.88          1
                                       7.250          2,114.75         55
                                       7.000          2,114.75
    CRYSTAL LAKE     IL   60012          2            12/31/01         00
    386377                               05           02/01/02          0
    386377                               O            01/01/32
    0

    7478313          286/286             F          395,000.00         ZZ
                                         360        394,366.37          1
                                       7.125          2,661.19         75
                                       6.875          2,661.19
    LINCOLNWOOD      IL   60712          5            02/12/02         00
    912377                               05           04/01/02          0
    912377                               O            03/01/32
    0

    7478315          286/286             F          412,500.00         T
                                         360        411,528.78          1
                                       7.250          2,813.98         75
                                       7.000          2,813.98
    WABASHA          MN   55981          1            01/31/02         00
    992765                               05           03/01/02          0
    992765                               O            02/01/32
    0

    7478317          286/286             F          410,000.00         ZZ
                                         360        409,325.89          1
                                       7.000          2,727.74         75
                                       6.750          2,727.74
    RIVER FOREST     IL   60305          2            02/06/02         00
    974121                               05           04/01/02          0
    974121                               O            03/01/32
    0

    7478319          286/286             F          455,000.00         ZZ
                                         360        453,019.08          1
                                       6.750          2,951.13         80
                                       6.500          2,951.13
    SCOTTSVILLE      VA   24590          2            11/30/01         00
    250968                               05           01/01/02          0
    250968                               O            12/01/31
    0
1

    7478323          286/286             F          339,650.00         ZZ
                                         360        339,036.10          1
                                       7.125          2,288.29         78
                                       6.875          2,288.29
    NEWTON           MA   02465          2            02/15/02         00
    997243                               05           04/01/02          0
    997243                               O            03/01/32
    0

    7478325          286/286             F          225,230.00         ZZ
                                         360        224,789.96          1
                                       7.375          1,555.61         62
                                       7.125          1,555.61
    JOPLIN           MO   64804          2            02/13/02         00
    919276                               05           04/01/02          0
    919276                               O            03/01/32
    0

    7478329          286/286             F          386,000.00         ZZ
                                         360        385,333.45          1
                                       6.750          2,503.59         39
                                       6.500          2,503.59
    LAGUNA HILLS     CA   92653          2            02/07/02         00
    971107                               03           04/01/02          0
    971107                               O            03/01/32
    0

    7478331          286/286             F          399,000.00         ZZ
                                         360        397,945.74          1
                                       6.875          2,621.15         53
                                       6.625          2,621.15
    CROWNSVILLE      MD   21032          2            02/08/02         00
    973090                               05           04/01/02          0
    973090                               O            03/01/32
    0

    7478335          286/286             F          440,000.00         ZZ
                                         360        439,148.43          1
                                       6.875          2,890.49         54
                                       6.625          2,890.49
    HALF MOON BAY    CA   94019          5            02/05/02         00
    986499                               05           04/01/02          0
    986499                               O            03/01/32
    0

    7478339          286/286             F          425,750.00         ZZ
                                         360        425,049.99          1
1

                                       7.000          2,832.53         80
                                       6.750          2,832.53
    WESTON           FL   33327          1            02/15/02         00
    937192                               03           04/01/02          0
    937192                               O            03/01/32
    0

    7478341          286/286             F          458,000.00         ZZ
                                         360        457,126.00          1
                                       6.875          3,008.74         79
                                       6.625          3,008.74
    ORANGE           CA   92867          2            02/11/02         00
    936658                               05           04/01/02          0
    936658                               O            03/01/32
    0

    7478353          286/286             F          386,700.00         ZZ
                                         360        386,094.84          1
                                       7.250          2,637.98         80
                                       7.000          2,637.98
    HUNTINGTON BEAC  CA   92649          1            02/08/02         00
    536808                               03           04/01/02          0
    536808                               O            03/01/32
    0

    7478363          286/286             F          341,600.00         ZZ
                                         360        341,065.41          1
                                       7.250          2,330.32         80
                                       7.000          2,330.32
    RESTON           VA   20194          1            02/15/02         00
    959248                               03           04/01/02          0
    959248                               O            03/01/32
    0

    7478365          286/286             F          484,800.00         ZZ
                                         360        482,037.34          1
                                       7.125          3,266.19         80
                                       6.875          3,266.19
    DULUTH           GA   30136          2            09/17/01         00
    553892                               03           11/01/01          0
    553892                               O            10/01/31
    0

    7478373          286/286             F          130,000.00         ZZ
                                         360        129,554.92          1
                                       7.375            897.88         69
                                       7.125            897.88
    WINSLOW TWP      NJ   08081          2            12/20/01         00
    256058                               05           02/01/02          0
1

    256058                               O            01/01/32
    0

    7478375          286/286             F          424,000.00         ZZ
                                         360        423,285.54          1
                                       6.875          2,785.38         80
                                       6.625          2,785.38
    SAN ANTONIO      TX   78248          2            02/11/02         00
    987792                               03           04/01/02          0
    987792                               O            03/01/32
    0

    7478377          286/286             F          425,000.00         ZZ
                                         360        424,283.85          1
                                       6.875          2,791.95         63
                                       6.625          2,791.95
    ARLINGTON        VA   22207          1            02/15/02         00
    1000089                              05           04/01/02          0
    1000089                              O            03/01/32
    0

    7478379          286/286             F          310,750.00         ZZ
                                         360        310,298.75          1
                                       7.625          2,199.47         95
                                       7.375          2,199.47
    ORLANDO          FL   32828          1            02/19/02         21
    936828                               03           04/01/02         30
    936828                               O            03/01/32
    0

    7478385          286/286             F          637,500.00         ZZ
                                         360        636,477.37          1
                                       7.125          4,294.96         75
                                       6.875          4,294.96
    HELOTES          TX   78023          2            02/26/02         00
    924725                               03           04/01/02          0
    924725                               O            03/01/32
    0

    7478391          286/286             F          325,000.00         ZZ
                                         360        324,465.63          1
                                       7.000          2,162.24         80
                                       6.750          2,162.24
    ELLICOTT CITY    MD   21043          1            02/22/02         00
    1039637                              03           04/01/02          0
    1039637                              O            03/01/32
    0

1

    7478399          286/286             F          494,400.00         ZZ
                                         360        491,782.90          1
                                       7.500          3,456.92         80
                                       7.250          3,456.92
    CRYSTAL LAKE     IL   60012          2            09/06/01         00
    520546                               05           11/01/01          0
    520546                               O            10/01/31
    0

    7478401          286/286             F          545,000.00         ZZ
                                         360        543,963.07          1
                                       6.250          3,355.66         68
                                       6.000          3,355.66
    CONROE           TX   77384          2            02/14/02         00
    969050                               05           04/01/02          0
    969050                               O            03/01/32
    0

    7478411          286/286             F          375,000.00         ZZ
                                         360        374,398.44          1
                                       7.125          2,526.45         68
                                       6.875          2,526.45
    ARLINGTON HEIGH  IL   60004          2            02/07/02         00
    974678                               05           04/01/02          0
    974678                               O            03/01/32
    0

    7478413          286/286             F          432,000.00         ZZ
                                         360        431,272.04          1
                                       6.875          2,837.94         80
                                       6.625          2,837.94
    LITTLETON        CO   80127          1            02/20/02         00
    1002712                              03           04/01/02          0
    1002712                              O            03/01/32
    0

    7478417          286/286             F          425,000.00         ZZ
                                         360        423,412.90          1
                                       7.125          2,863.31         65
                                       6.875          2,863.31
    LONGMONT         CO   80503          5            02/11/02         00
    612853                               05           04/01/02          0
    612853                               O            03/01/32
    0

    7478419          286/286             F          387,000.00         ZZ
                                         360        386,363.69          1
                                       7.000          2,574.73         59
                                       6.750          2,574.73
1

    RESTON           VA   20194          5            02/08/02         00
    955390                               03           04/01/02          0
    955390                               O            03/01/32
    0

    7478421          286/286             F          650,000.00         ZZ
                                         360        645,776.39          1
                                       7.125          4,379.18         62
                                       6.875          4,379.18
    SANTA ANA        CA   92705          2            02/05/02         00
    669999                               03           04/01/02          0
    669999                               O            03/01/32
    0

    7478423          286/286             F          225,000.00         ZZ
                                         360        222,974.56          1
                                       6.500          1,422.16         50
                                       6.250          1,422.16
    CHICAGO          IL   60616          5            12/10/01         00
    827278                               05           02/01/02          0
    827278                               O            01/01/32
    0

    7478425          286/286             F          397,000.00         ZZ
                                         360        395,993.67          1
                                       6.875          2,608.01         70
                                       6.625          2,608.01
    CAMARILLO        CA   93010          2            01/25/02         00
    981621                               05           03/01/02          0
    981621                               O            02/01/32
    0

    7478427          286/286             F          315,000.00         ZZ
                                         360        314,490.01          1
                                       7.625          2,229.56         90
                                       7.375          2,229.56
    ANAHEIM          CA   92804          2            02/12/02         12
    1008736                              05           04/01/02         25
    1008736                              O            03/01/32
    0

    7478431          286/286             F          350,000.00         ZZ
                                         360        349,340.06          1
                                       7.125          2,358.02         73
                                       6.875          2,358.02
    WARREN           NJ   07059          2            02/14/02         00
    971710                               05           04/01/02          0
    971710                               O            03/01/32
    0
1

    7478435          286/286             F          497,000.00         ZZ
                                         360        496,085.16          1
                                       7.500          3,475.10         60
                                       7.250          3,475.10
    AURORA           CO   80016          5            02/08/02         00
    920688                               03           04/01/02          0
    920688                               O            03/01/32
    0

    7478437          286/286             F          360,000.00         ZZ
                                         360        358,094.31          1
                                       7.500          2,517.18         90
                                       7.250          2,517.18
    EATON            IN   47338          2            09/27/01         12
    568361                               05           11/01/01         25
    568361                               O            10/01/31
    0

    7478439          286/286             F          591,000.00         ZZ
                                         360        589,979.45          1
                                       6.750          3,833.22         74
                                       6.500          3,833.22
    BENTLEYVILLE     OH   44022          2            02/14/02         00
    983569                               05           04/01/02          0
    983569                               O            03/01/32
    0

    7478443          286/286             F          540,000.00         ZZ
                                         360        539,133.76          1
                                       7.125          3,638.09         80
                                       6.875          3,638.09
    WINNETKA         IL   60093          1            02/18/02         00
    1011673                              05           04/01/02          0
    1011673                              O            03/01/32
    0

    7478445          286/286             F          523,600.00         ZZ
                                         360        522,800.71          1
                                       7.375          3,616.38         60
                                       7.125          3,616.38
    ALPHARETTA       GA   30004          5            02/07/02         00
    968291                               05           04/01/02          0
    968291                               O            03/01/32
    0

    7478447          286/286             F          476,000.00         ZZ
                                         360        472,944.20          1
1

                                       6.875          3,126.98         80
                                       6.625          3,126.98
    SHAKER HEIGHTS   OH   44122          1            10/15/01         00
    580333                               05           12/01/01          0
    580333                               O            11/01/31
    0

    7478451          286/286             F          378,000.00         ZZ
                                         360        376,785.97          1
                                       7.125          2,546.66         75
                                       6.875          2,546.66
    TRIANGLE         VA   22172          5            01/24/02         00
    959591                               05           03/01/02          0
    959591                               O            02/01/32
    0

    7478453          286/286             F          375,000.00         ZZ
                                         360        374,398.46          1
                                       7.125          2,526.44         73
                                       6.875          2,526.44
    WAUKESHA         WI   53189          5            02/07/02         00
    959549                               05           04/01/02          0
    959549                               O            03/01/32
    0

    7478461          286/286             F          331,700.00         ZZ
                                         360        331,154.63          1
                                       7.000          2,206.81         75
                                       6.750          2,206.81
    KESWICK          VA   22947          2            02/11/02         00
    967018                               03           04/01/02          0
    967018                               O            03/01/32
    0

    7478465          286/286             F          650,000.00         ZZ
                                         360        648,053.19          1
                                       6.875          4,270.04         64
                                       6.625          4,270.04
    ATLANTA          GA   30328          1            02/15/02         00
    959513                               03           04/01/02          0
    959513                               O            03/01/32
    0

    7478469          286/286             F          548,000.00         ZZ
                                         360        547,120.94          1
                                       7.125          3,691.98         61
                                       6.875          3,691.98
    CARMEL           IN   46033          2            02/14/02         00
    1004035                              03           04/01/02          0
1

    1004035                              O            03/01/32
    0

    7478473          286/286             F          200,000.00         ZZ
                                         360        198,887.81          1
                                       7.250          1,364.36         30
                                       7.000          1,364.36
    FAIRFIELD        CA   94585          1            09/28/01         00
    9568622                              03           11/01/01          0
    9568622                              O            10/01/31
    0

    7478479          286/286             F          152,000.00         ZZ
                                         360        151,222.76          1
                                       6.875            998.53         69
                                       6.625            998.53
    CASTLEROCK       WA   98611          1            10/26/01         00
    9965467                              05           12/01/01          0
    9965467                              O            11/01/31
    0

    7478481          286/286             F          330,000.00         ZZ
                                         360        329,443.93          1
                                       6.875          2,167.87         79
                                       6.625          2,167.87
    HIGHLANDS RANCH  CO   80126          2            02/08/02         00
    765116                               03           04/01/02          0
    765116                               O            03/01/32
    0

    7478489          286/286             F          332,900.00         ZZ
                                         360        332,365.98          1
                                       7.125          2,242.81         90
                                       6.875          2,242.81
    HAVERHILL        MA   01835          1            02/15/02         11
    771852                               05           04/01/02         25
    771852                               O            03/01/32
    0

    7478493          286/286             F          338,000.00         ZZ
                                         360        337,430.35          1
                                       6.875          2,220.42         67
                                       6.625          2,220.42
    MIDLOTHIAN       VA   23113          2            02/14/02         00
    764621                               05           04/01/02          0
    764621                               O            03/01/32
    0

1

    7478495          286/286             F          353,500.00         ZZ
                                         360        352,946.81          1
                                       7.250          2,411.49         70
                                       7.000          2,411.49
    SAN FRANCISCO    CA   94127          2            02/14/02         00
    745851                               05           04/01/02          0
    745851                               O            03/01/32
    0

    7478497          286/286             F          425,730.00         ZZ
                                         360        424,994.84          1
                                       6.750          2,761.28         60
                                       6.500          2,761.28
    DUBLIN           CA   94568          1            02/05/02         00
    740777                               03           04/01/02          0
    740777                               O            03/01/32
    0

    7478501          286/286             F          525,000.00         ZZ
                                         360        524,063.92          1
                                       6.875          3,448.88         56
                                       6.625          3,448.88
    SAN FRANCISCO    CA   94114          5            02/04/02         00
    744067                               05           04/01/02          0
    744067                               O            03/01/32
    0

    7478505          286/286             F          508,000.00         ZZ
                                         360        507,164.75          1
                                       7.000          3,379.74         80
                                       6.750          3,379.74
    ROCKLIN          CA   95677          2            02/06/02         00
    744533                               05           04/01/02          0
    744533                               O            03/01/32
    0

    7478511          286/286             F          840,000.00         ZZ
                                         360        838,652.53          1
                                       7.125          5,659.24         60
                                       6.875          5,659.24
    LIVERMORE        CA   94550          1            02/11/02         00
    743590                               05           04/01/02          0
    743590                               O            03/01/32
    0

    7478513          286/286             F          349,500.00         ZZ
                                         360        348,925.37          1
                                       7.000          2,325.23         70
                                       6.750          2,325.23
1

    SAN RAMON        CA   94583          5            02/06/02         00
    716312                               05           04/01/02          0
    716312                               O            03/01/32
    0

    7478515          286/286             F          398,500.00         ZZ
                                         360        397,891.68          1
                                       7.375          2,752.34         72
                                       7.125          2,752.34
    KINGSTON         MA   02364          5            02/15/02         00
    740332                               05           04/01/02          0
    740332                               O            03/01/32
    0

    7478517          286/286             F          335,000.00         ZZ
                                         360        334,435.51          1
                                       6.875          2,200.71         78
                                       6.625          2,200.71
    MAPLE GROVE      MN   53311          2            02/13/02         00
    739551                               05           04/01/02          0
    739551                               O            03/01/32
    0

    7478521          286/286             F          435,000.00         ZZ
                                         360        434,284.78          1
                                       7.000          2,894.07         41
                                       6.750          2,894.07
    LAGUNA HILLS     CA   92653          2            01/31/02         00
    718683                               05           04/01/02          0
    718683                               O            03/01/32
    0

    7478523          286/286             F          209,950.00         ZZ
                                         360        209,596.23          1
                                       6.875          1,379.22         70
                                       6.625          1,379.22
    BERKELEY         CA   94710          5            02/11/02         00
    746400                               05           04/01/02          0
    746400                               O            03/01/32
    0

    7478527          286/286             F          400,000.00         ZZ
                                         360        399,309.28          1
                                       6.750          2,594.39         50
                                       6.500          2,594.39
    REDWOOD CITY     CA   94062          5            02/12/02         00
    742077                               05           04/01/02          0
    742077                               O            03/01/32
    0
1

    7478531          286/286             F          350,000.00         ZZ
                                         360        349,424.54          1
                                       7.000          2,328.56         59
                                       6.750          2,328.56
    MORGAN HILL      CA   95037          2            02/07/02         00
    741657                               05           04/01/02          0
    741657                               O            03/01/32
    0

    7478533          286/286             F          114,000.00         ZZ
                                         360        113,830.27          1
                                       7.500            797.10         72
                                       7.250            797.10
    SPRING CITY      UT   84662          2            02/11/02         00
    740722                               05           04/01/02          0
    740722                               O            03/01/32
    0

    7478535          286/286             F          332,000.00         ZZ
                                         360        331,454.15          1
                                       7.000          2,208.80         80
                                       6.750          2,208.80
    EL CERRITO       CA   94530          1            02/12/02         00
    748606                               05           04/01/02          0
    748606                               O            03/01/32
    0

    7478539          286/286             F          439,000.00         ZZ
                                         360        438,241.93          1
                                       6.750          2,847.35         51
                                       6.500          2,847.35
    AUSTIN           TX   78731          2            02/07/02         00
    771861                               05           04/01/02          0
    771861                               O            03/01/32
    0

    7478543          286/286             F          412,250.00         ZZ
                                         360        410,566.36          1
                                       7.000          2,742.71         80
                                       6.750          2,742.71
    PHOENIX          AZ   85045          1            02/14/02         00
    763049                               03           04/01/02          0
    763049                               O            03/01/32
    0

    7478545          286/286             F          386,000.00         ZZ
                                         360        385,365.35          1
1

                                       7.000          2,568.07         45
                                       6.750          2,568.07
    DANVILLE         CA   94506          2            02/07/02         00
    701148                               03           04/01/02          0
    701148                               O            03/01/32
    0

    7478547          286/286             F          340,000.00         ZZ
                                         360        339,480.97          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    SAN DIEGO        CA   92127          2            02/05/02         00
    740870                               03           04/01/02          0
    740870                               O            03/01/32
    0

    7478551          286/286             F          422,000.00         ZZ
                                         360        421,199.30          1
                                       6.750          2,737.08         68
                                       6.500          2,737.08
    UNION CITY       CA   94587          2            02/11/02         00
    9910234                              05           04/01/02          0
    9910234                              O            03/01/32
    0

    7478555          286/286             F          437,100.00         ZZ
                                         360        436,415.98          1
                                       7.250          2,981.79         80
                                       7.000          2,981.79
    REDLANDS         CA   92373          2            02/07/02         00
    764614                               05           04/01/02          0
    764614                               O            03/01/32
    0

    7478563          286/286             F          487,000.00         ZZ
                                         360        486,199.29          1
                                       7.000          3,240.02         63
                                       6.750          3,240.02
    SAN JOSE         CA   95135          2            02/02/02         00
    739578                               05           04/01/02          0
    739578                               O            03/01/32
    0

    7478565          286/286             F          650,000.00         ZZ
                                         360        649,007.76          1
                                       7.375          4,489.39         55
                                       7.125          4,489.39
    ACAMPO           CA   95220          2            02/14/02         00
    741192                               05           04/01/02          0
1

    741192                               O            03/01/32
    0

    7478567          286/286             F          312,000.00         ZZ
                                         360        311,386.44          1
                                       7.000          2,075.74         80
                                       6.750          2,075.74
    IRVINE           CA   92618          1            02/06/02         00
    743993                               01           04/01/02          0
    743993                               O            03/01/32
    0

    7478569          286/286             F          385,000.00         ZZ
                                         360        384,335.19          1
                                       6.750          2,497.10         58
                                       6.500          2,497.10
    TRABUCO CANYON   CA   92679          2            02/07/02         00
    739898                               03           04/01/02          0
    739898                               O            03/01/32
    0

    7479769          W70/W70             F          600,000.00         ZZ
                                         240        600,000.00          1
                                       6.625          4,517.70         47
                                       6.375          4,517.70
    CHICAGO          IL   60657          5            03/29/02         00
    511109603                            29           06/01/02          0
    511109603                            O            05/01/22
    0

    7479797          E82/G01             F          644,000.00         ZZ
                                         360        644,000.00          1
                                       7.000          4,284.55         61
                                       6.750          4,284.55
    ESCONDIDO        CA   92025          2            04/01/02         00
    0400603577                           05           06/01/02          0
    0400603577                           O            05/01/32
    0

    7490527          M45/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.125          4,379.18         75
                                       6.875          4,379.18
    VENTURA          CA   93003          1            04/01/02         00
    0433895968                           05           06/01/02          0
    A0334133                             O            05/01/32
    0

1

    7495229          M27/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.875          6,569.29         46
                                       6.625          6,569.29
    WAKE FOREST      NC   27587          5            04/08/02         00
    0433929106                           03           06/01/02          0
    600751386                            O            05/01/32
    0

    7498708          N47/G01             F          350,000.00         ZZ
                                         360        349,452.27          1
                                       7.250          2,387.62         64
                                       7.000          2,387.62
    SAN JOSE         CA   95132          1            02/04/02         00
    0433826229                           05           04/01/02          0
    20320136                             O            03/01/32
    0

    7502549          E22/G01             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       6.875          2,516.04         79
                                       6.625          2,516.04
    BEND             OR   97701          2            04/03/02         00
    0413688151                           05           06/01/02          0
    0413688151                           O            05/01/32
    0

    7502577          E22/G01             F          411,250.00         ZZ
                                         360        411,250.00          1
                                       7.250          2,805.45         68
                                       7.000          2,805.45
    SAN RAMON        CA   94583          2            04/09/02         00
    0413797457                           03           06/01/02          0
    0413797457                           O            05/01/32
    0

    7502579          E22/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.875          2,312.39         63
                                       6.625          2,312.39
    PLEASANTON       CA   94588          2            04/05/02         00
    0413806431                           05           06/01/02          0
    0413806431                           O            05/01/32
    0

    7502597          E22/G01             F          175,000.00         ZZ
                                         360        175,000.00          3
                                       6.875          1,149.63         80
                                       6.625          1,149.63
1

    LONG BEACH       CA   90280          2            04/08/02         00
    0413823758                           05           06/01/02          0
    0413823758                           O            05/01/32
    0

    7502721          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.250          2,592.27         59
                                       7.000          2,592.27
    HALLANDALE       FL   33009          5            04/11/02         00
    0413910472                           05           06/01/02          0
    0413910472                           O            05/01/32
    0

    7502759          E22/G01             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       6.875          2,667.13         80
                                       6.625          2,667.13
    NOVATO           CA   94945          1            04/10/02         00
    0413936113                           03           06/01/02          0
    0413936113                           O            05/01/32
    0

    7502991          M45/G01             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       6.875          2,864.21         80
                                       6.625          2,864.21
    DAVIS            CA   95616          2            04/04/02         00
    0433889359                           05           06/01/02          0
    A0326572                             O            05/01/32
    0

    7503059          M45/G01             F          440,300.00         ZZ
                                         360        439,920.91          1
                                       6.750          2,855.78         70
                                       6.500          2,855.78
    PACIFICA         CA   94044          1            03/29/02         00
    0433889367                           03           05/01/02          0
    A0339567                             O            04/01/32
    0

    7503065          M45/G01             F          445,000.00         ZZ
                                         360        445,000.00          2
                                       7.250          3,035.69         58
                                       7.000          3,035.69
    SAN FRANCISCO    CA   94114          5            04/03/02         00
    0433889490                           07           06/01/02          0
    A0299644                             O            05/01/32
    0
1

    7503363          M45/G01             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         43
                                       6.625          2,627.72
    ALAMO            CA   94507          5            03/22/02         00
    0433902947                           03           05/01/02          0
    A0334616                             O            04/01/32
    0

    7503841          M45/G01             F          325,000.00         ZZ
                                         360        324,726.96          1
                                       6.875          2,135.02         61
                                       6.625          2,135.02
    DANVILLE         CA   94526          2            03/21/02         00
    0433904422                           03           05/01/02          0
    A0334963                             O            04/01/32
    0

    7505461          W40/G01             F          505,000.00         ZZ
                                         360        505,000.00          1
                                       7.250          3,444.99         64
                                       7.000          3,444.99
    MILFORD          MI   48380          5            04/19/02         00
    0433935905                           05           06/01/02          0
    101006728                            O            05/01/32
    0

    7509487          M45/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.875          2,562.03         57
                                       6.625          2,562.03
    SAN RAMON        CA   94583          1            03/20/02         00
    0433896750                           03           06/01/02          0
    A0338400                             O            05/01/32
    0

    7509545          M27/G01             F          536,000.00         ZZ
                                         360        536,000.00          1
                                       7.125          3,611.13         79
                                       6.875          3,611.13
    GREENSBORO       NC   27408          2            04/09/02         00
    0433934676                           05           06/01/02          0
    600634258                            O            05/01/32
    0

    7509893          E33/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
1

                                       7.000          4,324.47         60
                                       6.750          4,324.47
    NORTHFIELD       IL   60093          2            04/13/02         00
    0433937745                           05           06/01/02          0
    PAGE                                 O            05/01/32
    0

    7512153          M45/G01             F          327,000.00         ZZ
                                         360        327,000.00          1
                                       6.875          2,148.16         70
                                       6.625          2,148.16
    HERCULES         CA   94547          1            03/28/02         00
    0433895661                           03           06/01/02          0
    A0328159                             O            05/01/32
    0

    7515491          M45/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       6.750          2,672.23         80
                                       6.500          2,672.23
    BEDMINSTER       PA   18910          1            04/08/02         00
    0433902236                           05           06/01/02          0
    A0331458                             O            05/01/32
    0

    7515631          964/G01             F          346,000.00         ZZ
                                         360        345,716.38          1
                                       7.000          2,301.95         63
                                       6.750          2,301.95
    GOLDEN           CO   80401          5            03/18/02         00
    0433950532                           05           05/01/02          0
    192172                               O            04/01/32
    0

    7516341          M45/G01             F          425,000.00         ZZ
                                         360        424,625.02          1
                                       6.625          2,721.33         52
                                       6.375          2,721.33
    LA JOLLA         CA   92037          2            03/08/02         00
    0433901717                           05           05/01/02          0
    A0334208                             O            04/01/32
    0

    7525037          E22/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.875          2,253.27         77
                                       6.625          2,253.27
    ROSWELL          GA   30076          2            04/12/02         00
    0413797424                           05           06/01/02          0
1

    0413797424                           O            05/01/32
    0

    7525067          E22/G01             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       6.875          3,074.43         80
                                       6.625          3,074.43
    FREMONT          CA   94536          2            04/10/02         00
    0413848482                           05           06/01/02          0
    0413848482                           O            05/01/32
    0

    7525193          E22/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.875          2,759.10         67
                                       6.625          2,759.10
    PLEASANTON       CA   94566          5            04/09/02         00
    0413939109                           05           06/01/02          0
    0413939109                           O            05/01/32
    0

    7525209          E22/G01             F          271,200.00         ZZ
                                         360        271,200.00          1
                                       7.000          1,804.30         80
                                       6.750          1,804.30
    SANTA FE         NM   87501          1            04/17/02         00
    0413953712                           05           06/01/02          0
    0413953712                           O            05/01/32
    0

    7525341          M45/G01             F          400,000.00         ZZ
                                         360        399,647.08          1
                                       6.625          2,561.25         59
                                       6.375          2,561.25
    IRVINE           CA   92602          1            03/20/02         00
    0433920246                           03           05/01/02          0
    A0334548                             O            04/01/32
    0

    7525437          E82/G01             F          277,000.00         ZZ
                                         360        277,000.00          1
                                       6.875          1,819.69         62
                                       6.625          1,819.69
    HOLLISTER        CA   95023          2            04/04/02         00
    0400596532                           05           06/01/02          0
    1792434                              O            05/01/32
    0

1

    7525439          E82/G01             F          400,800.00         ZZ
                                         360        400,800.00          1
                                       6.875          2,632.97         70
                                       6.625          2,632.97
    HALF MOON BAY    CA   94019          2            04/11/02         00
    0400603288                           05           06/01/02          0
    1785620                              O            05/01/32
    0

    7525613          M45/G01             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       6.875          3,389.76         74
                                       6.625          3,389.76
    CLIFTON          VA   20124          2            04/04/02         00
    0433920766                           03           06/01/02          0
    A0338858                             O            05/01/32
    0

    7525743          M45/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.000          2,315.26         80
                                       6.750          2,315.26
    NEW YORK         NY   10013          1            04/08/02         00
    0433921145                           06           06/01/02          0
    A0335374                             O            05/01/32
    0

    7525885          M45/G01             F          425,000.00         ZZ
                                         360        424,660.13          1
                                       7.125          2,863.31         47
                                       6.875          2,863.31
    SAN JOSE         CA   95135          1            03/26/02         00
    0433920873                           05           05/01/02          0
    A0339966                             O            04/01/32
    0

    7526029          M45/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         66
                                       6.625          4,270.04
    SAN JOSE         CA   95120          1            03/26/02         00
    0433920568                           03           05/01/02          0
    A0335527                             O            04/01/32
    0

    7526257          M45/G01             F          347,000.00         ZZ
                                         360        346,708.47          1
                                       6.875          2,279.55         74
                                       6.625          2,279.55
1

    KENT             WA   98032          5            03/22/02         00
    0433919917                           05           05/01/02          0
    A0337515                             O            04/01/32
    0

    7528029          E82/G01             F          341,500.00         ZZ
                                         360        341,213.10          1
                                       6.875          2,243.41         51
                                       6.625          2,243.41
    MIAMI BEACH      FL   33141          2            03/22/02         00
    0400603973                           05           05/01/02          0
    0400603973                           O            04/01/32
    0

    7539089          405/405             F          447,000.00         ZZ
                                         360        446,624.47          1
                                       6.875          2,936.47         80
                                       6.500          2,936.47
    SAN FRANCISCO    CA   94110          2            03/01/02         00
    0012781852                           01           05/01/02          0
    0012781852                           O            04/01/32
    0

    7539091          405/405             F          400,000.00         ZZ
                                         360        398,869.40          1
                                       7.000          2,661.21         68
                                       6.500          2,661.21
    LA HABRA         CA   90631          5            01/15/02         00
    0012966867                           03           03/01/02          0
    0012966867                           O            02/01/32
    0

    7539093          405/405             F          380,000.00         ZZ
                                         360        379,703.56          1
                                       7.250          2,592.27         80
                                       6.750          2,592.27
    MOSELEY          VA   23120          5            02/28/02         00
    0012966917                           05           05/01/02          0
    0012966917                           O            04/01/32
    0

    7539095          405/405             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         71
                                       6.500          4,270.04
    NEWPORT BEACH    CA   92660          2            03/21/02         00
    0012969028                           03           05/01/02          0
    0012969028                           O            04/01/32
    0
1

    7539097          405/405             F          515,000.00         ZZ
                                         360        513,714.23          1
                                       7.000          3,426.31         67
                                       6.500          3,426.31
    SACRAMENTO       CA   95864          5            01/24/02         00
    0012973426                           05           03/01/02          0
    0012973426                           O            02/01/32
    0

    7539103          405/405             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         80
                                       6.750          2,319.40
    LAGRANGE         IL   60525          1            03/25/02         00
    0012983276                           05           05/01/02          0
    0012983276                           O            04/01/32
    0

    7539105          405/405             F          337,500.00         ZZ
                                         360        337,223.35          1
                                       7.000          2,245.40         72
                                       6.500          2,245.40
    ATASCADERO       CA   93422          5            03/18/02         00
    0012987624                           05           05/01/02          0
    0012987624                           O            04/01/32
    0

    7539107          405/405             F          416,700.00         ZZ
                                         360        416,366.77          1
                                       7.125          2,807.39         80
                                       6.625          2,807.39
    HIGHLANDS RANCH  CO   80129          2            03/21/02         00
    0012996625                           03           05/01/02          0
    0012996625                           O            04/01/32
    0

    7539111          405/405             F          488,650.00         ZZ
                                         360        488,239.48          1
                                       6.875          3,210.08         79
                                       6.500          3,210.08
    ELIZABETH        CO   80107          2            03/22/02         00
    0013004221                           05           05/01/02          0
    0013004221                           O            04/01/32
    0

    7539113          405/405             F          324,800.00         ZZ
                                         360        324,533.77          1
1

                                       7.000          2,160.90         80
                                       6.500          2,160.90
    CONCORD          CA   94521          2            03/18/02         00
    0013014246                           03           05/01/02          0
    0013014246                           O            04/01/32
    0

    7539115          405/405             F          452,000.00         ZZ
                                         360        451,610.84          1
                                       6.750          2,931.66         80
                                       6.500          2,931.66
    LITTLETON        CO   80125          1            03/29/02         00
    0013024203                           03           05/01/02          0
    0013024203                           O            04/01/32
    0

    7539121          405/405             F          472,000.00         ZZ
                                         360        471,103.47          1
                                       6.875          3,100.70         79
                                       6.500          3,100.70
    TRABUCO CANYON   CA   92679          2            03/06/02         00
    0013037841                           05           05/01/02          0
    0013037841                           O            04/01/32
    0

    7539127          405/405             F          488,000.00         ZZ
                                         360        487,590.02          1
                                       6.875          3,205.81         80
                                       6.500          3,205.81
    DANVILLE         CA   94506          2            03/22/02         00
    0013050109                           03           05/01/02          0
    0013050109                           O            04/01/32
    0

    7539135          405/405             F          455,000.00         ZZ
                                         360        454,506.59          1
                                       6.750          2,951.12         76
                                       6.500          2,951.12
    UKIAH            CA   95482          5            03/11/02         00
    0013063771                           05           05/01/02          0
    0013063771                           O            04/01/32
    0

    7539137          405/405             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         62
                                       6.500          4,215.89
    CORONADO         CA   92118          1            03/18/02         00
    0013064472                           05           05/01/02          0
1

    0013064472                           O            04/01/32
    0

    7539139          405/405             F          413,000.00         ZZ
                                         360        412,653.03          1
                                       6.875          2,713.12         61
                                       6.500          2,713.12
    SOUTH LAKE TAHO  CA   96150          5            03/28/02         00
    0013070446                           05           05/01/02          0
    0013070446                           O            04/01/32
    0

    7539141          405/405             F          626,000.00         ZZ
                                         360        625,461.03          1
                                       6.750          4,060.22         80
                                       6.500          4,060.22
    LOS ANGELES      CA   91326          1            03/27/02         00
    0013072558                           03           05/01/02          0
    0013072558                           O            04/01/32
    0

    7539145          405/405             F          500,000.00         ZZ
                                         360        499,579.93          1
                                       6.875          3,284.65         80
                                       6.500          3,284.65
    BOERNE           TX   78006          2            03/28/02         00
    0013078282                           03           05/01/02          0
    0013078282                           O            04/01/32
    0

    7539151          405/405             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.875          2,443.78         79
                                       6.500          2,443.78
    HIGHLANDS RANCH  CO   80126          2            04/09/02         00
    0013083035                           03           06/01/02          0
    0013083035                           O            05/01/32
    0

    7539153          405/405             F          470,000.00         ZZ
                                         360        469,593.75          1
                                       6.750          3,048.41         47
                                       6.500          3,048.41
    SAN FRANCISCO    CA   94107          5            03/25/02         00
    0013083076                           05           05/01/02          0
    0013083076                           O            04/01/32
    0

1

    7539155          405/405             F          345,000.00         ZZ
                                         360        344,710.16          1
                                       6.875          2,266.40         66
                                       6.500          2,266.40
    PLEASANTON       CA   94588          5            03/25/02         00
    0013083928                           03           05/01/02          0
    0013083928                           O            04/01/32
    0

    7539159          405/405             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.875          2,266.40          8
                                       6.500          2,266.40
    SANTA BARBARA    CA   93108          2            04/01/02         00
    0013085592                           05           06/01/02          0
    0013085592                           O            05/01/32
    0

    7539161          405/405             F          309,900.00         ZZ
                                         360        309,645.98          1
                                       7.000          2,061.77         69
                                       6.500          2,061.77
    ALBUQUERQUE      NM   87111          1            03/22/02         00
    0013085709                           05           05/01/02          0
    0013085709                           O            04/01/32
    0

    7539163          405/405             F          376,000.00         ZZ
                                         360        375,684.12          1
                                       6.875          2,470.05         80
                                       6.500          2,470.05
    LOS ANGELES      CA   91436          1            03/25/02         00
    0013088653                           05           05/01/02          0
    0013088653                           O            04/01/32
    0

    7539165          405/405             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         51
                                       6.500          2,661.21
    CONCORD          CA   94518          2            03/20/02         00
    0013089776                           05           05/01/02          0
    0013089776                           O            04/01/32
    0

    7539175          405/405             F          451,000.00         ZZ
                                         360        451,000.00          1
                                       7.125          3,038.48         80
                                       6.625          3,038.48
1

    HUNTINGTON BEAC  CA   92646          2            04/08/02         00
    0018104653                           05           06/01/02          0
    0018104653                           O            05/01/32
    0

    7539179          405/405             F          447,500.00         ZZ
                                         360        447,133.19          1
                                       7.000          2,977.23         80
                                       6.500          2,977.23
    SAN CLEMENTE     CA   92673          2            03/13/02         00
    0018176560                           05           05/01/02          0
    0018176560                           O            04/01/32
    0

    7539187          405/405             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.000          2,395.09         74
                                       6.500          2,395.09
    PHILADELPHIA     PA   19147          2            04/08/02         00
    0018288258                           05           06/01/02          0
    0018288258                           O            05/01/32
    0

    7539189          405/405             F          380,900.00         ZZ
                                         360        380,580.00          1
                                       6.875          2,502.24         62
                                       6.500          2,502.24
    SAN RAMON        CA   94583          1            03/18/02         00
    0018296541                           03           05/01/02          0
    0018296541                           O            04/01/32
    0

    7539191          405/405             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       6.875          3,100.71         80
                                       6.500          3,100.71
    CULVER CITY      CA   90230          1            04/10/02         00
    0018299149                           05           06/01/02          0
    0018299149                           O            05/01/32
    0

    7539195          405/405             F          510,000.00         ZZ
                                         360        509,581.95          1
                                       7.000          3,393.05         75
                                       6.500          3,393.05
    ALBANY           CA   94706          2            03/19/02         00
    0018300061                           05           05/01/02          0
    0018300061                           O            04/01/32
    0
1

    7539201          405/405             F          402,000.00         ZZ
                                         360        401,670.48          1
                                       7.000          2,674.52         69
                                       6.500          2,674.52
    SAN FRANCISCO    CA   94116          2            03/20/02         00
    0018306779                           05           05/01/02          0
    0018306779                           O            04/01/32
    0

    7539203          405/405             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.875          2,023.34         80
                                       6.500          2,023.34
    SOUTH PASADENA   CA   91030          1            04/04/02         00
    0018306936                           05           06/01/02          0
    0018306936                           O            05/01/32
    0

    7539205          405/405             F          474,000.00         ZZ
                                         360        474,000.00          1
                                       7.000          3,153.54         62
                                       6.500          3,153.54
    LOS ANGELES      CA   90069          2            04/02/02         00
    0018306993                           05           06/01/02          0
    0018306993                           O            05/01/32
    0

    7539209          405/405             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         74
                                       6.500          2,528.15
    LIVERMORE        CA   94550          1            04/01/02         00
    0018309013                           05           06/01/02          0
    0018309013                           O            05/01/32
    0

    7539211          405/405             F          360,000.00         ZZ
                                         360        359,662.50          1
                                       6.875          2,364.95         60
                                       6.500          2,364.95
    SUNNYVALE        CA   94087          5            03/20/02         00
    0018310003                           05           05/01/02          0
    0018310003                           O            04/01/32
    0

    7539219          405/405             F          475,000.00         ZZ
                                         360        474,591.03          1
1

                                       6.750          3,080.85         73
                                       6.500          3,080.85
    PLEASANTON       CA   94588          5            03/26/02         00
    0018310581                           05           05/01/02          0
    0018310581                           O            04/01/32
    0

    7539221          405/405             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       6.875          3,120.41         62
                                       6.500          3,120.41
    BONITA SPRINGS   FL   34134          2            04/08/02         00
    0018312603                           03           06/01/02          0
    0018312603                           O            05/01/32
    0

    7539223          405/405             F          600,000.00         ZZ
                                         360        599,483.41          1
                                       6.750          3,891.59         70
                                       6.500          3,891.59
    GLENDALE         CA   91202          1            03/19/02         00
    0018313817                           05           05/01/02          0
    0018313817                           O            04/01/32
    0

    7539229          405/405             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.750          2,918.70         65
                                       6.500          2,918.70
    HUNTINGTON BEAC  CA   92648          1            04/04/02         00
    0018314104                           03           06/01/02          0
    0018314104                           O            05/01/32
    0

    7539231          405/405             F          443,000.00         ZZ
                                         360        442,627.82          1
                                       6.875          2,910.20         72
                                       6.500          2,910.20
    BUENA PARK       CA   90621          2            03/19/02         00
    0018314922                           03           05/01/02          0
    0018314922                           O            04/01/32
    0

    7539239          405/405             F          386,000.00         ZZ
                                         360        385,698.88          1
                                       7.250          2,633.20         61
                                       6.750          2,633.20
    TORRANCE         CA   90505          2            03/22/02         00
    0018315317                           05           05/01/02          0
1

    0018315317                           O            04/01/32
    0

    7539245          405/405             F          393,750.00         ZZ
                                         360        393,410.98          1
                                       6.750          2,553.86         75
                                       6.500          2,553.86
    OAKLAND          CA   94610          5            03/25/02         00
    0018319137                           05           05/01/02          0
    0018319137                           O            04/01/32
    0

    7539249          405/405             F          531,200.00         ZZ
                                         360        531,200.00          1
                                       6.750          3,445.36         80
                                       6.500          3,445.36
    VIENNA           VA   22182          1            04/10/02         00
    0018320762                           03           06/01/02          0
    0018320762                           O            05/01/32
    0

    7539253          405/405             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         60
                                       6.500          4,215.89
    NOVATO           CA   94949          1            03/25/02         00
    0018321596                           05           05/01/02          0
    0018321596                           O            04/01/32
    0

    7539257          405/405             F          353,500.00         ZZ
                                         360        353,500.00          1
                                       6.750          2,292.80         73
                                       6.500          2,292.80
    DULUTH           GA   30097          2            04/03/02         00
    0018326439                           03           06/01/02          0
    0018326439                           O            05/01/32
    0

    7539261          405/405             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.875          2,693.41         56
                                       6.500          2,693.41
    OAKLAND          CA   94611          2            04/02/02         00
    0018327924                           05           06/01/02          0
    0018327924                           O            05/01/32
    0

1

    7539263          405/405             F          605,000.00         ZZ
                                         360        605,000.00          1
                                       6.875          3,974.42         51
                                       6.500          3,974.42
    LOOMIS           CA   95650          2            04/01/02         00
    0018328054                           03           06/01/02          0
    0018328054                           O            05/01/32
    0

    7539269          405/405             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       6.875          2,844.50         34
                                       6.500          2,844.50
    YOUNTVILLE       CA   94599          5            04/01/02         00
    0018331231                           05           06/01/02          0
    0018331231                           O            05/01/32
    0

    7539273          405/405             F          550,000.00         ZZ
                                         360        549,549.16          1
                                       7.000          3,659.17         64
                                       6.500          3,659.17
    MORAGA           CA   94556          1            03/26/02         00
    0018332320                           05           05/01/02          0
    0018332320                           O            04/01/32
    0

    7539275          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         69
                                       6.500          4,270.04
    OAKLAND          CA   94605          1            04/05/02         00
    0018332619                           05           06/01/02          0
    0018332619                           O            05/01/32
    0

    7539283          405/405             F          365,500.00         ZZ
                                         360        365,500.00          1
                                       6.750          2,370.63         79
                                       6.500          2,370.63
    WOODBRIDGE       VA   22192          2            04/09/02         00
    0018334425                           05           06/01/02          0
    0018334425                           O            05/01/32
    0

    7539285          405/405             F          360,800.00         ZZ
                                         360        360,800.00          1
                                       7.000          2,400.42         79
                                       6.500          2,400.42
1

    LAUREL           MD   20707          2            04/05/02         00
    0018334516                           05           06/01/02          0
    0018334516                           O            05/01/32
    0

    7539287          405/405             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.875          2,759.10         80
                                       6.500          2,759.10
    BOULDER          CO   80302          2            04/08/02         00
    0018335745                           05           06/01/02          0
    0018335745                           O            05/01/32
    0

    7539289          405/405             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.000          2,195.50         79
                                       6.500          2,195.50
    ALTADENA         CA   91001          2            04/03/02         00
    0018336867                           05           06/01/02          0
    0018336867                           O            05/01/32
    0

    7539299          405/405             F          637,500.00         ZZ
                                         360        637,500.00          1
                                       7.375          4,403.06         63
                                       6.875          4,403.06
    PALO ALTO        CA   94303          2            04/02/02         00
    0018339697                           05           06/01/02          0
    0018339697                           O            05/01/32
    0

    7539301          405/405             F          425,000.00         ZZ
                                         360        424,642.95          1
                                       6.875          2,791.95         49
                                       6.500          2,791.95
    SANTA BARBARA    CA   93105          2            03/28/02         00
    0018339903                           05           05/01/02          0
    0018339903                           O            04/01/32
    0

    7539303          405/405             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.000          2,660.88         61
                                       6.500          2,660.88
    DANVILLE         CA   94506          5            04/08/02         00
    0018340455                           03           06/01/02          0
    0018340455                           O            05/01/32
    0
1

    7539305          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         37
                                       6.500          4,270.04
    RANCHO SANTA FE  CA   92067          2            04/03/02         00
    0018340802                           05           06/01/02          0
    0018340802                           O            05/01/32
    0

    7539309          405/405             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       7.125          2,270.44         65
                                       6.625          2,270.44
    DUBLIN           CA   94568          5            04/01/02         00
    0018341065                           05           06/01/02          0
    0018341065                           O            05/01/32
    0

    7539311          405/405             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.125          2,155.90         80
                                       6.625          2,155.90
    SOUTH PASADENA   CA   91030          5            04/01/02         00
    0018341115                           05           06/01/02          0
    0018341115                           O            05/01/32
    0

    7539317          405/405             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       7.000          2,727.74         59
                                       6.500          2,727.74
    LAFAYETTE        CA   94549          5            04/01/02         00
    0018343459                           05           06/01/02          0
    0018343459                           O            05/01/32
    0

    7539321          405/405             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       7.125          2,856.57         80
                                       6.625          2,856.57
    FREMONT          CA   94555          1            04/09/02         00
    0018343913                           03           06/01/02          0
    0018343913                           O            05/01/32
    0

    7539323          405/405             F          535,920.00         ZZ
                                         360        535,920.00          1
1

                                       7.000          3,565.49         80
                                       6.500          3,565.49
    LIVERMORE        CA   94550          1            04/04/02         00
    0018344804                           03           06/01/02          0
    0018344804                           O            05/01/32
    0

    7539325          405/405             F          562,000.00         ZZ
                                         360        562,000.00          1
                                       6.875          3,691.94         78
                                       6.500          3,691.94
    LOS ALTOS        CA   94024          2            04/01/02         00
    0018345009                           05           06/01/02          0
    0018345009                           O            05/01/32
    0

    7539331          405/405             F          316,000.00         ZZ
                                         360        315,727.93          1
                                       6.750          2,049.57         80
                                       6.500          2,049.57
    ALISO VIEJO      CA   92656          5            03/28/02         00
    0018346825                           03           05/01/02          0
    0018346825                           O            04/01/32
    0

    7539333          405/405             F          462,000.00         ZZ
                                         360        462,000.00          1
                                       6.875          3,035.01         80
                                       6.500          3,035.01
    DRIPPING SPRING  TX   78620          2            04/12/02         00
    0018348748                           05           06/01/02          0
    0018348748                           O            05/01/32
    0

    7539335          405/405             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.625          2,229.55         63
                                       7.125          2,229.55
    WATSONVILLE      CA   95076          2            04/01/02         00
    0018348763                           05           06/01/02          0
    0018348763                           O            05/01/32
    0

    7539337          405/405             F          359,000.00         ZZ
                                         360        359,000.00          1
                                       7.000          2,388.44         65
                                       6.500          2,388.44
    SAN DIEGO        CA   92128          1            04/04/02         00
    0018348805                           03           06/01/02          0
1

    0018348805                           O            05/01/32
    0

    7539341          405/405             F          366,000.00         ZZ
                                         360        365,692.52          1
                                       6.875          2,404.36         71
                                       6.500          2,404.36
    GREAT FALLS      VA   22066          2            04/05/02         00
    0018349977                           05           05/01/02          0
    0018349977                           O            04/01/32
    0

    7539351          405/405             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       7.000          2,441.66         70
                                       6.500          2,441.66
    SAN FRANCISCO    CA   94110          2            04/04/02         00
    0018352195                           05           06/01/02          0
    0018352195                           O            05/01/32
    0

    7539353          405/405             F          549,500.00         ZZ
                                         360        549,500.00          1
                                       7.000          3,655.84         58
                                       6.500          3,655.84
    CARMEL VALLEY    CA   93924          5            04/01/02         00
    0018352252                           05           06/01/02          0
    0018352252                           O            05/01/32
    0

    7539357          405/405             F          371,450.00         ZZ
                                         360        371,450.00          1
                                       6.875          2,440.17         67
                                       6.500          2,440.17
    DALLAS           TX   75205          2            04/03/02         00
    0018353508                           05           06/01/02          0
    0018353508                           O            05/01/32
    0

    7539363          405/405             F          602,400.00         ZZ
                                         360        602,400.00          1
                                       6.750          3,907.16         80
                                       6.500          3,907.16
    NEWPORT BEACH    CA   92660          1            04/08/02         00
    0018358010                           03           06/01/02          0
    0018358010                           O            05/01/32
    0

1

    7539365          405/405             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.000          2,182.20         80
                                       6.500          2,182.20
    CULVER CITY      CA   90230          1            04/05/02         00
    0018358671                           01           06/01/02          0
    0018358671                           O            05/01/32
    0

    7539367          405/405             F          379,200.00         ZZ
                                         360        379,200.00          1
                                       6.875          2,491.08         80
                                       6.500          2,491.08
    OAK PARK         CA   91377          1            04/04/02         00
    0018359448                           05           06/01/02          0
    0018359448                           O            05/01/32
    0

    7539373          405/405             F          440,000.00         ZZ
                                         360        439,630.34          1
                                       6.875          2,890.49         80
                                       6.500          2,890.49
    ENCINITAS        CA   92024          1            03/27/02         00
    0018363887                           05           05/01/02          0
    0018363887                           O            04/01/32
    0

    7539379          405/405             F          348,800.00         ZZ
                                         360        348,506.96          1
                                       6.875          2,291.37         80
                                       6.500          2,291.37
    SAN GABRIEL      CA   91775          1            03/29/02         00
    0018367052                           05           05/01/02          0
    0018367052                           O            04/01/32
    0

    7539381          405/405             F          568,400.00         ZZ
                                         360        568,400.00          1
                                       7.125          3,829.42         80
                                       6.625          3,829.42
    BERKELEY         CA   94705          1            04/01/02         00
    0018368506                           05           06/01/02          0
    0018368506                           O            05/01/32
    0

    7539383          405/405             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.250          2,537.70         80
                                       6.750          2,537.70
1

    LONG BEACH       CA   90803          1            04/11/02         00
    0018368753                           05           06/01/02          0
    0018368753                           O            05/01/32
    0

    7539387          405/405             F          623,920.00         ZZ
                                         360        623,920.00          1
                                       7.125          4,203.47         80
                                       6.625          4,203.47
    SILVERADO        CA   92676          1            04/09/02         00
    0018369397                           03           06/01/02          0
    0018369397                           O            05/01/32
    0

    7539389          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         56
                                       6.500          2,661.21
    HERMOSA BEACH    CA   90254          1            04/08/02         00
    0018369785                           01           06/01/02          0
    0018369785                           O            05/01/32
    0

    7539395          405/405             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       7.125          3,907.57         60
                                       6.625          3,907.57
    SAN MATEO        CA   94402          1            04/01/02         00
    0018371252                           05           06/01/02          0
    0018371252                           O            05/01/32
    0

    7539397          405/405             F          359,000.00         ZZ
                                         360        359,000.00          1
                                       7.125          2,418.65         80
                                       6.625          2,418.65
    ALHAMBRA         CA   91801          1            04/01/02         00
    0018371344                           05           06/01/02          0
    0018371344                           O            05/01/32
    0

    7539399          405/405             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.000          2,128.97         75
                                       6.500          2,128.97
    MARTINEZ         CA   94553          1            04/01/02         00
    0018371617                           03           06/01/02          0
    0018371617                           O            05/01/32
    0
1

    7539401          405/405             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.60         56
                                       6.625          3,368.60
    MORAGA           CA   94556          1            04/01/02         00
    0018372094                           05           06/01/02          0
    0018372094                           O            05/01/32
    0

    7539403          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         65
                                       6.500          4,324.47
    SCOTTS VALLEY    CA   95066          1            04/02/02         00
    0018372656                           05           06/01/02          0
    0018372656                           O            05/01/32
    0

    7539407          405/405             F          350,000.00         ZZ
                                         360        349,733.67          1
                                       7.375          2,417.37         58
                                       6.875          2,417.37
    VENTURA          CA   93001          1            03/29/02         00
    0018374579                           05           05/01/02          0
    0018374579                           O            04/01/32
    0

    7539409          405/405             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       8.250          3,230.45         74
                                       7.750          3,230.45
    CAMPBELL         CA   95008          2            04/01/02         00
    0018376418                           05           06/01/02          0
    0018376418                           O            05/01/32
    0

    7539411          405/405             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       7.250          2,769.64         70
                                       6.750          2,769.64
    MENLO PARK       CA   94025          1            04/01/02         00
    0018376632                           05           06/01/02          0
    0018376632                           O            05/01/32
    0

    7539413          405/405             F          544,000.00         ZZ
                                         360        544,000.00          1
1

                                       7.125          3,665.03         80
                                       6.625          3,665.03
    SOUTH PASADENA   CA   91030          1            04/03/02         00
    0018378851                           05           06/01/02          0
    0018378851                           O            05/01/32
    0

    7539415          405/405             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       7.000          3,406.35         80
                                       6.500          3,406.35
    SAN JOSE         CA   95125          1            04/01/02         00
    0018378968                           05           06/01/02          0
    0018378968                           O            05/01/32
    0

    7539417          405/405             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       7.250          3,329.02         80
                                       6.750          3,329.02
    OAKLAND          CA   94619          1            04/02/02         00
    0018380154                           05           06/01/02          0
    0018380154                           O            05/01/32
    0

    7539423          405/405             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       7.375          2,817.96         80
                                       6.875          2,817.96
    SAN RAFAEL       CA   94901          1            04/01/02         00
    0018381715                           05           06/01/02          0
    0018381715                           O            05/01/32
    0

    7539425          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.88         62
                                       6.625          2,694.88
    SANTA CLARA      CA   95050          1            04/01/02         00
    0018382556                           05           06/01/02          0
    0018382556                           O            05/01/32
    0

    7539427          405/405             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.125          3,031.74         62
                                       6.625          3,031.74
    SAN MATEO        CA   94402          1            04/05/02         00
    0018382598                           05           06/01/02          0
1

    0018382598                           O            05/01/32
    0

    7539429          405/405             F          415,200.00         ZZ
                                         360        415,200.00          1
                                       7.000          2,762.34         80
                                       6.500          2,762.34
    LAFAYETTE        CA   94549          1            04/09/02         00
    0018383133                           05           06/01/02          0
    0018383133                           O            05/01/32
    0

    7539431          405/405             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.375          2,375.93         80
                                       6.875          2,375.93
    GLENDALE         CA   91214          1            04/10/02         00
    0018383380                           05           06/01/02          0
    0018383380                           O            05/01/32
    0

    7539433          405/405             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.84         80
                                       6.750          2,455.84
    SANTA CLARA      CA   95050          5            04/02/02         00
    0018384347                           05           06/01/02          0
    0018384347                           O            05/01/32
    0

    7539439          405/405             F          462,000.00         ZZ
                                         360        462,000.00          1
                                       7.000          3,073.70         80
                                       6.500          3,073.70
    SOUTH SAN FRANC  CA   94080          1            04/04/02         00
    0018390047                           03           06/01/02          0
    0018390047                           O            05/01/32
    0

    7539465          405/405             F          382,500.00         ZZ
                                         360        382,178.65          1
                                       6.875          2,512.76         90
                                       6.500          2,512.76
    HEATH            TX   75032          1            03/28/02         11
    0013055132                           03           05/01/02         25
    0013055132                           O            04/01/32
    0

1

    7539475          405/405             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.125          2,391.71         61
                                       6.500          2,391.71
    SAN FRANCISCO    CA   94110          1            04/10/02         00
    0018056192                           05           06/01/02          0
    0018056192                           O            05/01/32
    0

    7539483          405/405             F          524,500.00         ZZ
                                         360        524,500.00          1
                                       6.875          3,445.59         33
                                       6.500          3,445.59
    CORONADO         CA   92118          2            04/05/02         00
    0018282012                           01           06/01/02          0
    0018282012                           O            05/01/32
    0

    7539485          405/405             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.000          2,428.36         69
                                       6.500          2,428.36
    LOS ANGELES      CA   90065          2            04/09/02         00
    0018282863                           05           06/01/02          0
    0018282863                           O            05/01/32
    0

    7539489          405/405             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.875          6,569.29         42
                                       6.500          6,569.29
    LOS ANGELES      CA   91436          1            04/11/02         00
    0018287763                           05           06/01/02          0
    0018287763                           O            05/01/32
    0

    7539493          405/405             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       7.125          2,607.30         47
                                       6.500          2,607.30
    SAN FRANCISCO    CA   94127          5            04/10/02         00
    0018295394                           05           06/01/02          0
    0018295394                           O            05/01/32
    0

    7539495          405/405             F          558,950.00         ZZ
                                         360        558,950.00          1
                                       6.750          3,625.34         65
                                       6.500          3,625.34
1

    SAN JOSE         CA   95125          1            04/03/02         00
    0018302448                           05           06/01/02          0
    0018302448                           O            05/01/32
    0

    7539499          405/405             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       7.000          2,727.74         44
                                       6.500          2,727.74
    LARKSPUR         CA   94904          5            04/01/02         00
    0018319004                           05           06/01/02          0
    0018319004                           O            05/01/32
    0

    7539501          405/405             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       6.875          3,074.43         80
                                       6.500          3,074.43
    SIMI VALLEY      CA   93065          1            04/11/02         00
    0018319293                           03           06/01/02          0
    0018319293                           O            05/01/32
    0

    7539507          405/405             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       6.875          4,138.65         49
                                       6.500          4,138.65
    SAN JOSE         CA   95132          5            04/01/02         00
    0018332502                           05           06/01/02          0
    0018332502                           O            05/01/32
    0

    7539509          405/405             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.875          2,594.87         50
                                       6.500          2,594.87
    SAN DIEGO        CA   92107          5            04/09/02         00
    0018338566                           05           06/01/02          0
    0018338566                           O            05/01/32
    0

    7539519          405/405             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.875          3,186.11         63
                                       6.500          3,186.11
    BEVERLY HILLS    CA   90211          2            04/10/02         00
    0018349092                           05           06/01/02          0
    0018349092                           O            05/01/32
    0
1

    7539523          405/405             F          646,500.00         ZZ
                                         360        646,500.00          1
                                       7.000          4,301.18         54
                                       6.500          4,301.18
    MANHATTAN BEACH  CA   90266          2            04/02/02         00
    0018351247                           05           06/01/02          0
    0018351247                           O            05/01/32
    0

    7539537          405/405             F          403,500.00         ZZ
                                         360        403,500.00          1
                                       6.875          2,650.71         65
                                       6.500          2,650.71
    ALISO VIEJO      CA   92656          2            04/11/02         00
    0018357715                           05           06/01/02          0
    0018357715                           O            05/01/32
    0

    7539551          405/405             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.125          2,371.49         80
                                       6.500          2,371.49
    SAN FRANCISCO    CA   94117          1            04/08/02         00
    0018375352                           05           06/01/02          0
    0018375352                           O            05/01/32
    0

    7539557          405/405             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.000          2,900.72         80
                                       6.500          2,900.72
    THOUSAND OAKS    CA   91362          1            04/12/02         00
    0018387712                           05           06/01/02          0
    0018387712                           O            05/01/32
    0

    7539559          405/405             F          564,000.00         ZZ
                                         360        564,000.00          1
                                       7.125          3,799.78         80
                                       6.500          3,799.78
    HERMOSA BEACH    CA   90254          1            04/09/02         00
    0018390245                           01           06/01/02          0
    0018390245                           O            05/01/32
    0

    7539561          405/405             F          384,000.00         ZZ
                                         360        384,000.00          1
1

                                       6.875          2,522.61         80
                                       6.500          2,522.61
    LA HONDA         CA   94020          2            04/10/02         00
    0018390476                           03           06/01/02          0
    0018390476                           O            05/01/32
    0

    7539565          405/405             F          355,500.00         ZZ
                                         360        355,500.00          1
                                       7.375          2,455.35         79
                                       6.625          2,455.35
    CYPRESS          CA   90630          2            04/05/02         00
    0018392605                           05           06/01/02          0
    0018392605                           O            05/01/32
    0

    7539575          405/405             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       6.875          2,010.21         76
                                       6.500          2,010.21
    YORBA LINDA      CA   92886          1            04/16/02         00
    0018408880                           05           06/01/02          0
    0018408880                           O            05/01/32
    0

    7539583          405/405             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.875          2,660.56         65
                                       6.500          2,660.56
    LAGUNA BEACH     CA   92651          5            04/09/02         00
    0060049335                           05           06/01/02          0
    0060049335                           O            05/01/32
    0

    7545452          E45/G01             F          356,000.00         ZZ
                                         360        355,414.67          1
                                       7.000          2,368.48         80
                                       6.750          2,368.48
    GAINESVILLE      GA   30501          2            02/22/02         00
    0433831302                           05           04/01/02          0
    209693                               O            03/01/32
    0

    7552027          E22/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.750          2,172.80         50
                                       6.500          2,172.80
    WALNUT CREEK     CA   94598          1            04/08/02         00
    0413727686                           05           06/01/02          0
1

    0413727686                           O            05/01/32
    0

    7552111          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.875          3,416.03         80
                                       6.625          3,416.03
    THOUSAND OAKS    CA   91360          1            04/15/02         00
    0413928441                           05           06/01/02          0
    0413928441                           O            05/01/32
    0

    7552133          E22/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.375          2,762.36         80
                                       7.125          2,762.36
    YOUNTVILLE       CA   94599          1            04/10/02         00
    0413954835                           05           06/01/02          0
    0413954835                           O            05/01/32
    0

    7552371          E82/G01             F          342,300.00         ZZ
                                         360        342,300.00          1
                                       7.000          2,277.33         59
                                       6.750          2,277.33
    PLEASANTON       CA   94566          2            04/13/02         00
    0400581658                           05           06/01/02          0
    1717225                              O            05/01/32
    0

    7552377          E82/G01             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       6.875          1,918.23         63
                                       6.625          1,918.23
    BROOMFIELD       CO   80020          2            04/16/02         00
    0400603338                           05           06/01/02          0
    2703192                              O            05/01/32
    0

    7552385          E82/G01             F          278,000.00         ZZ
                                         360        278,000.00          1
                                       6.750          1,803.10         59
                                       6.500          1,803.10
    CARLSBAD         CA   92009          2            04/08/02         00
    0400593570                           03           06/01/02          0
    1925380                              O            05/01/32
    0

1

    7559873          H12/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.500          2,789.87         80
                                       7.250          2,789.87
    OMAHA            NE   68132          2            04/03/02         00
    0433934775                           05           06/01/02          0
    08000127024-01                       O            05/01/32
    0

    7561713          511/511             F          364,000.00         ZZ
                                         360        363,686.60          1
                                       6.750          2,360.90         80
                                       6.500          2,360.90
    NEW ORLEANS      LA   70115          1            03/28/02         00
    0002599674                           05           05/01/02          0
    0002599674                           O            04/01/32
    0

    7563885          367/367             F          392,000.00         ZZ
                                         360        391,670.67          1
                                       6.875          2,575.16         80
                                       6.625          2,575.16
    WASHINGTON       DC   20016          1            03/29/02         00
    99342460                             05           05/01/02          0
    99342460                             O            04/01/32
    0

    7578219          E22/G01             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       7.000          2,601.33         60
                                       6.750          2,601.33
    EAST QUOGUE      NY   11942          5            04/15/02         00
    0413360736                           05           06/01/02          0
    0413360736                           O            05/01/32
    0

    7578269          E22/G01             F          459,500.00         ZZ
                                         360        459,500.00          1
                                       6.750          2,980.31         77
                                       6.500          2,980.31
    SAN JOSE         CA   95131          2            04/10/02         00
    0413812439                           05           06/01/02          0
    0413812439                           O            05/01/32
    0

    7578337          E22/G01             F          159,900.00         ZZ
                                         360        159,900.00          1
                                       7.375          1,104.39         75
                                       7.125          1,104.39
1

    HOWELL           MI   48843          2            04/15/02         00
    0413874520                           05           06/01/02          0
    0413874520                           O            05/01/32
    0

    7595407          550/550             F          500,000.00         T
                                         360        500,000.00          1
                                       7.300          3,427.86         28
                                       7.050          3,427.86
    KAMUELA          HI   96743          1            04/02/02         00
    120573055                            01           06/01/02          0
    120573055                            O            05/01/32
    0

    7607241          E22/G01             F          417,600.00         ZZ
                                         360        417,600.00          1
                                       7.250          2,848.77         80
                                       7.000          2,848.77
    SEATTLE          WA   98199          1            04/17/02         00
    0413768375                           05           06/01/02          0
    0413768375                           O            05/01/32
    0

    7607299          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.125          2,688.14         69
                                       6.875          2,688.14
    MARLBORO         NJ   07746          5            04/16/02         00
    0413849175                           05           06/01/02          0
    0413849175                           O            05/01/32
    0

    7607317          E22/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.125          2,587.08         80
                                       6.875          2,587.08
    DALY CITY        CA   94015          1            04/12/02         00
    0413866500                           05           06/01/02          0
    0413866500                           O            05/01/32
    0

    7609503          E82/G01             F          734,300.00         ZZ
                                         360        734,300.00          1
                                       7.000          4,885.32         59
                                       6.750          4,885.32
    SUISUN           CA   94585          2            04/12/02         00
    0400599064                           05           06/01/02          0
    0400599064                           O            05/01/32
    0
1

    7609559          E82/G01             F          286,400.00         ZZ
                                         360        286,400.00          1
                                       7.125          1,929.53         66
                                       6.875          1,929.53
    SAINT LOUIS      MO   63138          2            04/03/02         00
    0400612578                           05           06/01/02          0
    4097162                              O            05/01/32
    0

    7609567          E82/G01             F          551,500.00         ZZ
                                         360        551,500.00          1
                                       6.875          3,622.96         59
                                       6.625          3,622.96
    HAIKU            HI   96708          2            04/12/02         00
    0400594578                           03           06/01/02          0
    0400594578                           O            05/01/32
    0

    7609569          E82/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.125          2,324.33         70
                                       6.875          2,324.33
    ELIZABETH        CO   80107          2            04/15/02         00
    0400606646                           05           06/01/02          0
    1981004                              O            05/01/32
    0

    7609573          E82/G01             F          211,000.00         ZZ
                                         360        211,000.00          2
                                       6.875          1,386.12         63
                                       6.625          1,386.12
    NEW ORLEANS      LA   70130          2            04/15/02         00
    0400605523                           05           06/01/02          0
    0400605523                           O            05/01/32
    0

    7621839          H29/G01             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       6.875          3,645.96         66
                                       6.625          3,645.96
    WELLESLEY        MA   02481          1            04/11/02         00
    0433937521                           05           06/01/02          0
    7700107406                           O            05/01/32
    0

    7634043          E22/G01             F          485,700.00         ZZ
                                         360        485,700.00          1
1

                                       7.125          3,272.25         60
                                       6.875          3,272.25
    AUSTIN           TX   78746          5            04/18/02         00
    0413783879                           05           06/01/02          0
    0413783879                           O            05/01/32
    0

    7634061          E22/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       7.000          2,627.94         57
                                       6.750          2,627.94
    LIVERMORE        CA   94550          1            04/01/02         00
    0413859927                           05           06/01/02          0
    0413859927                           O            05/01/32
    0

    7634179          E22/G01             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.250          1,166.52         80
                                       7.000          1,166.52
    ROCKWALL         TX   75087          5            04/18/02         00
    0413946104                           05           06/01/02          0
    0413946104                           O            05/01/32
    0

    7635061          E82/G01             F          392,400.00         T
                                         360        392,400.00          1
                                       6.875          2,577.79         68
                                       6.625          2,577.79
    GULF SHORES      AL   36542          2            04/19/02         00
    0400619805                           05           06/01/02          0
    3363952                              O            05/01/32
    0

    7635087          E82/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.125          4,379.17         55
                                       6.875          4,379.17
    SARATOGA         CA   95070          2            04/18/02         00
    0400610200                           05           06/01/02          0
    0400610200                           O            05/01/32
    0

    7635375          M18/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       7.500          3,244.36         49
                                       7.250          3,244.36
    TARZANA          CA   91356          2            04/08/02         00
    0433941549                           05           06/01/02          0
1

    980101776                            O            05/01/32
    0

    7635413          M27/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         77
                                       6.625          2,627.72
    MEMPHIS          TN   38120          2            04/12/02         00
    0433950748                           05           06/01/02          0
    600750528                            O            05/01/32
    0

    7635483          964/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       6.875          2,404.36         77
                                       6.625          2,404.36
    SCOTTSDALE       AZ   85262          2            04/10/02         00
    0433947223                           05           06/01/02          0
    169132                               O            05/01/32
    0

    7635501          L46/L46             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    BARTONVILLE      TX   76226          1            04/15/02         00
    00000961722                          05           06/01/02          0
    00000961722                          O            05/01/32
    0

    7635537          L46/L46             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.250          2,626.38         70
                                       7.000          2,626.38
    SOUTHLAKE        TX   76092          1            04/15/02         00
    0000962233                           03           06/01/02          0
    0000962233                           O            05/01/32
    0

    7635701          998/998             F          320,000.00         ZZ
                                         360        319,255.45          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    PHILADELPHIA     PA   19119          1            01/22/02         00
    3094310                              05           03/01/02          0
    3094310                              O            02/01/32
    0

1

    7635703          998/998             F          440,000.00         ZZ
                                         360        439,539.34          1
                                       7.000          2,927.33         80
                                       6.750          2,927.33
    CEDAR HILL       TX   75104          2            03/20/02         00
    3365499                              03           05/01/02          0
    3365499                              O            04/01/32
    0

    7635705          998/998             F          608,000.00         ZZ
                                         360        607,489.20          1
                                       6.875          3,994.13         80
                                       6.625          3,994.13
    DAKOTA DUNES     SD   57049          2            03/14/02         00
    3371829                              05           05/01/02          0
    3371829                              O            04/01/32
    0

    7635707          998/998             F          389,600.00         ZZ
                                         360        389,310.86          1
                                       7.500          2,724.14         80
                                       7.250          2,724.14
    WAUSAU           WI   54401          2            03/25/02         00
    3700457                              05           05/01/02          0
    3700457                              O            04/01/32
    0

    7635709          998/998             F          359,500.00         ZZ
                                         360        359,205.32          1
                                       7.000          2,391.76         80
                                       6.750          2,391.76
    DUBUQUE          IA   52001          2            03/28/02         00
    3704657                              05           05/01/02          0
    3704657                              O            04/01/32
    0

    7635713          998/998             F          348,000.00         ZZ
                                         360        347,728.52          1
                                       7.250          2,373.98         70
                                       7.000          2,373.98
    CROSS PLAINS     WI   53528          2            03/22/02         00
    3721103                              05           05/01/02          0
    3721103                              O            04/01/32
    0

    7635715          998/998             F          390,399.00         ZZ
                                         360        390,054.33          1
                                       6.625          2,499.77         80
                                       6.375          2,499.77
1

    ST AUGUSTINE     FL   32095          1            03/29/02         00
    3822044                              03           05/01/02          0
    3822044                              O            04/01/32
    0

    7635717          998/998             F          409,000.00         ZZ
                                         360        408,696.46          1
                                       7.500          2,859.79         75
                                       7.250          2,859.79
    BRIGHTON         CO   80602          1            03/22/02         00
    3823169                              05           05/01/02          0
    3823169                              O            04/01/32
    0

    7635973          E22/G01             F          297,500.00         ZZ
                                         360        297,500.00          1
                                       7.625          2,105.69         70
                                       7.375          2,105.69
    BROOKLYN         NY   11203          1            04/24/02         00
    0413509647                           08           06/01/02          0
    0413509647                           O            05/01/32
    0

    7636027          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.875          2,167.87         75
                                       6.625          2,167.87
    ALAMEDA          CA   94501          5            04/17/02         00
    0413840810                           05           06/01/02          0
    0413840810                           O            05/01/32
    0

    7636181          E22/G01             F          489,000.00         ZZ
                                         360        489,000.00          1
                                       7.250          3,335.84         60
                                       7.000          3,335.84
    DALLAS           TX   75214          5            04/19/02         00
    0413948571                           05           06/01/02          0
    0413948571                           O            05/01/32
    0

    7636191          E22/G01             F          371,000.00         ZZ
                                         360        371,000.00          1
                                       7.375          2,562.40         80
                                       7.125          2,562.40
    WEYMOUTH         MA   02189          2            04/19/02         00
    0413957283                           05           06/01/02          0
    0413957283                           O            05/01/32
    0
1

    7636377          E82/G01             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       6.875          2,844.50         46
                                       6.625          2,844.50
    RANCHO SANTA FE  CA   92067          2            04/16/02         00
    0400603072                           03           06/01/02          0
    1617398                              O            05/01/32
    0

    7636393          E82/G01             F          496,700.00         ZZ
                                         360        496,700.00          1
                                       6.875          3,262.97         57
                                       6.625          3,262.97
    ESCONDIDO        CA   92025          2            04/19/02         00
    0400596003                           05           06/01/02          0
    1740189                              O            05/01/32
    0

    7637495          P60/G01             F          380,000.00         ZZ
                                         360        379,710.85          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    MORRISON         CO   80465          1            03/29/02         00
    0433992898                           05           05/01/02          0
    1310038377                           O            04/01/32
    0

    7638971          R65/G01             F          447,900.00         ZZ
                                         360        447,900.00          1
                                       7.125          3,017.59         80
                                       6.875          3,017.59
    GAINESVILLE      VA   20155          1            04/17/02         00
    0433940442                           05           06/01/02          0
    20017312                             O            05/01/32
    0

    7638997          477/G01             F          304,000.00         ZZ
                                         360        303,762.85          1
                                       7.250          2,073.82         95
                                       7.000          2,073.82
    SCOTTSDALE       AZ   85253          1            03/26/02         04
    0433947066                           05           05/01/02         30
    107810                               O            04/01/32
    0

    7639509          477/G01             F          188,000.00         ZZ
                                         360        188,000.00          1
1

                                       7.500          1,314.52         79
                                       7.250          1,314.52
    PHOENIX          AZ   85032          2            04/09/02         00
    0433972171                           05           06/01/02          0
    105515                               O            05/01/32
    0

    7639895          757/G01             F          471,000.00         ZZ
                                         360        471,000.00          1
                                       7.000          3,133.57         73
                                       6.750          3,133.57
    ROME             GA   30165          2            04/17/02         00
    0433940475                           05           06/01/02          0
    1000627966                           O            05/01/32
    0

    7640143          E22/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         59
                                       6.625          2,890.49
    SEATTLE          WA   98115          2            04/17/02         00
    0413964602                           05           06/01/02          0
    0413964602                           O            05/01/32
    0

    7640181          E22/G01             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.375            856.44         76
                                       7.125            856.44
    DEARBORN HEIGHT  MI   48127          1            04/25/02         00
    0414006130                           05           06/01/02          0
    0414006130                           O            05/01/32
    0

    7640293          T44/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.750          3,295.50         80
                                       7.500          3,295.50
    LAS VEGAS        NV   89144          1            04/12/02         00
    0433941341                           03           06/01/02          0
    1013013                              O            05/01/32
    0

    7640979          964/G01             F          163,000.00         ZZ
                                         360        163,000.00          1
                                       6.750          1,057.21         58
                                       6.500          1,057.21
    LINCOLN          CA   95648          1            04/10/02         00
    0433936762                           05           06/01/02          0
1

    149352                               O            05/01/32
    0

    7641370          E45/G01             F          144,000.00         ZZ
                                         360        143,800.24          1
                                       7.875          1,044.10         60
                                       7.625          1,044.10
    SANTA ANA        CA   92707          1            02/05/02         00
    0433927837                           05           04/01/02          0
    197927                               O            03/01/32
    0

    7641387          W57/G01             F          385,000.00         ZZ
                                         360        384,668.52          1
                                       6.750          2,497.11         74
                                       6.500          2,497.11
    GOLDEN           CO   80401          1            03/14/02         00
    0433942653                           05           05/01/02          0
    232601517                            O            04/01/32
    0

    7641455          405/405             F          468,800.00         ZZ
                                         360        468,434.29          1
                                       7.250          3,198.04         80
                                       6.750          3,198.04
    WALNUT CREEK     CA   94595          1            03/22/02         00
    0013004510                           05           05/01/02          0
    0013004510                           O            04/01/32
    0

    7641459          405/405             F          343,000.00         ZZ
                                         360        342,704.69          1
                                       6.750          2,224.69         63
                                       6.500          2,224.69
    CARLSBAD         CA   92009          2            03/18/02         00
    0013027727                           03           05/01/02          0
    0013027727                           O            04/01/32
    0

    7641461          405/405             F          339,200.00         ZZ
                                         360        338,915.03          1
                                       6.875          2,228.30         80
                                       6.500          2,228.30
    RIPON            CA   95366          5            03/27/02         00
    0013036751                           05           05/01/02          0
    0013036751                           O            04/01/32
    0

1

    7641463          405/405             F          424,000.00         ZZ
                                         360        423,643.79          1
                                       6.875          2,785.38         80
                                       6.500          2,785.38
    LONGMONT         CO   80503          1            03/22/02         00
    0013051453                           05           05/01/02          0
    0013051453                           O            04/01/32
    0

    7641465          405/405             F          576,000.00         ZZ
                                         360        576,000.00          1
                                       7.000          3,832.14         39
                                       6.500          3,832.14
    CORONADO         CA   92118          2            04/01/02         00
    0013056197                           05           06/01/02          0
    0013056197                           O            05/01/32
    0

    7641467          405/405             F          420,000.00         ZZ
                                         360        419,638.39          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    BOULDER          CO   80304          2            03/26/02         00
    0013063128                           05           05/01/02          0
    0013063128                           O            04/01/32
    0

    7641469          405/405             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.875          2,791.95         65
                                       6.500          2,791.95
    OLIVETTE         MO   63132          1            04/22/02         00
    0013067103                           05           06/01/02          0
    0013067103                           O            05/01/32
    0

    7641471          405/405             F          512,000.00         ZZ
                                         360        511,559.17          1
                                       6.750          3,320.83         79
                                       6.500          3,320.83
    BOERNE           TX   78006          2            03/28/02         00
    0013068051                           05           05/01/02          0
    0013068051                           O            04/01/32
    0

    7641473          405/405             F          509,340.00         ZZ
                                         360        508,922.50          1
                                       7.000          3,388.65         80
                                       6.500          3,388.65
1

    LOS ANGELES      CA   91356          1            03/28/02         00
    0013069745                           05           05/01/02          0
    0013069745                           O            04/01/32
    0

    7641475          405/405             F          363,500.00         ZZ
                                         360        363,500.00          1
                                       7.000          2,418.37         80
                                       6.500          2,418.37
    PORTLAND         OR   97221          2            04/03/02         00
    0013080932                           05           06/01/02          0
    0013080932                           O            05/01/32
    0

    7641477          405/405             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.24         49
                                       6.500          2,432.24
    SAN DIEGO        CA   92116          5            04/01/02         00
    0013083043                           05           06/01/02          0
    0013083043                           O            05/01/32
    0

    7641479          405/405             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.000          2,295.29         75
                                       6.500          2,295.29
    BENICIA          CA   94510          5            04/01/02         00
    0013083993                           05           06/01/02          0
    0013083993                           O            05/01/32
    0

    7641485          405/405             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.000          2,341.86         80
                                       6.500          2,341.86
    AUSTIN           TX   78734          1            04/01/02         00
    0013089966                           05           06/01/02          0
    0013089966                           O            05/01/32
    0

    7641487          405/405             F          385,900.00         ZZ
                                         360        385,575.80          1
                                       6.875          2,535.09         80
                                       6.500          2,535.09
    THOUSAND OAKS    CA   91320          1            03/27/02         00
    0013091608                           03           05/01/02          0
    0013091608                           O            04/01/32
    0
1

    7641493          405/405             F          412,000.00         ZZ
                                         360        411,662.28          1
                                       7.000          2,741.05         78
                                       6.500          2,741.05
    THOUSAND OAKS    CA   91362          1            03/25/02         00
    0013097522                           01           05/01/02          0
    0013097522                           O            04/01/32
    0

    7641497          405/405             F          462,150.00         ZZ
                                         360        461,780.43          1
                                       7.125          3,113.59         80
                                       6.625          3,113.59
    COOKSVILLE       MD   21723          1            03/22/02         00
    0013100797                           03           05/01/02          0
    0013100797                           O            04/01/32
    0

    7641501          405/405             F          436,000.00         ZZ
                                         360        435,633.71          1
                                       6.875          2,864.21         80
                                       6.500          2,864.21
    AURORA           CO   80014          1            03/28/02         00
    0013149521                           05           05/01/02          0
    0013149521                           O            04/01/32
    0

    7641505          405/405             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       7.125          3,449.44         80
                                       6.625          3,449.44
    LA VERNE         CA   91750          1            04/05/02         00
    0013171392                           03           06/01/02          0
    0013171392                           O            05/01/32
    0

    7641507          405/405             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       7.250          2,831.03         49
                                       6.750          2,831.03
    LOS ANGELES      CA   90025          2            04/04/02         00
    0018225284                           05           06/01/02          0
    0018225284                           O            05/01/32
    0

    7641509          405/405             F          826,000.00         ZZ
                                         360        826,000.00          1
1

                                       7.250          5,634.78         70
                                       6.750          5,634.78
    LOS ANGELES      CA   91436          1            04/12/02         00
    0018270801                           05           06/01/02          0
    0018270801                           O            05/01/32
    0

    7641511          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         58
                                       6.500          2,661.21
    NOVATO           CA   94949          2            04/09/02         00
    0018285072                           05           06/01/02          0
    0018285072                           O            05/01/32
    0

    7641513          405/405             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       6.875          3,120.41         69
                                       6.500          3,120.41
    SAN JOSE         CA   95120          5            04/09/02         00
    0018285114                           05           06/01/02          0
    0018285114                           O            05/01/32
    0

    7641515          405/405             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       7.000          2,967.25         62
                                       6.500          2,967.25
    TOPANGA          CA   90290          2            04/04/02         00
    0018286534                           05           06/01/02          0
    0018286534                           O            05/01/32
    0

    7641517          405/405             F          635,000.00         ZZ
                                         360        635,000.00          1
                                       6.875          4,171.50         64
                                       6.500          4,171.50
    NOVATO           CA   94947          2            04/16/02         00
    0018292862                           05           06/01/02          0
    0018292862                           O            05/01/32
    0

    7641519          405/405             F          552,000.00         ZZ
                                         360        552,000.00          1
                                       6.750          3,580.27         80
                                       6.500          3,580.27
    LOS ANGELES      CA   90024          1            04/04/02         00
    0018295758                           05           06/01/02          0
1

    0018295758                           O            05/01/32
    0

    7641521          405/405             F          413,000.00         ZZ
                                         360        413,000.00          1
                                       7.000          2,747.70         65
                                       6.500          2,747.70
    BELMONT          CA   94002          1            04/09/02         00
    0018299800                           05           06/01/02          0
    0018299800                           O            05/01/32
    0

    7641523          405/405             F          333,600.00         ZZ
                                         360        333,600.00          1
                                       7.000          2,219.45         80
                                       6.500          2,219.45
    MILPITAS         CA   95035          1            04/11/02         00
    0018308247                           03           06/01/02          0
    0018308247                           O            05/01/32
    0

    7641525          405/405             F          593,000.00         ZZ
                                         360        593,000.00          1
                                       6.875          3,895.59         71
                                       6.500          3,895.59
    TOPANGA          CA   90290          2            04/12/02         00
    0018317263                           05           06/01/02          0
    0018317263                           O            05/01/32
    0

    7641527          405/405             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.000          3,160.19         78
                                       6.500          3,160.19
    MOUNTAIN VIEW    CA   94040          2            04/05/02         00
    0018319251                           03           06/01/02          0
    0018319251                           O            05/01/32
    0

    7641533          405/405             F          573,600.00         ZZ
                                         360        573,600.00          1
                                       6.750          3,720.36         80
                                       6.500          3,720.36
    NEWPORT BEACH    CA   92663          1            04/15/02         00
    0018324871                           01           06/01/02          0
    0018324871                           O            05/01/32
    0

1

    7641535          405/405             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.000          3,991.82         80
                                       6.500          3,991.82
    SAN DIEGO        CA   92084          2            04/10/02         00
    0018325845                           05           06/01/02          0
    0018325845                           O            05/01/32
    0

    7641537          405/405             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.750          3,405.15         62
                                       6.500          3,405.15
    HERMOSA BEACH    CA   90254          1            04/15/02         00
    0018327304                           05           06/01/02          0
    0018327304                           O            05/01/32
    0

    7641539          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.875          4,270.04         77
                                       6.500          4,270.04
    MANHATTAN BEACH  CA   90266          2            04/10/02         00
    0018331751                           05           06/01/02          0
    0018331751                           O            05/01/32
    0

    7641541          405/405             F          388,800.00         T
                                         360        388,800.00          1
                                       6.875          2,554.14         80
                                       6.500          2,554.14
    KINGS BEACH      CA   96143          2            04/11/02         00
    0018332155                           03           06/01/02          0
    0018332155                           O            05/01/32
    0

    7641543          405/405             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.875          2,956.18         77
                                       6.500          2,956.18
    THOUSAND OAKS    CA   91320          5            04/12/02         00
    0018332544                           03           06/01/02          0
    0018332544                           O            05/01/32
    0

    7641545          405/405             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       7.000          2,880.76         62
                                       6.500          2,880.76
1

    SOUTH PASADENA   CA   91030          2            04/15/02         00
    0018332759                           05           06/01/02          0
    0018332759                           O            05/01/32
    0

    7641547          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         77
                                       6.500          2,627.72
    BETHESDA         MD   20814          5            04/18/02         00
    0018334474                           05           06/01/02          0
    0018334474                           O            05/01/32
    0

    7641549          405/405             F          380,000.00         T
                                         360        380,000.00          1
                                       7.125          2,560.14         77
                                       6.625          2,560.14
    BYRON            CA   94514          2            04/18/02         00
    0018335794                           05           06/01/02          0
    0018335794                           O            05/01/32
    0

    7641553          405/405             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.875          2,115.31         43
                                       6.500          2,115.31
    ORINDA           CA   94563          2            04/09/02         00
    0018337600                           05           06/01/02          0
    0018337600                           O            05/01/32
    0

    7641555          405/405             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.750          3,243.00         33
                                       6.500          3,243.00
    MANHATTAN BEACH  CA   90266          1            04/11/02         00
    0018338699                           05           06/01/02          0
    0018338699                           O            05/01/32
    0

    7641557          405/405             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         80
                                       6.500          4,324.47
    OAKLAND          CA   94618          2            04/01/02         00
    0018340869                           05           06/01/02          0
    0018340869                           O            05/01/32
    0
1

    7641559          405/405             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.25         73
                                       6.500          2,432.25
    OAKLAND          CA   94602          5            04/04/02         00
    0018341198                           03           06/01/02          0
    0018341198                           O            05/01/32
    0

    7641561          405/405             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       7.000          4,191.41         53
                                       6.500          4,191.41
    PASADENA         CA   91106          2            04/15/02         00
    0018343103                           05           06/01/02          0
    0018343103                           O            05/01/32
    0

    7641563          405/405             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       7.000          3,246.68         76
                                       6.500          3,246.68
    BELMONT          CA   94002          2            04/04/02         00
    0018343210                           05           06/01/02          0
    0018343210                           O            05/01/32
    0

    7641565          405/405             F          466,500.00         ZZ
                                         360        466,108.08          1
                                       6.875          3,064.58         50
                                       6.500          3,064.58
    LOS ANGELES      CA   90066          1            03/29/02         00
    0018344424                           05           05/01/02          0
    0018344424                           O            04/01/32
    0

    7641567          405/405             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       6.875          3,054.72         79
                                       6.500          3,054.72
    NEWPORT COAST    CA   92657          2            04/08/02         00
    0018345090                           05           06/01/02          0
    0018345090                           O            05/01/32
    0

    7641569          405/405             F          470,000.00         ZZ
                                         360        470,000.00          1
1

                                       6.875          3,087.57         56
                                       6.500          3,087.57
    MANHATTAN BEACH  CA   90266          5            04/11/02         00
    0018345330                           05           06/01/02          0
    0018345330                           O            05/01/32
    0

    7641571          405/405             F          529,600.00         ZZ
                                         360        529,600.00          1
                                       6.750          3,434.98         80
                                       6.500          3,434.98
    LOS ANGELES      CA   91403          1            04/02/02         00
    0018348789                           05           06/01/02          0
    0018348789                           O            05/01/32
    0

    7641573          405/405             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.750          3,243.00         52
                                       6.500          3,243.00
    OAKLAND          CA   94611          1            04/05/02         00
    0018349480                           03           06/01/02          0
    0018349480                           O            05/01/32
    0

    7641577          405/405             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.000          3,326.52         49
                                       6.500          3,326.52
    BELMONT          CA   94002          2            04/10/02         00
    0018351882                           05           06/01/02          0
    0018351882                           O            05/01/32
    0

    7641579          405/405             F          368,500.00         ZZ
                                         360        368,500.00          1
                                       6.750          2,390.09         73
                                       6.500          2,390.09
    SAN JOSE         CA   95136          2            04/09/02         00
    0018355438                           05           06/01/02          0
    0018355438                           O            05/01/32
    0

    7641581          405/405             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.32         80
                                       6.500          2,448.32
    PASADENA         MD   21122          1            04/26/02         00
    0018360180                           05           06/01/02          0
1

    0018360180                           O            05/01/32
    0

    7641583          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         75
                                       6.875          2,762.70
    POWAY            CA   92064          5            04/17/02         00
    0018365080                           05           06/01/02          0
    0018365080                           O            05/01/32
    0

    7641585          405/405             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.000          3,991.82         60
                                       6.500          3,991.82
    SAN MARINO       CA   91108          1            04/09/02         00
    0018366013                           05           06/01/02          0
    0018366013                           O            05/01/32
    0

    7641587          405/405             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.875          3,186.11         55
                                       6.500          3,186.11
    LOS ANGELES      CA   90049          1            04/23/02         00
    0018366419                           05           06/01/02          0
    0018366419                           O            05/01/32
    0

    7641589          405/405             F          515,000.00         ZZ
                                         360        515,000.00          1
                                       6.875          3,383.19         70
                                       6.500          3,383.19
    BEVERLY HILLS    CA   90211          1            04/12/02         00
    0018366518                           05           06/01/02          0
    0018366518                           O            05/01/32
    0

    7641591          405/405             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.125          2,425.39         53
                                       6.625          2,425.39
    AUSTIN           TX   78735          1            04/19/02         00
    0018367714                           03           06/01/02          0
    0018367714                           O            05/01/32
    0

1

    7641593          405/405             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.250          2,210.25         80
                                       6.750          2,210.25
    PLEASANTON       CA   94588          5            04/08/02         00
    0018369884                           05           06/01/02          0
    0018369884                           O            05/01/32
    0

    7641595          405/405             F          311,200.00         ZZ
                                         360        311,200.00          1
                                       7.000          2,070.43         80
                                       6.500          2,070.43
    LOS ANGELES      CA   90045          1            04/12/02         00
    0018371146                           05           06/01/02          0
    0018371146                           O            05/01/32
    0

    7641597          405/405             F          479,960.00         ZZ
                                         360        479,960.00          1
                                       7.000          3,193.19         80
                                       6.500          3,193.19
    GILROY           CA   95020          1            04/05/02         00
    0018371716                           05           06/01/02          0
    0018371716                           O            05/01/32
    0

    7641601          405/405             F          684,800.00         ZZ
                                         360        684,800.00          1
                                       7.000          4,555.99         80
                                       6.500          4,555.99
    ARLINGTON        VA   22207          1            04/25/02         00
    0018372565                           05           06/01/02          0
    0018372565                           O            05/01/32
    0

    7641603          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         55
                                       6.500          2,627.72
    HOLLISTER        CA   95023          5            04/11/02         00
    0018380063                           05           06/01/02          0
    0018380063                           O            05/01/32
    0

    7641605          405/405             F          360,800.00         ZZ
                                         360        360,800.00          1
                                       7.000          2,400.42         79
                                       6.500          2,400.42
1

    DANA POINT       CA   92629          1            04/10/02         00
    0018383554                           05           06/01/02          0
    0018383554                           O            05/01/32
    0

    7641609          405/405             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.000          3,991.82         47
                                       6.500          3,991.82
    HUNTINGTON BEAC  CA   92648          5            04/12/02         00
    0018386672                           05           06/01/02          0
    0018386672                           O            05/01/32
    0

    7641611          405/405             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.125          3,031.74         58
                                       6.625          3,031.74
    MILLBRAE         CA   94030          2            04/08/02         00
    0018387860                           05           06/01/02          0
    0018387860                           O            05/01/32
    0

    7641613          405/405             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       7.000          2,115.67         63
                                       6.500          2,115.67
    LOS ANGELES      CA   91307          2            04/12/02         00
    0018389734                           05           06/01/02          0
    0018389734                           O            05/01/32
    0

    7641667          405/405             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.875          2,332.10         75
                                       6.500          2,332.10
    LEESBURG         VA   20176          5            04/12/02         00
    0018427039                           05           06/01/02          0
    0018427039                           O            05/01/32
    0

    7641671          405/405             F          999,950.00         ZZ
                                         360        999,950.00          1
                                       6.750          6,485.66         29
                                       6.500          6,485.66
    NEWTON           MA   02467          2            04/22/02         00
    0019629138                           05           06/01/02          0
    0019629138                           O            05/01/32
    0
1

    7641991          W57/G01             F          361,550.00         ZZ
                                         360        361,274.89          1
                                       7.375          2,497.14         75
                                       7.125          2,497.14
    LAKE MARY        FL   32746          1            03/29/02         00
    0433945532                           03           05/01/02          0
    100622999                            O            04/01/32
    0

    7642001          W57/G01             F          467,800.00         ZZ
                                         360        467,387.27          1
                                       6.625          2,995.38         80
                                       6.375          2,995.38
    GLENDALE         AZ   85310          1            03/04/02         00
    0433952017                           03           05/01/02          0
    281000504                            O            04/01/32
    0

    7642015          W57/G01             F          521,400.00         ZZ
                                         360        520,961.96          1
                                       6.875          3,425.23         80
                                       6.625          3,425.23
    FALLS CHURCH     VA   22043          1            03/28/02         00
    0433945698                           03           05/01/02          0
    101715486                            O            04/01/32
    0

    7642017          W57/G01             F          502,200.00         ZZ
                                         360        501,778.09          1
                                       6.875          3,299.10         80
                                       6.625          3,299.10
    FALLBROOK        CA   92028          1            03/15/02         00
    0433942299                           03           05/01/02          0
    107323904                            O            04/01/32
    0

    7642019          W57/G01             F          461,600.00         ZZ
                                         360        461,202.57          1
                                       6.750          2,993.93         80
                                       6.500          2,993.93
    SPRNGFIELD       VA   22153          1            03/28/02         00
    0433951688                           03           05/01/02          0
    101715711                            O            04/01/32
    0

    7642021          W57/G01             F          512,650.00         ZZ
                                         360        512,229.78          1
1

                                       7.000          3,410.68         75
                                       6.750          3,410.68
    BOULDER          CO   80303          4            03/21/02         00
    0433942059                           05           05/01/02          0
    203659513                            O            04/01/32
    0

    7642041          W57/G01             F          508,000.00         ZZ
                                         360        507,573.22          1
                                       6.875          3,337.20         80
                                       6.625          3,337.20
    PLANO            TX   75093          1            03/27/02         00
    0433951118                           03           05/01/02          0
    210318129                            O            04/01/32
    0

    7642043          W57/G01             F          335,000.00         ZZ
                                         360        334,732.10          1
                                       7.125          2,256.96         79
                                       6.875          2,256.96
    RESTON           VA   20191          2            03/22/02         00
    0433944097                           03           05/01/02          0
    205832535                            O            04/01/32
    0

    7642045          W57/G01             F          320,000.00         ZZ
                                         360        319,731.15          1
                                       6.875          2,102.18         80
                                       6.625          2,102.18
    WESTON           FL   33331          1            03/19/02         00
    0433941796                           03           05/01/02          0
    216323470                            O            04/01/32
    0

    7642057          W57/G01             F          344,250.00         ZZ
                                         360        343,967.81          1
                                       7.000          2,290.31         75
                                       6.750          2,290.31
    TUSCALOOSA       AL   35406          2            03/25/02         00
    0433940830                           05           05/01/02          0
    206810222                            O            04/01/32
    0

    7642075          W57/G01             F          412,725.00         ZZ
                                         360        412,360.86          1
                                       6.625          2,642.73         80
                                       6.375          2,642.73
    TUSCALOOSA       AL   35406          2            03/29/02         00
    0433944410                           05           05/01/02          0
1

    206810304                            O            04/01/32
    0

    7642077          W57/G01             F          384,850.00         ZZ
                                         360        384,534.54          1
                                       7.000          2,560.42         80
                                       6.750          2,560.42
    FAIRFAX          VA   22030          1            03/27/02         00
    0433941895                           09           05/01/02          0
    101715640                            O            04/01/32
    0

    7642081          W57/G01             F          464,000.00         ZZ
                                         360        463,590.62          1
                                       6.625          2,971.05         80
                                       6.375          2,971.05
    SPRINGFIELD      VA   22153          1            03/15/02         00
    0433941515                           03           05/01/02          0
    101715632                            O            04/01/32
    0

    7642101          W57/G01             F          650,000.00         ZZ
                                         360        649,467.20          1
                                       7.000          4,324.47         76
                                       6.750          4,324.47
    MARLBORO         NJ   07746          1            03/25/02         00
    0433943776                           03           05/01/02          0
    11910314                             O            04/01/32
    0

    7642103          W57/G01             F          343,500.00         ZZ
                                         360        343,211.41          1
                                       6.875          2,256.56         75
                                       6.625          2,256.56
    FORT COLLINS     CO   80526          1            03/26/02         00
    0433941390                           03           05/01/02          0
    203525605                            O            04/01/32
    0

    7642107          W57/G01             F          376,000.00         ZZ
                                         360        375,691.79          1
                                       7.000          2,501.54         80
                                       6.750          2,501.54
    LITTLETON        CO   80123          1            03/27/02         00
    0433950045                           03           05/01/02          0
    232800999                            O            04/01/32
    0

1

    7642115          W57/G01             F          540,000.00         ZZ
                                         360        539,546.33          1
                                       6.875          3,547.42         80
                                       6.625          3,547.42
    WINCHESTER       MA   01890          1            03/21/02         00
    0433946464                           05           05/01/02          0
    222202207                            O            04/01/32
    0

    7642117          W57/G01             F          479,300.00         ZZ
                                         360        478,887.32          1
                                       6.750          3,108.74         77
                                       6.500          3,108.74
    CORPUS CHRISTI   TX   78414          2            03/22/02         00
    0433941622                           03           05/01/02          0
    211009172                            O            04/01/32
    0

    7642119          W57/G01             F          456,550.00         ZZ
                                         360        456,166.44          1
                                       6.875          2,999.21         80
                                       6.625          2,999.21
    ALDIE            VA   20105          1            03/29/02         00
    0433946233                           03           05/01/02          0
    101715245                            O            04/01/32
    0

    7642125          W57/G01             F          486,600.00         ZZ
                                         360        486,181.05          1
                                       6.750          3,156.08         80
                                       6.500          3,156.08
    NORTHPORT        AL   35475          2            03/22/02         00
    0433941275                           05           05/01/02          0
    206810278                            O            04/01/32
    0

    7642143          W57/G01             F          316,000.00         ZZ
                                         360        315,747.29          1
                                       7.125          2,128.96         80
                                       6.875          2,128.96
    DALLAS           TX   75208          1            03/27/02         00
    0433941465                           05           05/01/02          0
    222600049                            O            04/01/32
    0

    7642151          W57/G01             F          346,300.00         ZZ
                                         360        346,029.85          1
                                       7.250          2,362.38         80
                                       7.000          2,362.38
1

    ROCKVILLE        MD   20850          1            03/27/02         00
    0433945128                           09           05/01/02          0
    101715142                            O            04/01/32
    0

    7642153          W57/G01             F          397,500.00         ZZ
                                         360        397,174.17          1
                                       7.000          2,644.58         80
                                       6.750          2,644.58
    EDEN PRAIRIE     MN   55347          1            03/26/02         00
    0433945276                           05           05/01/02          0
    107433205                            O            04/01/32
    0

    7642159          W57/G01             F          380,000.00         ZZ
                                         360        379,688.52          1
                                       7.000          2,528.15         80
                                       6.750          2,528.15
    SALT LAKE CITY   UT   84124          1            03/25/02         00
    0433946696                           05           05/01/02          0
    210708864                            O            04/01/32
    0

    7642165          W57/G01             F          377,100.00         ZZ
                                         360        376,783.19          1
                                       6.875          2,477.28         68
                                       6.625          2,477.28
    BRIGHTON         CO   80603          5            03/22/02         00
    0433942125                           05           05/01/02          0
    204127482                            O            04/01/32
    0

    7642167          W57/G01             F          485,000.00         ZZ
                                         360        484,592.54          1
                                       6.875          3,186.11         66
                                       6.625          3,186.11
    BOULDER          CO   80303          2            03/18/02         00
    0433950771                           05           05/01/02          0
    232801620                            O            04/01/32
    0

    7642169          W57/G01             F          519,450.00         ZZ
                                         360        519,002.76          1
                                       6.750          3,369.15         80
                                       6.500          3,369.15
    ALDIE            VA   20105          1            03/15/02         00
    0433941663                           03           05/01/02          0
    101715346                            O            04/01/32
    0
1

    7642283          367/367             F          386,626.88         ZZ
                                         344        386,282.38          2
                                       7.125          2,640.10         76
                                       6.875          2,640.10
    WASHINGTON       DC   20009          1            04/01/02         00
    99288390                             05           05/01/02          0
    99288390                             O            12/01/30
    0

    7642287          B57/G01             F          858,000.00         ZZ
                                         360        858,000.00          1
                                       6.875          5,636.45         64
                                       6.625          5,636.45
    (WOODLAND HILLS  CA   91364          1            04/17/02         00
    0433993458                           05           06/01/02          0
    10001373                             O            05/01/32
    0

    7642587          H58/G01             F          391,200.00         ZZ
                                         360        391,200.00          1
                                       6.875          2,569.91         80
                                       6.625          2,569.91
    FALLBROOK        CA   92028          1            04/17/02         00
    0433949047                           05           06/01/02          0
    0000094870                           O            05/01/32
    0

    7642851          F96/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.875          2,791.95         79
                                       6.625          2,791.95
    RINGWOOD         NJ   07456          1            04/18/02         00
    0433966033                           05           06/01/02          0
    0107908                              O            05/01/32
    0

    7643563          E22/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       6.750          3,217.05         80
                                       6.500          3,217.05
    SAN RAMON        CA   94583          1            04/23/02         00
    0413804600                           03           06/01/02          0
    0413804600                           O            05/01/32
    0

    7643567          E22/G01             F          149,950.00         ZZ
                                         360        149,950.00          1
1

                                       7.125          1,010.24         86
                                       6.875          1,010.24
    SEATTLE          WA   98126          2            04/17/02         01
    0413809476                           05           06/01/02         25
    0413809476                           O            05/01/32
    0

    7643595          E22/G01             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       7.125          2,061.58         95
                                       6.875          2,061.58
    KAPOLEI          HI   96707          2            04/12/02         04
    0413867086                           03           06/01/02         30
    0413867086                           O            05/01/32
    0

    7643661          E22/G01             F          690,000.00         ZZ
                                         360        690,000.00          1
                                       7.500          4,824.58         70
                                       7.250          4,824.58
    ZIONSVILLE       IN   46077          2            04/22/02         00
    0413921107                           05           06/01/02          0
    0413921107                           O            05/01/32
    0

    7643729          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.250          3,547.32         80
                                       7.000          3,547.32
    OAKLAND          CA   94602          1            04/17/02         00
    0413947730                           05           06/01/02          0
    0413947730                           O            05/01/32
    0

    7643735          E22/G01             F          403,000.00         ZZ
                                         360        403,000.00          1
                                       7.375          2,783.42         51
                                       7.125          2,783.42
    ANN ARBOR        MI   48105          2            04/22/02         00
    0413950130                           05           06/01/02          0
    0413950130                           O            05/01/32
    0

    7643965          E82/G01             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.125          1,293.54         88
                                       6.875          1,293.54
    RENO             NV   89506          2            04/22/02         04
    0400611026                           05           06/01/02         25
1

    4638297                              O            05/01/32
    0

    7643981          E82/G01             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       7.250          2,442.19         71
                                       7.000          2,442.19
    LAGUNA NIGUEL    CA   92677          5            04/19/02         00
    0400607701                           05           06/01/02          0
    0400607701                           O            05/01/32
    0

    7643999          E82/G01             F          725,700.00         ZZ
                                         360        725,700.00          1
                                       7.500          5,074.20         37
                                       7.250          5,074.20
    HINSDALE         IL   60521          2            04/25/02         00
    0400613345                           05           06/01/02          0
    3298848                              O            05/01/32
    0

    7644497          W53/G01             F          921,450.00         ZZ
                                         360        918,008.87          1
                                       6.375          5,748.65         70
                                       6.125          5,748.65
    AUSTIN           TX   78703          2            12/06/01         00
    0433969557                           05           02/01/02          0
    8990851500                           O            01/01/32
    0

    7644617          W53/G01             F          360,000.00         ZZ
                                         360        359,193.47          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    SPRING LAKE      MI   49456          4            01/24/02         00
    0433967023                           05           03/01/02          0
    8990971300                           O            02/01/32
    0

    7645053          W53/G01             F          650,000.00         ZZ
                                         360        649,517.60          1
                                       7.500          4,544.89         52
                                       7.250          4,544.89
    MAHWAH           NJ   07430          5            03/26/02         00
    0433966025                           05           05/01/02          0
    1101000492                           O            04/01/32
    0

1

    7645783          W53/G01             F          325,000.00         ZZ
                                         360        324,726.96          1
                                       6.875          2,135.02         62
                                       6.625          2,135.02
    LLANO            TX   78643          4            03/11/02         00
    0433990728                           05           05/01/02          0
    8991053400                           O            04/01/32
    0

    7645849          W53/G01             F          377,760.00         ZZ
                                         360        377,760.00          1
                                       6.875          2,481.62         80
                                       6.625          2,481.62
    CANTON           GA   30114          1            04/12/02         00
    0433966132                           05           06/01/02          0
    1309000056                           O            05/01/32
    0

    7646233          461/G01             F          475,500.00         ZZ
                                         360        475,500.00          1
                                       6.875          3,123.70         80
                                       6.625          3,123.70
    RANCHO PALOS VE  CA   90275          2            04/30/02         00
    0433968435                           05           06/01/02          0
    9031367485                           O            05/01/32
    0

    7646259          461/G01             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.875          3,186.11         70
                                       6.625          3,186.11
    POWAY            CA   92064          2            04/11/02         00
    0433968997                           05           06/01/02          0
    9031297161                           O            05/01/32
    0

    7646727          E22/G01             F          616,000.00         ZZ
                                         360        616,000.00          1
                                       7.000          4,098.26         80
                                       6.750          4,098.26
    MORAGA           CA   94556          1            04/15/02         00
    0413801317                           05           06/01/02          0
    0413801317                           O            05/01/32
    0

    7647200          E22/G01             F          528,800.00         ZZ
                                         360        527,554.95          1
                                       7.250          3,607.35         80
                                       7.000          3,607.35
1

    TROY             MI   48098          1            01/30/02         00
    0413585142                           05           03/01/02          0
    0413585142                           O            02/01/32
    0

    7647217          E82/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.250          2,251.18         66
                                       7.000          2,251.18
    BURR RIDGE       IL   60521          5            04/26/02         00
    0400614475                           05           06/01/02          0
    0400614475                           O            05/01/32
    0

    7647231          E82/G01             F          366,300.00         ZZ
                                         360        366,300.00          1
                                       7.000          2,437.00         65
                                       6.750          2,437.00
    GREEN OAKS       IL   60048          2            04/25/02         00
    0400586616                           03           06/01/02          0
    0400586616                           O            05/01/32
    0

    7650265          952/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       7.125          2,930.68         65
                                       6.875          2,930.68
    HO HO KUS        NJ   07423          2            04/23/02         00
    0433958741                           05           06/01/02          0
    20014582                             O            05/01/32
    0

    7650971          E22/G01             F          213,000.00         ZZ
                                         360        213,000.00          1
                                       7.375          1,471.14         64
                                       7.125          1,471.14
    LIVERMORE        CA   94550          5            04/22/02         00
    0413389867                           05           06/01/02          0
    0413389867                           O            05/01/32
    0

    7651109          E22/G01             F           27,000.00         ZZ
                                         360         27,000.00          1
                                       7.625            191.10         75
                                       7.375            191.10
    BALTIMORE        MD   21215          5            04/25/02         00
    0413895277                           07           06/01/02          0
    0413895277                           O            05/01/32
    0
1

    7651257          E22/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       6.875          2,653.99         54
                                       6.625          2,653.99
    NEWPORT BEACH    CA   92663          2            04/24/02         00
    0413954223                           05           06/01/02          0
    0413954223                           O            05/01/32
    0

    7651469          E22/G01             F          281,600.00         ZZ
                                         360        281,600.00          1
                                       7.125          1,897.19         79
                                       6.875          1,897.19
    CEDAR HILLS      UT   84062          2            04/24/02         00
    0414009258                           05           06/01/02          0
    0414009258                           O            05/01/32
    0

    7653543          E60/G01             F          614,000.00         ZZ
                                         360        614,000.00          1
                                       6.750          3,982.39         36
                                       6.500          3,982.39
    ARROYO GRANDE    CA   93420          1            04/17/02         00
    0433963436                           05           06/01/02          0
    513878                               O            05/01/32
    0

    7657213          944/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.000          2,554.76         80
                                       6.750          2,554.76
    SCOTTSDALE       AZ   85255          1            04/29/02         00
    0433960150                           03           06/01/02          0
    W01117173                            O            05/01/32
    0

    7658427          E22/G01             F          326,000.00         ZZ
                                         360        326,000.00          1
                                       7.000          2,168.89         78
                                       6.750          2,168.89
    CARPENTERSVILLE  IL   60110          2            04/26/02         00
    0413959826                           05           06/01/02          0
    0413959826                           O            05/01/32
    0

    7658461          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
1

                                       7.000          2,328.56         70
                                       6.750          2,328.56
    HAMPTON COVE     AL   35763          5            04/26/02         00
    0413988015                           03           06/01/02          0
    0413988015                           O            05/01/32
    0

    7658489          E22/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       6.875          2,995.60         80
                                       6.625          2,995.60
    REDMOND          WA   98052          1            04/24/02         00
    0414027243                           05           06/01/02          0
    0414027243                           O            05/01/32
    0

    7658583          E82/G01             F          129,800.00         ZZ
                                         360        129,800.00          1
                                       7.000            863.56         78
                                       6.750            863.56
    PEMBROKE PINES   FL   33028          2            04/29/02         00
    0400598173                           03           06/01/02          0
    5085339                              O            05/01/32
    0

    7658775          696/G01             F          342,400.00         ZZ
                                         360        342,400.00          1
                                       7.250          2,335.77         80
                                       7.000          2,335.77
    CHANTILLY        VA   20151          1            04/29/02         00
    0433982279                           03           06/01/02          0
    25402058                             O            05/01/32
    0

    7663831          E22/G01             F          102,800.00         ZZ
                                         360        102,800.00          1
                                       6.875            675.32         80
                                       6.625            675.32
    SPRINGVILLE      UT   84663          1            04/25/02         00
    0413813478                           05           06/01/02          0
    0413813478                           O            05/01/32
    0

    7663893          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.000          4,324.47         80
                                       6.750          4,324.47
    DUBLIN           CA   94568          1            04/30/02         00
    0413949355                           03           06/01/02          0
1

    0413949355                           O            05/01/32
    0

    7663925          E22/G01             F          548,800.00         ZZ
                                         360        548,800.00          1
                                       6.875          3,605.23         80
                                       6.625          3,605.23
    ALAMEDA          CA   94501          1            04/23/02         00
    0413981994                           05           06/01/02          0
    0413981994                           O            05/01/32
    0

    7664587          998/998             F          401,250.00         ZZ
                                         360        400,929.12          1
                                       7.125          2,703.30         75
                                       6.875          2,703.30
    COLUMBUS         OH   43221          5            03/19/02         00
    4035429                              05           05/01/02          0
    4035429                              O            04/01/32
    0

    7664935          A06/G01             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       7.375          2,306.86         80
                                       7.125          2,306.86
    GREEN OAK TWP    MI   48178          5            04/16/02         00
    0433965712                           05           06/01/02          0
    025000020204108                      O            05/01/32
    0

    7665135          696/G01             F          347,100.00         ZZ
                                         360        347,100.00          1
                                       7.125          2,338.48         80
                                       6.875          2,338.48
    WASHINGTON       DC   20011          1            05/01/02         00
    0433982550                           05           06/01/02          0
    32602027                             O            05/01/32
    0

    7665801          964/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.250          2,210.25         90
                                       7.000          2,210.25
    LAS VEGAS        NV   89129          1            04/24/02         10
    0433972015                           03           06/01/02         25
    204819                               O            05/01/32
    0

1

    7666249          E22/G01             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.875            739.04         52
                                       6.625            739.04
    TACOMA           WA   98443          5            04/26/02         00
    0413892076                           05           06/01/02          0
    0413892076                           O            05/01/32
    0

    7666297          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.000          2,993.86         50
                                       6.750          2,993.86
    LOS ANGELES      CA   90049          2            04/24/02         00
    0413954033                           01           06/01/02          0
    0413954033                           O            05/01/32
    0

    7666597          E82/G01             F          700,000.00         ZZ
                                         360        700,000.00          1
                                       7.875          5,075.49         54
                                       7.625          5,075.49
    SNOHOMISH        WA   98290          2            05/02/02         00
    0400618245                           03           06/01/02          0
    1533042                              O            05/01/32
    0

    7666609          E82/G01             F          281,600.00         ZZ
                                         360        281,600.00          1
                                       6.875          1,849.91         72
                                       6.625          1,849.91
    WALPOLE          MA   02081          2            04/30/02         00
    0400605390                           05           06/01/02          0
    3126397                              O            05/01/32
    0

    7667096          356/G01             F          320,000.00         ZZ
                                         360        319,750.36          1
                                       7.250          2,182.97         80
                                       7.000          2,182.97
    FREMONT          CA   94536          2            03/11/02         00
    0433842283                           05           05/01/02          0
    28883486                             O            04/01/32
    0

    7668743          Q97/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.125          2,236.75         80
                                       6.875          2,236.75
1

    CROWNVILLE       MD   21032          1            04/17/02         00
    0433973468                           05           06/01/02          0
    16031160                             O            05/01/32
    0

    7668987          313/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
    SCOTTSDALE       AZ   85331          1            04/26/02         00
    0433979374                           05           06/01/02          0
    0008691420                           O            05/01/32
    0

    7669031          757/G01             F          349,000.00         ZZ
                                         360        349,000.00          1
                                       7.000          2,321.91         90
                                       6.750          2,321.91
    SIMPSONVILLE     SC   29681          1            04/29/02         01
    0433974813                           03           06/01/02         25
    1000681831                           O            05/01/32
    0

    7670131          Q73/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.875          2,463.48         95
                                       6.625          2,463.48
    SHREVEPORT       LA   71106          1            04/30/02         12
    0433979697                           09           06/01/02         30
    2930929                              O            05/01/32
    0

    7670525          E22/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       7.125          3,126.05         80
                                       6.875          3,126.05
    RENO             NV   89511          1            04/15/02         00
    0413942905                           03           06/01/02          0
    0413942905                           O            05/01/32
    0

    7670659          E22/G01             F          157,150.00         ZZ
                                         360        157,150.00          1
                                       7.125          1,058.75         77
                                       6.875          1,058.75
    WHITE LAKE       MI   48383          2            04/30/02         00
    0414011973                           05           06/01/02          0
    0414011973                           O            05/01/32
    0
1

    7670717          E22/G01             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       7.125          1,643.87         80
                                       6.875          1,643.87
    AURORA           CO   80015          2            05/01/02         00
    0414037176                           03           06/01/02          0
    0414037176                           O            05/01/32
    0

    7671677          M45/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.625          2,817.37         80
                                       6.375          2,817.37
    NEWTON           MA   02459          1            04/30/02         00
    0433965126                           05           06/01/02          0
    A0337946                             O            05/01/32
    0

    7671697          M45/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.125          2,587.08         80
                                       6.875          2,587.08
    FOREST HILL      MD   21050          2            04/15/02         00
    0433971488                           05           06/01/02          0
    A0340238                             O            05/01/32
    0

    7671705          M45/G01             F          510,300.00         ZZ
                                         360        510,300.00          1
                                       6.875          3,352.31         70
                                       6.625          3,352.31
    ANAHEIM          CA   92808          1            04/08/02         00
    0433971736                           03           06/01/02          0
    A0339118                             O            05/01/32
    0

    7671707          M45/G01             F          412,400.00         ZZ
                                         360        412,400.00          1
                                       6.750          2,674.82         80
                                       6.500          2,674.82
    BELLEVUE         WA   98005          1            04/04/02         00
    0433965043                           05           06/01/02          0
    A0339894                             O            05/01/32
    0

    7671711          M45/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
1

                                       7.125          2,964.37         54
                                       6.875          2,964.37
    DELRAY BEACH     FL   33446          2            04/19/02         00
    0433965621                           03           06/01/02          0
    A0331764                             O            05/01/32
    0

    7671725          M45/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       7.125          2,681.40         70
                                       6.875          2,681.40
    SUMMIT           NJ   07901          2            04/15/02         00
    0433968807                           05           06/01/02          0
    A0340326                             O            05/01/32
    0

    7671731          M45/G01             F          649,000.00         ZZ
                                         360        649,000.00          1
                                       7.125          4,372.44         70
                                       6.875          4,372.44
    SEATTLE          WA   98166          1            04/08/02         00
    0433964871                           05           06/01/02          0
    A0341705                             O            05/01/32
    0

    7671735          M45/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.750          2,659.26         63
                                       6.500          2,659.26
    DIX HILLS        NY   11746          1            04/22/02         00
    0433965399                           05           06/01/02          0
    A0325604                             O            05/01/32
    0

    7674129          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.39         68
                                       6.500          2,594.39
    CAMARILLO        CA   93010          1            04/23/02         00
    0413973702                           05           06/01/02          0
    0413973702                           O            05/01/32
    0

    7677155          696/G01             F          754,000.00         ZZ
                                         360        754,000.00          1
                                       7.125          5,079.84         70
                                       6.875          5,079.84
    POTOMAC          MD   20854          2            05/01/02         00
    0433994670                           03           06/01/02          0
1

    30502059                             O            05/01/32
    0

    7708320          N47/G01             F          372,000.00         ZZ
                                         360        371,702.52          1
                                       7.125          2,506.23         80
                                       6.875          2,506.23
    CAMPBELL         CA   95008          1            03/01/02         00
    0433868734                           05           05/01/02          0
    20320215                             O            04/01/32
    0

    7744664          998/998             F          375,000.00         ZZ
                                         360        373,728.96          1
                                       6.875          2,463.48         75
                                       6.625          2,463.48
    DELAWARE         OH   43015          5            12/12/01         00
    2156768                              05           02/01/02          0
    2156768                              O            01/01/32
    0

    7750342          998/998             F          316,000.00         ZZ
                                         360        314,812.65          1
                                       7.500          2,209.52         80
                                       7.250          2,209.52
    SIOUX FALLS      SD   57108          1            11/21/01         00
    2328005                              05           01/01/02          0
    2328005                              O            12/01/31
    0

    7783880          E45/G01             F          348,000.00         ZZ
                                         360        347,413.61          1
                                       6.875          2,286.11         78
                                       6.625          2,286.11
    ALPHARETTA       GA   30022          2            02/22/02         00
    0433831757                           03           04/01/02          0
    210190                               O            03/01/32
    0

    7783904          E45/G01             F          360,000.00         ZZ
                                         360        359,436.64          1
                                       7.250          2,455.83         90
                                       7.000          2,455.83
    DACULA           GA   30019          2            02/12/02         11
    0433937919                           03           04/01/02         25
    211439                               O            03/01/32
    0

1

    7843878          H58/G01             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         72
                                       6.625          2,299.25
    BENICIA          CA   94510          1            02/20/02         00
    0433856242                           05           04/01/02          0
    0000089284                           O            03/01/32
    0

    7854006          964/G01             F          197,000.00         ZZ
                                         360        196,668.05          2
                                       6.875          1,294.15         44
                                       6.625          1,294.15
    WEST HOLLYWOOD   CA   90046          2            02/15/02         00
    0433809084                           05           04/01/02          0
    187113                               O            03/01/32
    0

    7898988          225/G01             F          375,000.00         ZZ
                                         360        373,819.22          1
                                       7.250          2,558.16         79
                                       7.000          2,558.16
    HOLLYWOOD        FL   33024          1            12/28/01         00
    0433695640                           05           02/01/02          0
    006560950                            O            01/01/32
    0

    7910452          E22/G01             F          128,000.00         ZZ
                                         360        127,809.43          1
                                       7.500            894.99         66
                                       7.250            894.99
    BLOOMFIELD       NJ   07003          2            02/11/02         00
    0413605833                           05           04/01/02          0
    0413605833                           O            03/01/32
    0

    7914036          A06/G01             F          237,000.00         ZZ
                                         360        236,619.81          1
                                       7.125          1,596.72         41
                                       6.875          1,596.72
    GROSSE POINTE F  MI   48236          2            02/08/02         00
    0433683166                           05           04/01/02          0
    021000020148892                      O            03/01/32
    0

    7923006          E45/G01             F          416,000.00         ZZ
                                         360        415,332.68          1
                                       7.125          2,802.67         80
                                       6.875          2,802.67
1

    SPRINGFIELD      VA   22152          1            02/28/02         00
    0433832466                           03           04/01/02          0
    221362                               O            03/01/32
    0

    7931402          356/G01             F          480,000.00         ZZ
                                         360        479,616.15          1
                                       7.125          3,233.85         35
                                       6.875          3,233.85
    CARMEL           CA   93923          2            03/04/02         00
    0433842184                           05           05/01/02          0
    28879633                             O            04/01/32
    0

    7935094          Q97/G01             F          313,405.00         ZZ
                                         360        313,135.16          1
                                       6.750          2,032.74         95
                                       6.500          2,032.74
    LITTLETON        MA   01460          1            03/13/02         01
    0433903135                           05           05/01/02         30
    16021188                             O            04/01/32
    0

    7945398          M27/G01             F          300,700.00         ZZ
                                         360        300,252.28          1
                                       7.500          2,102.54         53
                                       7.250          2,102.54
    CHAPEL HILL      NC   27517          1            02/28/02         00
    0433730397                           05           04/01/02          0
    600737680                            O            03/01/32
    0

    7973548          964/G01             F          375,000.00         ZZ
                                         360        374,692.61          1
                                       7.000          2,494.89         70
                                       6.750          2,494.89
    TEMPLETON        CA   93465          2            03/08/02         00
    0433853272                           03           05/01/02          0
    184829                               O            04/01/32
    0

    7974922          356/G01             F          477,000.00         ZZ
                                         360        476,609.00          1
                                       7.000          3,173.50         57
                                       6.750          3,173.50
    OAKLAND          CA   94611          5            02/26/02         00
    0433896453                           05           05/01/02          0
    2936755                              O            04/01/32
    0
1

    7980444          E22/G01             F          335,500.00         ZZ
                                         360        334,551.10          1
                                       7.250          2,288.70         42
                                       7.000          2,288.70
    GROSSE POINTE F  MI   48236          2            02/14/02         00
    0413104522                           05           04/01/02          0
    0413104522                           O            03/01/32
    0

    7989008          E45/G01             F          399,200.00         ZZ
                                         360        398,543.65          1
                                       7.000          2,655.89         80
                                       6.750          2,655.89
    ALEXANDRIA       VA   22309          1            03/01/02         00
    0433832805                           05           04/01/02          0
    206146                               O            03/01/32
    0

    8004794          E11/G01             F          440,300.00         ZZ
                                         360        439,939.09          1
                                       7.000          2,929.33         80
                                       6.750          2,929.33
    LAKE ELMO        MN   55042          1            04/02/02         00
    0433878485                           05           05/01/02          0
    0001001032219                        O            04/01/32
    0

    8008322          369/G01             F          328,500.00         ZZ
                                         360        328,080.85          1
                                       6.875          2,158.02         90
                                       6.625          2,158.02
    GOLDEN           CO   80403          1            03/13/02         11
    0433816675                           03           05/01/02         25
    73546889                             O            04/01/32
    0

    8016426          E84/G01             F          475,000.00         ZZ
                                         360        473,428.89          1
                                       7.000          3,160.19         44
                                       6.750          3,160.19
    BERKELEY         CA   94705          5            12/13/01         00
    0433809597                           05           02/01/02          0
    37013812                             O            01/01/32
    0

    8023624          950/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
1

                                       6.875          2,299.25         56
                                       6.625          2,299.25
    GILROY           CA   95020          1            03/06/02         00
    0433889300                           05           05/01/02          0
    A6201019                             O            04/01/32
    0

    8028452          B57/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         55
                                       6.625          2,299.25
    LOS ANGELES      CA   91403          5            03/05/02         00
    0433780541                           05           05/01/02          0
    10000441                             O            04/01/32
    0

    8032264          477/G01             F          417,000.00         ZZ
                                         360        416,649.67          1
                                       6.875          2,739.39         60
                                       6.625          2,739.39
    DANA POINT       CA   92629          1            03/01/02         00
    0433883626                           05           05/01/02          0
    159190                               O            04/01/32
    0

    8033236          R65/G01             F          397,000.00         ZZ
                                         360        396,666.47          1
                                       6.875          2,608.01         64
                                       6.625          2,608.01
    ORINDA           CA   94563          5            03/01/02         00
    0433837788                           05           05/01/02          0
    1                                    O            04/01/32
    0

    8038278          X60/G01             F          330,000.00         ZZ
                                         360        329,679.27          1
                                       6.125          2,005.11         50
                                       5.875          2,005.11
    SEATTLE          WA   98112          1            03/12/02         00
    0433831476                           05           05/01/02          0
    0541773                              O            04/01/32
    0

    8043582          964/G01             F          491,000.00         ZZ
                                         360        490,587.50          1
                                       6.875          3,225.52         68
                                       6.625          3,225.52
    OAKLAND          CA   94611          2            03/07/02         00
    0433870219                           03           05/01/02          0
1

    400-191683                           O            04/01/32
    0

    8046822          964/G01             F          336,000.00         ZZ
                                         360        335,710.71          1
                                       6.750          2,179.29         75
                                       6.500          2,179.29
    SAN FRANCISCO    CA   94124          2            03/08/02         00
    0433940467                           07           05/01/02          0
    400192546                            O            04/01/32
    0

    8060210          964/G01             F          360,000.00         ZZ
                                         360        359,690.05          1
                                       6.750          2,334.95         76
                                       6.500          2,334.95
    MOUNTAIN VIEW    CA   94043          1            03/07/02         00
    0433917549                           09           05/01/02          0
    161650                               O            04/01/32
    0

    8060824          B44/G01             F          434,400.00         ZZ
                                         360        434,043.93          1
                                       7.000          2,890.07         80
                                       6.750          2,890.07
    KUNA             ID   83634          1            03/01/02         00
    0433841681                           03           05/01/02          0
    4021072                              O            04/01/32
    0

    8066990          950/G01             F           59,500.00         ZZ
                                         360         59,453.58          1
                                       7.250            405.90         80
                                       7.000            405.90
    HOQUIAM          WA   98550          1            03/04/02         00
    0433893500                           05           05/01/02          0
    EW202011                             O            04/01/32
    0

    8068062          470/G01             F          460,000.00         ZZ
                                         360        459,613.55          1
                                       6.875          3,021.87         70
                                       6.625          3,021.87
    MISSION VIEJO    CA   92692          1            03/01/02         00
    0433919255                           03           05/01/02          0
    110100728                            O            04/01/32
    0

1

    8070640          E22/G01             F          365,000.00         ZZ
                                         360        364,304.30          1
                                       6.750          2,367.38         56
                                       6.500          2,367.38
    NOVATO           CA   94949          5            02/20/02         00
    0413722729                           05           04/01/02          0
    0413722729                           O            03/01/32
    0

    8086640          B57/G01             F          349,000.00         ZZ
                                         360        348,684.50          1
                                       6.500          2,205.92         47
                                       6.250          2,205.92
    MISSION VIEJO    CA   92692          2            03/04/02         00
    0433774072                           03           05/01/02          0
    2118868                              O            04/01/32
    0

    8091234          E22/G01             F          210,000.00         ZZ
                                         360        209,651.84          1
                                       7.000          1,397.14         53
                                       6.750          1,397.14
    HORSESHOE BAY    TX   78657          5            02/22/02         00
    0413709270                           03           04/01/02          0
    0413709270                           O            03/01/32
    0

    8093856          405/405             F          336,000.00         ZZ
                                         360        335,433.82          1
                                       6.875          2,207.28         48
                                       6.500          2,207.28
    CARLSBAD         CA   92009          5            02/19/02         00
    0018013276                           03           04/01/02          0
    0018013276                           O            03/01/32
    0

    8093866          405/405             F          357,000.00         ZZ
                                         360        355,919.04          1
                                       7.250          2,435.37         61
                                       6.750          2,435.37
    SAN RAFAEL       CA   94903          2            02/14/02         00
    0018100487                           05           04/01/02          0
    0018100487                           O            03/01/32
    0

    8093968          405/405             F          556,000.00         ZZ
                                         360        555,085.82          1
                                       7.000          3,699.09         80
                                       6.500          3,699.09
1

    OAKLAND          CA   94618          1            02/20/02         00
    0018277988                           05           04/01/02          0
    0018277988                           O            03/01/32
    0

    8098770          964/G01             F          383,000.00         ZZ
                                         360        382,686.06          1
                                       7.000          2,548.11         77
                                       6.750          2,548.11
    SAN JOSE         CA   95124          2            03/07/02         00
    0433810181                           05           05/01/02          0
    191581                               O            04/01/32
    0

    8100008          E60/G01             F          404,000.00         ZZ
                                         360        403,660.58          1
                                       6.875          2,654.00         80
                                       6.625          2,654.00
    CHATSWORTH AREA  CA   91311          1            03/07/02         00
    0433810223                           05           05/01/02          0
    521959                               O            04/01/32
    0

    8102522          N47/G01             F          399,950.00         ZZ
                                         360        399,613.99          1
                                       6.875          2,627.39         46
                                       6.625          2,627.39
    PALO ALTO        CA   94306          2            03/05/02         00
    0433823887                           05           05/01/02          0
    20320291                             O            04/01/32
    0

    8104898          964/G01             F          500,000.00         ZZ
                                         360        499,579.93          1
                                       6.875          3,284.65         75
                                       6.625          3,284.65
    SARATOGA         CA   95070          2            03/12/02         00
    0433883394                           05           05/01/02          0
    195505                               O            04/01/32
    0

    8111938          E82/G01             F          338,250.00         ZZ
                                         360        337,596.12          1
                                       7.000          2,250.39         75
                                       6.750          2,250.39
    LOS ANGELES      CA   90039          2            02/26/02         00
    0400595005                           05           04/01/02          0
    4031213                              O            03/01/32
    0
1

    8121072          N47/G01             F          371,400.00         ZZ
                                         360        371,103.00          1
                                       7.125          2,502.19         80
                                       6.875          2,502.19
    BRENTWOOD        CA   94513          1            03/01/02         00
    0433810850                           05           05/01/02          0
    20220140                             O            04/01/32
    0

    8122412          W53/G01             F          520,000.00         ZZ
                                         360        519,334.54          1
                                       8.250          3,906.59         80
                                       8.000          3,906.59
    SAN ANTONIO      TX   78230          1            02/13/02         00
    0433764842                           03           04/01/02          0
    9731008000                           O            03/01/32
    0

    8127538          964/G01             F          443,800.00         ZZ
                                         360        443,427.15          1
                                       6.875          2,915.45         73
                                       6.625          2,915.45
    CORTE MADERA     CA   94925          2            03/15/02         00
    0433919701                           05           05/01/02          0
    400195737                            O            04/01/32
    0

    8130610          B57/G01             F          384,000.00         ZZ
                                         360        383,661.21          1
                                       6.625          2,458.79         80
                                       6.375          2,458.79
    LOS ANGELES      CA   91401          1            03/07/02         00
    0433781135                           05           05/01/02          0
    10000317                             O            04/01/32
    0

    8136898          W93/G01             F          375,000.00         ZZ
                                         360        374,677.13          1
                                       6.750          2,432.25         52
                                       6.500          2,432.25
    SAN JOSE         CA   95125          5            03/06/02         00
    0433831559                           05           05/01/02          0
    22338193                             O            04/01/32
    0

    8137980          M18/G01             F          405,500.00         ZZ
                                         360        405,159.33          1
1

                                       6.875          2,663.85         63
                                       6.625          2,663.85
    SANTA ANA        CA   92705          2            03/01/02         00
    0433811197                           05           05/01/02          0
    980101444                            O            04/01/32
    0

    8157346          964/G01             F          399,950.00         ZZ
                                         360        399,613.99          1
                                       6.875          2,627.39         75
                                       6.625          2,627.39
    WALNUT           CA   91789          1            03/20/02         00
    0433934106                           05           05/01/02          0
    400197746                            O            04/01/32
    0

    8158958          964/G01             F          394,725.00         ZZ
                                         360        394,385.15          1
                                       6.750          2,560.18         40
                                       6.500          2,560.18
    FREMONT          CA   94539          2            03/14/02         00
    0433915782                           03           05/01/02          0
    193036                               O            04/01/32
    0

    8170762          E22/G01             F          333,000.00         ZZ
                                         360        332,438.88          1
                                       6.875          2,187.57         49
                                       6.625          2,187.57
    SANTA ROSA       CA   95403          2            02/22/02         00
    0413280843                           05           04/01/02          0
    0413280843                           O            03/01/32
    0

    8171944          B57/G01             F          304,000.00         ZZ
                                         360        303,487.75          1
                                       6.875          1,997.06         80
                                       6.625          1,997.06
    SHERMAN OAKS AR  CA   91403          1            02/20/02         00
    0433758174                           05           04/01/02          0
    1000468                              O            03/01/32
    0

    8173918          461/G01             F          320,000.00         ZZ
                                         360        319,460.76          1
                                       6.875          2,102.18         55
                                       6.625          2,102.18
    SAN BRUNO        CA   94066          2            02/13/02         00
    0433774056                           05           04/01/02          0
1

    9031153331                           O            03/01/32
    0

    8173924          461/G01             F          380,000.00         ZZ
                                         360        378,349.34          1
                                       6.875          2,496.33         64
                                       6.625          2,496.33
    YORBA LINDA      CA   92887          2            02/20/02         00
    0433767597                           05           04/01/02          0
    9031195597                           O            03/01/32
    0

    8173926          461/G01             F          404,000.00         ZZ
                                         360        403,319.22          1
                                       6.875          2,654.00         80
                                       6.625          2,654.00
    HUNTINGTON BEAC  CA   92649          1            01/31/02         00
    0433765831                           03           04/01/02          0
    9031213424                           O            03/01/32
    0

    8173932          461/G01             F          392,000.00         ZZ
                                         360        391,371.18          1
                                       7.125          2,640.98         80
                                       6.875          2,640.98
    COSTA MESA       CA   92626          1            01/31/02         00
    0433773280                           05           04/01/02          0
    9031203490                           O            03/01/32
    0

    8173934          461/G01             F          363,750.00         ZZ
                                         360        363,166.49          1
                                       7.125          2,450.66         75
                                       6.875          2,450.66
    SANTA MARGARITA  CA   92688          2            02/08/02         00
    0433773710                           03           04/01/02          0
    9031186620                           O            03/01/32
    0

    8174234          461/G01             F          445,000.00         ZZ
                                         360        443,871.98          1
                                       6.875          2,923.34         78
                                       6.625          2,923.34
    LOS ANGELES      CA   91307          2            01/23/02         00
    0433774015                           03           03/01/02          0
    9031153893                           O            02/01/32
    0

1

    8174236          461/G01             F          403,000.00         ZZ
                                         360        402,320.90          1
                                       6.875          2,647.43         57
                                       6.625          2,647.43
    TORRANCE         CA   90505          2            02/01/02         00
    0433773314                           05           04/01/02          0
    9031200678                           O            03/01/32
    0

    8174238          461/G01             F          405,600.00         ZZ
                                         360        404,965.27          1
                                       7.250          2,766.91         80
                                       7.000          2,766.91
    SAN BUENAVENTUR  CA   93003          2            02/12/02         00
    0433774874                           05           04/01/02          0
    9031183619                           O            03/01/32
    0

    8174244          461/G01             F          400,000.00         ZZ
                                         360        399,342.33          1
                                       7.000          2,661.21         73
                                       6.750          2,661.21
    SAN JOSE         CA   95136          2            02/14/02         00
    0433773355                           05           04/01/02          0
    9031197411                           O            03/01/32
    0

    8174246          461/G01             F          325,000.00         ZZ
                                         360        324,503.88          1
                                       7.375          2,244.70         69
                                       7.125          2,244.70
    SHERMAN OAKS     CA   91423          1            02/07/02         00
    0433765369                           05           04/01/02          0
    9031240153                           O            03/01/32
    0

    8174248          461/G01             F          355,000.00         ZZ
                                         360        354,471.41          1
                                       7.500          2,482.22         73
                                       7.250          2,482.22
    CARLSBAD         CA   92009          2            02/08/02         00
    0433773231                           03           04/01/02          0
    9031206154                           O            03/01/32
    0

    8174350          461/G01             F          330,000.00         ZZ
                                         360        329,443.93          1
                                       6.875          2,167.87         66
                                       6.625          2,167.87
1

    SAN DIEGO        CA   92124          2            02/04/02         00
    0433774148                           05           04/01/02          0
    9031107147                           O            03/01/32
    0

    8174942          Q97/G01             F          464,200.00         ZZ
                                         360        463,819.50          1
                                       7.000          3,088.33         80
                                       6.750          3,088.33
    WESTON           FL   33327          1            03/14/02         00
    0433842606                           03           05/01/02          0
    16031093                             O            04/01/32
    0

    8175640          975/G01             F          460,000.00         ZZ
                                         360        459,603.95          1
                                       6.750          2,983.55         57
                                       6.500          2,983.55
    LA CANADA-FLINT  CA   91011          1            03/01/02         00
    0433780319                           05           05/01/02          0
    2020511                              O            04/01/32
    0

    8180260          964/G01             F          360,000.00         ZZ
                                         360        359,697.55          1
                                       6.875          2,364.95         78
                                       6.625          2,364.95
    SAN JOSE         CA   95136          2            03/15/02         00
    0433883345                           05           05/01/02          0
    198563                               O            04/01/32
    0

    8180850          893/G01             F          327,000.00         ZZ
                                         360        326,725.28          1
                                       6.875          2,148.16         63
                                       6.625          2,148.16
    MENLO PARK       CA   94025          2            03/07/02         00
    0433807583                           05           05/01/02          0
    M20212031                            O            04/01/32
    0

    8185170          975/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    YORBA LINDA      CA   92887          1            04/01/02         00
    0433860269                           05           06/01/02          0
    2020970                              O            05/01/32
    0
1

    8187586          E22/G01             F          343,000.00         ZZ
                                         360        342,449.79          1
                                       7.125          2,310.85         39
                                       6.875          2,310.85
    SAN MARTIN       CA   95046          2            02/25/02         00
    0413723016                           05           04/01/02          0
    0413723016                           O            03/01/32
    0

    8188952          550/550             F          340,000.00         ZZ
                                         360        339,712.94          1
                                       6.850          2,227.89         67
                                       6.600          2,227.89
    SAN CLEMENTE     CA   92672          2            02/25/02         00
    120555847                            05           05/01/02          0
    120555847                            O            04/01/32
    0

    8192052          E33/G01             F          575,000.00         ZZ
                                         360        574,504.94          1
                                       6.750          3,729.44         63
                                       6.500          3,729.44
    LAKE FOREST      IL   60045          5            03/01/02         00
    0433761178                           05           05/01/02          0
    NAPIER                               O            04/01/32
    0

    8195940          K21/G01             F          410,000.00         ZZ
                                         360        409,663.93          1
                                       7.000          2,727.74         80
                                       6.750          2,727.74
    LOS ANGELES      CA   90068          1            03/21/02         00
    0433851748                           05           05/01/02          0
    0217375                              O            04/01/32
    0

    8201934          964/G01             F          361,000.00         ZZ
                                         360        360,696.72          1
                                       6.875          2,371.51         76
                                       6.625          2,371.51
    SANTA ANA (AREA  CA   92705          2            03/08/02         00
    0433920212                           05           05/01/02          0
    177731                               O            04/01/32
    0

    8202206          M45/G01             F          584,600.00         ZZ
                                         360        583,590.50          1
1

                                       6.750          3,791.71         70
                                       6.500          3,791.71
    MILLBRAE         CA   94030          2            02/28/02         00
    0433756079                           05           04/01/02          0
    A0330327                             O            03/01/32
    0

    8203792          964/G01             F          341,000.00         ZZ
                                         360        340,720.49          1
                                       7.000          2,268.68         74
                                       6.750          2,268.68
    SAN RAFAEL       CA   94901          2            03/14/02         00
    0433940079                           05           05/01/02          0
    194129                               O            04/01/32
    0

    8205718          893/G01             F          632,660.00         ZZ
                                         360        632,141.42          1
                                       7.000          4,209.10         70
                                       6.750          4,209.10
    BELMONT          CA   94002          1            03/14/02         00
    0433864121                           05           05/01/02          0
    2030704                              O            04/01/32
    0

    8213316          E22/G01             F          585,000.00         ZZ
                                         360        584,038.16          1
                                       7.000          3,892.02         60
                                       6.750          3,892.02
    PASADENA         CA   91105          2            02/20/02         00
    0413601493                           05           04/01/02          0
    0413601493                           O            03/01/32
    0

    8213842          E82/G01             F          299,000.00         ZZ
                                         360        298,520.36          1
                                       7.125          2,014.42         63
                                       6.875          2,014.42
    MOUNTAIN VIEW    CA   94040          2            02/26/02         00
    0400588844                           05           04/01/02          0
    4141559                              O            03/01/32
    0

    8214634          M27/G01             F          300,000.00         ZZ
                                         360        299,741.71          1
                                       6.750          1,945.79         80
                                       6.500          1,945.79
    WILMINGTON       NC   28409          2            03/15/02         00
    0433920022                           09           05/01/02          0
1

    600743730                            O            04/01/32
    0

    8219664          W02/G01             F          580,000.00         ZZ
                                         360        579,462.80          1
                                       6.375          3,618.45         49
                                       6.125          3,618.45
    GULFPORT         FL   33707          5            03/11/02         00
    0433827060                           03           05/01/02          0
    1000896449                           O            04/01/32
    0

    8220132          B57/G01             F          478,000.00         ZZ
                                         360        477,608.18          1
                                       7.000          3,180.15         70
                                       6.750          3,180.15
    SAN MARINO       CA   91108          2            03/22/02         00
    0433894847                           05           05/01/02          0
    2118913                              O            04/01/32
    0

    8221090          964/G01             F          390,000.00         ZZ
                                         360        389,680.32          1
                                       7.000          2,594.68         62
                                       6.750          2,594.68
    SANTA BARBARA    CA   93111          2            03/19/02         00
    0433920154                           05           05/01/02          0
    195089                               O            04/01/32
    0

    8225882          P44/G01             F          188,000.00         ZZ
                                         240        187,655.24          1
                                       7.375          1,500.18         65
                                       7.125          1,500.18
    WEST BOYLSTON    MA   01583          2            02/26/02         00
    0433822194                           05           05/01/02          0
    1                                    O            04/01/22
    0

    8231116          964/G01             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    PETALUMA         CA   94954          2            03/14/02         00
    0433917853                           05           05/01/02          0
    194127                               O            04/01/32
    0

1

    8236590          E22/G01             F          340,000.00         ZZ
                                         360        339,440.98          1
                                       7.000          2,262.03         47
                                       6.750          2,262.03
    PIEDMONT         CA   94611          5            02/25/02         00
    0413321373                           05           04/01/02          0
    0413321373                           O            03/01/32
    0

    8236706          E22/G01             F          546,000.00         ZZ
                                         360        545,541.30          1
                                       6.875          3,586.83         80
                                       6.625          3,586.83
    MORAGA           CA   94556          1            02/25/02         00
    0413745027                           05           05/01/02          0
    0413745027                           O            04/01/32
    0

    8236946          E82/G01             F          388,000.00         ZZ
                                         360        387,697.33          1
                                       7.250          2,646.84         80
                                       7.000          2,646.84
    SEAL BEACH       CA   90740          2            03/01/02         00
    0400586004                           05           05/01/02          0
    3811897                              O            04/01/32
    0

    8238064          736/G01             F          124,000.00         ZZ
                                         360        123,112.30          1
                                       7.375            856.44         80
                                       7.125            856.44
    NEWBURGH         NY   12550          1            09/19/01         00
    0433837697                           05           11/01/01          0
    0103813770                           O            10/01/31
    0

    8238074          736/G01             F          287,000.00         ZZ
                                         360        285,253.62          1
                                       7.125          1,933.58         90
                                       6.875          1,933.58
    ARNOLD           MD   21012          2            09/10/01         01
    0433775301                           05           11/01/01         25
    0104032255                           O            10/01/31
    0

    8238078          736/G01             F          434,000.00         ZZ
                                         360        430,248.35          1
                                       7.125          2,923.94         52
                                       6.875          2,923.94
1

    HILLSBORO        OR   97124          5            09/18/01         00
    0433775350                           05           11/01/01          0
    0104281977                           O            10/01/31
    0

    8238082          736/G01             F          500,000.00         ZZ
                                         360        498,732.59          1
                                       6.875          3,284.64         54
                                       6.625          3,284.64
    MILL VALLEY      CA   94941          2            01/22/02         00
    0433775269                           05           03/01/02          0
    0105466742                           O            02/01/32
    0

    8238102          736/G01             F          100,000.00         ZZ
                                         360         99,483.56          1
                                       7.625            707.80         52
                                       7.375            707.80
    SEATTLE          WA   98109          1            09/21/01         00
    0433837689                           01           11/01/01          0
    0103969622                           O            10/01/31
    0

    8243146          964/G01             F          421,000.00         ZZ
                                         360        420,646.31          1
                                       6.875          2,765.67         40
                                       6.625          2,765.67
    GREENBRAE        CA   94904          2            03/21/02         00
    0433934734                           03           05/01/02          0
    196430                               O            04/01/32
    0

    8246834          M45/G01             F          352,000.00         ZZ
                                         360        351,392.16          1
                                       6.750          2,283.07         47
                                       6.500          2,283.07
    FULLERTON        CA   92835          2            02/22/02         00
    0433773413                           03           04/01/02          0
    A0308204                             O            03/01/32
    0

    8246838          M45/G01             F          400,000.00         ZZ
                                         360        399,292.21          1
                                       6.625          2,561.25         64
                                       6.375          2,561.25
    CARLSBAD         CA   92009          2            02/20/02         00
    0433757689                           03           04/01/02          0
    A0317349                             O            03/01/32
    0
1

    8246840          M45/G01             F          320,000.00         ZZ
                                         360        319,389.58          1
                                       6.375          1,996.39         60
                                       6.125          1,996.39
    SAN JOSE         CA   95136          5            02/11/02         00
    0433761368                           05           04/01/02          0
    A0327458                             O            03/01/32
    0

    8246842          M45/G01             F          398,000.00         ZZ
                                         360        397,345.61          1
                                       7.000          2,647.91         67
                                       6.750          2,647.91
    IRVINE           CA   92620          2            02/11/02         00
    0433763018                           03           04/01/02          0
    A0327384                             O            03/01/32
    0

    8246844          M45/G01             F          315,000.00         ZZ
                                         360        314,442.63          1
                                       6.625          2,016.98         67
                                       6.375          2,016.98
    SANTA CLARA      CA   95051          5            02/13/02         00
    0433773439                           05           04/01/02          0
    A0330928                             O            03/01/32
    0

    8246854          M45/G01             F          650,000.00         ZZ
                                         360        648,849.86          1
                                       6.625          4,162.03         37
                                       6.375          4,162.03
    SAN JOSE         CA   95138          5            02/11/02         00
    0433768926                           03           04/01/02          0
    A0310938                             O            03/01/32
    0

    8246856          M45/G01             F          420,000.00         ZZ
                                         360        419,292.26          1
                                       6.875          2,759.11         53
                                       6.625          2,759.11
    SAN JOSE         CA   95129          2            02/15/02         00
    0433773496                           05           04/01/02          0
    A0328682                             O            03/01/32
    0

    8246858          M45/G01             F          335,000.00         ZZ
                                         360        334,421.51          1
1

                                       6.750          2,172.81         61
                                       6.500          2,172.81
    YORBA LINDA      CA   92886          5            02/20/02         00
    0433773538                           05           04/01/02          0
    A0331424                             O            03/01/32
    0

    8246874          M45/G01             F          444,500.00         ZZ
                                         360        443,750.99          1
                                       6.875          2,920.05         70
                                       6.625          2,920.05
    LADERA RANCH     CA   92694          1            02/06/02         00
    0433769916                           03           04/01/02          0
    A0321629                             O            03/01/32
    0

    8246878          M45/G01             F          296,950.00         ZZ
                                         360        296,398.46          1
                                       6.375          1,852.59         42
                                       6.125          1,852.59
    PLEASANTON       CA   94566          2            02/12/02         00
    0433773595                           05           04/01/02          0
    A0308579                             O            03/01/32
    0

    8246880          M45/G01             F          500,000.00         ZZ
                                         360        499,071.34          1
                                       6.375          3,119.35         52
                                       6.125          3,119.35
    COTO DE CAZA     CA   92679          1            02/25/02         00
    0433757226                           03           04/01/02          0
    A0329259                             O            03/01/32
    0

    8246896          M45/G01             F          403,400.00         ZZ
                                         360        402,752.88          1
                                       7.125          2,717.79         64
                                       6.875          2,717.79
    MANHATTAN BEACH  CA   90266          2            02/22/02         00
    0433763265                           05           04/01/02          0
    A0311359                             O            03/01/32
    0

    8246898          M45/G01             F          409,600.00         ZZ
                                         360        409,247.34          1
                                       6.750          2,656.66         80
                                       6.500          2,656.66
    SANTA CRUZ       CA   95060          1            03/01/02         00
    0433773686                           05           05/01/02          0
1

    A0307336                             O            04/01/32
    0

    8246900          M45/G01             F          440,000.00         ZZ
                                         360        438,938.50          1
                                       6.750          2,853.84         69
                                       6.500          2,853.84
    REDONDO BEACH    CA   90277          1            02/14/02         00
    0433762804                           05           04/01/02          0
    A0327446                             O            03/01/32
    0

    8251092          964/G01             F          356,000.00         ZZ
                                         360        355,693.49          1
                                       6.750          2,309.01         75
                                       6.500          2,309.01
    MURPHYS          CA   95247          1            03/12/02         00
    0433927464                           05           05/01/02          0
    196935                               O            04/01/32
    0

    8254064          E23/G01             F          155,700.00         ZZ
                                         360        155,565.94          1
                                       6.750          1,009.87         45
                                       6.500          1,009.87
    HUNTINGTON BEAC  CA   92647          2            03/14/02         00
    0433818077                           05           05/01/02          0
    51013024                             O            04/01/32
    0

    8259698          N47/G01             F          399,900.00         ZZ
                                         360        399,580.21          1
                                       7.125          2,694.20         58
                                       6.875          2,694.20
    DANVILLE         CA   94526          5            03/13/02         00
    0433853173                           05           05/01/02          0
    30320466                             O            04/01/32
    0

    8260332          E22/G01             F          358,000.00         ZZ
                                         360        357,706.55          1
                                       7.000          2,381.78         43
                                       6.750          2,381.78
    NEWPORT BEACH    CA   92625          2            02/25/02         00
    0413268905                           03           05/01/02          0
    0413268905                           O            04/01/32
    0

1

    8260726          405/405             F          337,000.00         ZZ
                                         360        336,432.14          1
                                       6.875          2,213.85         44
                                       6.500          2,213.85
    MOUNTAIN VIEW    CA   94040          2            02/19/02         00
    0012968517                           05           04/01/02          0
    0012968517                           O            03/01/32
    0

    8260730          405/405             F          404,000.00         ZZ
                                         360        403,319.24          1
                                       6.875          2,653.99         71
                                       6.500          2,653.99
    IRVINE           CA   92602          1            02/11/02         00
    0012971511                           03           04/01/02          0
    0012971511                           O            03/01/32
    0

    8260750          405/405             F          384,500.00         ZZ
                                         360        383,309.36          1
                                       7.375          2,655.65         55
                                       6.875          2,655.65
    LA JOLLA         CA   92037          2            02/14/02         00
    0018102624                           05           04/01/02          0
    0018102624                           O            03/01/32
    0

    8260772          405/405             F          365,000.00         ZZ
                                         360        364,384.96          1
                                       6.875          2,397.79         59
                                       6.500          2,397.79
    SANTA CLARITA    CA   91355          5            02/15/02         00
    0018243642                           03           04/01/02          0
    0018243642                           O            03/01/32
    0

    8260776          405/405             F          410,000.00         ZZ
                                         360        409,342.31          1
                                       7.125          2,762.25         59
                                       6.625          2,762.25
    SUNNYVALE        CA   94087          2            02/22/02         00
    0018246561                           05           04/01/02          0
    0018246561                           O            03/01/32
    0

    8260788          405/405             F          385,000.00         ZZ
                                         360        384,250.65          1
                                       6.875          2,529.18         49
                                       6.500          2,529.18
1

    NOVATO           CA   94945          2            02/21/02         00
    0018261180                           05           04/01/02          0
    0018261180                           O            03/01/32
    0

    8260798          405/405             F          403,000.00         ZZ
                                         360        402,320.90          1
                                       6.875          2,647.43         65
                                       6.500          2,647.43
    SAN FRANCISCO    CA   94114          2            02/22/02         00
    0018284851                           01           04/01/02          0
    0018284851                           O            03/01/32
    0

    8261036          E82/G01             F          250,000.00         ZZ
                                         360        249,789.97          1
                                       6.875          1,642.32         38
                                       6.625          1,642.32
    PAIA             HI   96779          2            03/05/02         00
    0400578944                           03           05/01/02          0
    0400578944                           O            04/01/32
    0

    8261042          E82/G01             F          440,000.00         ZZ
                                         360        439,639.34          1
                                       7.000          2,927.33         75
                                       6.750          2,927.33
    SHERMAN OAKS     CA   91403          2            03/04/02         00
    0400591756                           05           05/01/02          0
    1522558                              O            04/01/32
    0

    8265644          975/G01             F          382,000.00         ZZ
                                         360        381,686.87          1
                                       7.000          2,541.46         76
                                       6.750          2,541.46
    CERRITOS         CA   90703          2            03/08/02         00
    0433804747                           05           05/01/02          0
    2020904                              O            04/01/32
    0

    8269952          H58/G01             F          308,500.00         ZZ
                                         360        308,214.27          1
                                       6.375          1,924.64         64
                                       6.125          1,924.64
    BRENTWOOD        CA   94513          2            03/15/02         00
    0433864055                           05           05/01/02          0
    0000082209                           O            04/01/32
    0
1

    8272306          313/G01             F          470,000.00         ZZ
                                         360        467,277.93          1
                                       6.875          3,087.57         59
                                       6.625          3,087.57
    ENCINO           CA   91436          2            02/04/02         00
    0433772696                           05           04/01/02          0
    8400335                              O            03/01/32
    0

    8272322          313/G01             F          455,000.00         ZZ
                                         360        453,846.64          1
                                       6.875          2,989.03         57
                                       6.625          2,989.03
    DERWOOD          MD   20855          5            01/30/02         00
    0433772357                           05           03/01/02          0
    8604704                              O            02/01/32
    0

    8276142          405/405             F          381,800.00         ZZ
                                         360        380,901.07          1
                                       7.250          2,604.55         75
                                       6.750          2,604.55
    PLEASANTON       CA   94566          2            01/31/02         00
    0012959300                           05           03/01/02          0
    0012959300                           O            02/01/32
    0

    8276146          405/405             F          445,800.00         ZZ
                                         360        444,929.63          1
                                       6.750          2,891.45         63
                                       6.500          2,891.45
    LAGUNA NIGUEL    CA   92677          2            02/15/02         00
    0012964854                           03           04/01/02          0
    0012964854                           O            03/01/32
    0

    8276150          405/405             F          404,000.00         ZZ
                                         360        403,367.76          1
                                       7.250          2,756.00         80
                                       6.750          2,756.00
    MOUNTAIN VIEW    CA   94043          1            02/11/02         00
    0012985974                           03           04/01/02          0
    0012985974                           O            03/01/32
    0

    8276152          405/405             F          420,000.00         ZZ
                                         360        419,326.27          1
1

                                       7.125          2,829.62         78
                                       6.625          2,829.62
    CALABASAS        CA   91302          1            02/11/02         00
    0013004189                           03           04/01/02          0
    0013004189                           O            03/01/32
    0

    8276158          405/405             F          336,400.00         ZZ
                                         360        335,833.14          1
                                       6.875          2,209.91         52
                                       6.500          2,209.91
    SAN CARLOS       CA   94070          2            02/21/02         00
    0018075291                           05           04/01/02          0
    0018075291                           O            03/01/32
    0

    8276160          405/405             F          404,000.00         ZZ
                                         360        403,319.22          1
                                       6.875          2,654.00         61
                                       6.500          2,654.00
    OAKLAND          CA   94618          2            02/15/02         00
    0018116392                           05           04/01/02          0
    0018116392                           O            03/01/32
    0

    8276166          405/405             F          319,000.00         ZZ
                                         360        318,488.27          1
                                       7.125          2,149.17         54
                                       6.625          2,149.17
    SAN JOSE         CA   95125          2            02/21/02         00
    0018214569                           05           04/01/02          0
    0018214569                           O            03/01/32
    0

    8276180          405/405             F          363,000.00         ZZ
                                         360        362,338.04          1
                                       6.875          2,384.65         33
                                       6.500          2,384.65
    LOS GATOS        CA   95030          2            02/15/02         00
    0018244137                           05           04/01/02          0
    0018244137                           O            03/01/32
    0

    8276188          405/405             F          388,000.00         ZZ
                                         360        387,362.05          1
                                       7.000          2,581.38         80
                                       6.500          2,581.38
    LOS ANGELES      CA   90019          2            02/25/02         00
    0018249706                           05           04/01/02          0
1

    0018249706                           O            03/01/32
    0

    8276190          405/405             F          431,000.00         ZZ
                                         360        430,143.12          1
                                       6.750          2,795.46         61
                                       6.500          2,795.46
    BONITA           CA   91902          2            02/28/02         00
    0018252213                           05           04/01/02          0
    0018252213                           O            03/01/32
    0

    8276196          405/405             F          340,000.00         ZZ
                                         360        339,427.08          1
                                       6.875          2,233.56         48
                                       6.500          2,233.56
    BERKELEY         CA   94705          5            02/25/02         00
    0018257113                           05           04/01/02          0
    0018257113                           O            03/01/32
    0

    8276210          405/405             F          430,000.00         ZZ
                                         360        429,275.41          1
                                       6.875          2,824.80         49
                                       6.500          2,824.80
    MILL VALLEY      CA   94941          2            02/25/02         00
    0018263111                           05           04/01/02          0
    0018263111                           O            03/01/32
    0

    8276214          405/405             F          468,000.00         ZZ
                                         360        467,249.26          1
                                       7.125          3,153.01         80
                                       6.625          3,153.01
    DUBLIN           CA   94568          1            02/26/02         00
    0018266734                           03           04/01/02          0
    0018266734                           O            03/01/32
    0

    8276216          405/405             F          335,000.00         ZZ
                                         360        334,361.51          1
                                       6.750          2,172.81         79
                                       6.500          2,172.81
    FREMONT          CA   94555          1            02/25/02         00
    0018267856                           05           04/01/02          0
    0018267856                           O            03/01/32
    0

1

    8276236          405/405             F          450,000.00         ZZ
                                         360        448,775.17          1
                                       7.125          3,031.74         34
                                       6.625          3,031.74
    MANHATTAN BEACH  CA   90266          2            02/26/02         00
    0018286609                           05           04/01/02          0
    0018286609                           O            03/01/32
    0

    8276240          405/405             F          367,000.00         ZZ
                                         360        366,381.58          1
                                       6.875          2,410.93         74
                                       6.500          2,410.93
    FOLSOM           CA   95630          2            02/25/02         00
    0018289835                           05           04/01/02          0
    0018289835                           O            03/01/32
    0

    8276250          405/405             F          428,000.00         ZZ
                                         360        427,649.17          1
                                       7.000          2,847.50         80
                                       6.500          2,847.50
    WALNUT CREEK     CA   94596          1            03/04/02         00
    0018308932                           05           05/01/02          0
    0018308932                           O            04/01/32
    0

    8277544          964/G01             F          399,000.00         ZZ
                                         360        398,664.79          1
                                       6.875          2,621.15         79
                                       6.625          2,621.15
    NEWARK           CA   94560          2            03/18/02         00
    0433922291                           05           05/01/02          0
    194272                               O            04/01/32
    0

    8282590          E85/G01             F          367,000.00         ZZ
                                         360        366,411.28          1
                                       7.125          2,472.55         47
                                       6.875          2,472.55
    SONOMA           CA   95476          2            02/14/02         00
    0433894144                           05           04/01/02          0
    9611870                              O            03/01/32
    0

    8284026          470/G01             F          566,050.00         ZZ
                                         360        565,562.64          1
                                       6.750          3,671.39         60
                                       6.500          3,671.39
1

    COTO DE CAZA     CA   92679          1            03/21/02         00
    0433850328                           03           05/01/02          0
    1                                    O            04/01/32
    0

    8284748          E82/G01             F          399,950.00         ZZ
                                         360        399,638.01          1
                                       7.250          2,728.36         64
                                       7.000          2,728.36
    SAN JOSE         CA   95125          5            03/05/02         00
    0400588463                           05           05/01/02          0
    0400588463                           O            04/01/32
    0

    8285780          E22/G01             F          410,319.00         ZZ
                                         360        409,974.29          1
                                       6.875          2,695.50         66
                                       6.625          2,695.50
    MARCO ISLAND     FL   34145          2            03/05/02         00
    0413616236                           05           05/01/02          0
    0413616236                           O            04/01/32
    0

    8285876          E22/G01             F          377,000.00         ZZ
                                         360        376,675.42          1
                                       6.750          2,445.21         48
                                       6.500          2,445.21
    MOUNTAIN VIEW    CA   94040          2            02/28/02         00
    0413703547                           05           05/01/02          0
    0413703547                           O            04/01/32
    0

    8286928          N28/G01             F          420,000.00         ZZ
                                         360        419,664.13          1
                                       7.125          2,829.62         60
                                       6.875          2,829.62
    NEWBERG          OR   97132          5            03/07/02         00
    0433827979                           05           05/01/02          0
    27808                                O            04/01/32
    0

    8289262          R84/G01             F          380,000.00         ZZ
                                         360        379,672.82          1
                                       6.750          2,464.68         57
                                       6.500          2,464.68
    HOUSTON          TX   77005          5            03/14/02         00
    0433870938                           05           05/01/02          0
    0543230                              O            04/01/32
    0
1

    8291144          477/G01             F          399,950.00         ZZ
                                         360        399,645.67          1
                                       7.375          2,762.36         75
                                       7.125          2,762.36
    LIVERMORE        CA   94550          5            03/14/02         00
    0433884103                           05           05/01/02          0
    159354                               O            04/01/32
    0

    8298748          964/G01             F          399,900.00         ZZ
                                         360        399,572.20          1
                                       7.000          2,660.55         80
                                       6.750          2,660.55
    HUNTINGTON BEAC  CA   92646          1            03/06/02         00
    0433932407                           05           05/01/02          0
    195091                               O            04/01/32
    0

    8300182          964/G01             F          324,000.00         ZZ
                                         360        323,721.04          1
                                       6.750          2,101.46         72
                                       6.500          2,101.46
    PORTLAND         OR   97229          2            03/15/02         00
    0433907821                           03           05/01/02          0
    193457                               O            04/01/32
    0

    8302550          M24/G01             F          385,000.00         ZZ
                                         360        384,668.53          1
                                       6.750          2,497.10         58
                                       6.500          2,497.10
    HUNTINGTON BEAC  CA   92649          2            03/15/02         00
    0433872405                           05           05/01/02          0
    201201699                            O            04/01/32
    0

    8302810          H58/G01             F          325,000.00         ZZ
                                         360        324,720.19          1
                                       6.750          2,107.94         53
                                       6.500          2,107.94
    LIVERMORE        CA   94550          1            03/08/02         00
    0433823473                           05           05/01/02          0
    0000090294                           O            04/01/32
    0

    8304878          964/G01             F          372,000.00         ZZ
                                         360        371,687.47          1
1

                                       6.875          2,443.78         80
                                       6.625          2,443.78
    NORTHRIDGE (ARE  CA   91324          2            03/15/02         00
    0433931714                           03           05/01/02          0
    193271                               O            04/01/32
    0

    8305350          964/G01             F          420,000.00         ZZ
                                         360        419,647.15          1
                                       6.875          2,759.10         70
                                       6.625          2,759.10
    DALY CITY        CA   94014          1            03/27/02         00
    0433922754                           05           05/01/02          0
    400193445                            O            04/01/32
    0

    8306936          E23/G01             F          399,900.00         ZZ
                                         360        399,595.71          1
                                       7.375          2,762.01         64
                                       7.125          2,762.01
    WEST COVINA      CA   91791          2            03/15/02         00
    0433832151                           05           05/01/02          0
    51012758                             O            04/01/32
    0

    8307156          E23/G01             F          369,000.00         ZZ
                                         360        368,712.15          1
                                       7.250          2,517.23         56
                                       7.000          2,517.23
    PETALUMA         CA   94952          1            03/12/02         00
    0433838067                           05           05/01/02          0
    62001298                             O            04/01/32
    0

    8310882          E23/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.125          2,964.36         67
                                       6.875          2,964.36
    PANAMA CITY      FL   32408          5            04/25/02         00
    0433994068                           05           06/01/02          0
    51013957                             O            05/01/32
    0
1

   TOTAL NUMBER OF LOANS   :      1,002

   TOTAL ORIGINAL BALANCE  :   413,676,256.92

   TOTAL PRINCIPAL BALANCE :   413,177,925.38

   TOTAL ORIGINAL P+I      :     2,756,443.70

   TOTAL CURRENT P+I       :     2,756,443.70

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                         EXHIBIT TWO
                                SCHEDULE OF DISCOUNT FRACTIONS
                                   (Available Upon Request)

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      6661772         $312,673.05           5.970%             0.5000%         $1,563.37
      6914105         $595,284.80           5.970%             0.5000%         $2,976.42
      6952637         $598,449.46           5.970%             0.5000%         $2,992.25
      6952645         $982,994.29           5.970%             0.5000%         $4,914.97
      6952653         $638,946.29           5.970%             0.5000%         $3,194.73
      6952661         $335,692.22           5.720%             4.6667%        $15,665.64
      6952687         $362,819.61           5.595%             6.7500%        $24,490.32
      6952691         $638,946.29           5.970%             0.5000%         $3,194.73
      6952705         $475,784.92           5.845%             2.5833%        $12,291.11
      6952707         $603,922.66           5.595%             6.7500%        $40,764.78
      6952713         $632,792.21           5.720%             4.6667%        $29,530.30
      6952719         $493,215.45           5.970%             0.5000%         $2,466.08
      6952743         $393,528.57           5.845%             2.5833%        $10,166.15
      6952745         $638,712.33           5.720%             4.6667%        $29,806.58
      6952755         $418,038.39           5.720%             4.6667%        $19,508.46
      6952757         $578,222.35           5.970%             0.5000%         $2,891.11
      6952761         $587,419.55           5.970%             0.5000%         $2,937.10
      6952779         $386,180.69           5.845%             2.5833%         $9,976.33
      6952789         $418,660.69           5.845%             2.5833%        $10,815.40
      6952829         $396,223.83           5.970%             0.5000%         $1,981.12
      6952841         $429,034.90           5.845%             2.5833%        $11,083.40
      6952845         $627,040.43           5.970%             0.5000%         $3,135.20
      6952853         $507,863.22           5.720%             4.6667%        $23,700.28
      6952855         $417,165.28           5.970%             0.5000%         $2,085.83
      6953477         $926,802.13           5.720%             4.6667%        $43,250.77
      7010267         $397,657.00           5.970%             0.5000%         $1,988.29
      7040619         $423,370.16           5.970%             0.5000%         $2,116.85
      7064787         $440,000.00           5.970%             0.5000%         $2,200.00
      7101023         $382,500.00           5.970%             0.5000%         $1,912.50
      7107481         $368,992.62           5.970%             0.5000%         $1,844.96
      7107509         $377,407.82           5.845%             2.5833%         $9,749.70
      7107513         $332,391.49           5.970%             0.5000%         $1,661.96
      7142863         $399,950.00           5.970%             0.5000%         $1,999.75
      7210947         $595,950.40           5.970%             0.5000%         $2,979.75
      7210949         $447,058.71           5.970%             0.5000%         $2,235.29
      7210953         $450,339.09           5.970%             0.5000%         $2,251.70
      7210959         $491,445.75           5.970%             0.5000%         $2,457.23
      7210961         $432,126.10           5.970%             0.5000%         $2,160.63
      7210963         $332,047.57           5.970%             0.5000%         $1,660.24
      7210965         $317,863.12           5.970%             0.5000%         $1,589.32
      7210975         $352,679.65           5.970%             0.5000%         $1,763.40
      7210979         $405,797.83           5.970%             0.5000%         $2,028.99
      7210989         $338,871.13           5.970%             0.5000%         $1,694.36
      7210995         $348,846.95           5.970%             0.5000%         $1,744.23
      7210997         $413,647.47           5.970%             0.5000%         $2,068.24
      7210999         $372,495.86           5.970%             0.5000%         $1,862.48
      7211007         $387,005.97           5.970%             0.5000%         $1,935.03
      7211009         $349,568.89           5.970%             0.5000%         $1,747.84
      7211021         $423,614.87           5.970%             0.5000%         $2,118.07
      7211025         $373,751.25           5.970%             0.5000%         $1,868.76
      7211027         $358,788.27           5.970%             0.5000%         $1,793.94
      7211035         $996,534.44           5.970%             0.5000%         $4,982.67
      7211037         $405,659.17           5.970%             0.5000%         $2,028.30

 Friday, May 17, 2002                                                           Page 1 of 3

      7211047         $395,692.12           5.970%             0.5000%         $1,978.46
      7211051         $169,759.09           5.970%             0.5000%          $848.80
      7219187         $394,638.33           5.720%             4.6667%        $18,416.46
      7222301         $350,046.78           5.970%             0.5000%         $1,750.23
      7222307         $502,303.58           5.970%             0.5000%         $2,511.52
      7222311         $517,432.84           5.970%             0.5000%         $2,587.16
      7222315         $337,148.21           5.970%             0.5000%         $1,685.74
      7222317         $519,283.61           5.970%             0.5000%         $2,596.42
      7222321         $395,677.98           5.970%             0.5000%         $1,978.39
      7222329         $541,172.31           5.970%             0.5000%         $2,705.86
      7222339         $379,731.26           5.970%             0.5000%         $1,898.66
      7222357         $558,115.10           5.970%             0.5000%         $2,790.58
      7222359         $357,621.60           5.970%             0.5000%         $1,788.11
      7222375         $394,197.06           5.970%             0.5000%         $1,970.99
      7222377         $454,497.75           5.970%             0.5000%         $2,272.49
      7222389         $365,787.92           5.970%             0.5000%         $1,828.94
      7222411         $491,340.61           5.970%             0.5000%         $2,456.70
      7222413         $398,653.63           5.970%             0.5000%         $1,993.27
      7229375         $356,795.01           5.970%             0.5000%         $1,783.98
      7272395         $498,317.06           5.970%             0.5000%         $2,491.59
      7274887         $445,744.61           5.970%             0.5000%         $2,228.72
      7274923         $348,783.63           5.595%             6.7500%        $23,542.90
      7274931         $407,976.82           5.970%             0.5000%         $2,039.88
      7274943         $595,950.40           5.970%             0.5000%         $2,979.75
      7274945         $411,081.59           5.720%             4.6667%        $19,183.81
      7274953         $391,489.24           5.845%             2.5833%        $10,113.47
      7301425         $418,000.00           5.970%             0.5000%         $2,090.00
      7313221         $597,936.86           5.720%             4.6667%        $27,903.72
      7320907         $373,737.78           5.970%             0.5000%         $1,868.69
      7333068         $256,272.07           5.970%             0.5000%         $1,281.36
      7422749         $235,800.00           5.970%             0.5000%         $1,179.00
      7457759         $432,339.87           5.970%             0.5000%         $2,161.70
      7457785         $438,519.01           5.970%             0.5000%         $2,192.60
      7457791         $480,377.64           5.970%             0.5000%         $2,401.89
      7457793         $513,266.56           5.970%             0.5000%         $2,566.33
      7477775         $480,733.32           5.970%             0.5000%         $2,403.67
      7477777         $482,927.14           5.970%             0.5000%         $2,414.64
      7477781         $377,407.80           5.845%             2.5833%         $9,749.70
      7477803         $643,282.52           5.845%             2.5833%        $16,618.13
      7477815         $419,172.01           5.845%             2.5833%        $10,828.61
      7477821         $415,675.40           5.970%             0.5000%         $2,078.38
      7477847         $392,247.74           5.595%             6.7500%        $26,476.72
      7477865         $467,613.09           5.970%             0.5000%         $2,338.07
      7503687         $565,589.85           5.970%             0.5000%         $2,827.95
      7506683         $223,545.03           5.970%             0.5000%         $1,117.73
      7514227         $500,000.00           5.970%             0.5000%         $2,500.00
      7525379         $383,704.13           5.970%             0.5000%         $1,918.52
      7564463         $607,990.42           5.970%             0.5000%         $3,039.95
      7564469         $348,834.50           5.970%             0.5000%         $1,744.17
      7564487         $473,435.16           5.970%             0.5000%         $2,367.18
      7564511         $391,410.42           5.970%             0.5000%         $1,957.05
      7564515         $398,127.98           5.970%             0.5000%         $1,990.64
      7564517         $466,441.55           5.970%             0.5000%         $2,332.21
      7564519         $458,750.68           5.970%             0.5000%         $2,293.75
      7564527         $595,033.24           5.970%             0.5000%         $2,975.17
      7564531         $370,000.00           5.970%             0.5000%         $1,850.00
      7564533         $383,731.65           5.970%             0.5000%         $1,918.66

 Friday, May 17, 2002                                                           Page 2 of 3
      7564535         $637,891.58           5.970%             0.5000%         $3,189.46
      7564541         $379,531.93           5.970%             0.5000%         $1,897.66
      7564555         $636,000.00           5.970%             0.5000%         $3,180.00
      7564561         $498,334.99           5.970%             0.5000%         $2,491.68
      7564565         $647,835.50           5.970%             0.5000%         $3,239.18
      7564567         $358,814.01           5.970%             0.5000%         $1,794.07
      7564581         $410,000.00           5.970%             0.5000%         $2,050.00
      7564589         $438,534.79           5.970%             0.5000%         $2,192.67
      7564595         $560,000.00           5.970%             0.5000%         $2,800.00
      7581297         $368,704.78           5.970%             0.5000%         $1,843.52
      7586367         $647,712.51           5.970%             0.5000%         $3,238.56
      7595519         $498,193.95           5.470%             8.8333%        $44,007.13
      7913646         $157,782.72           5.720%             4.6667%         $7,363.19
      7924020         $362,376.16           5.970%             0.5000%         $1,811.88
      8031666         $395,663.74           5.970%             0.5000%         $1,978.32
      8275734         $454,892.57           5.970%             0.5000%         $2,274.46
      8275754         $341,381.09           5.845%             2.5833%         $8,819.01
      8275772         $338,708.06           5.970%             0.5000%         $1,693.54
      8275790         $478,616.90           5.970%             0.5000%         $2,393.08
      8275884         $486,762.73           5.970%             0.5000%         $2,433.81
      8275886         $558,480.63           5.970%             0.5000%         $2,792.40

 Friday, May 17, 2002                                                           Page 3 of 3

</TABLE>

                                             -2-

<PAGE>

                                        EXHIBIT THREE

                                INFORMATION TO BE INCLUDED IN
                             MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
          Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
          Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the Insured  Payment  for such  Distribution  Date,  and the
        respective  portions thereof allocable to principal and interest for the
        Insured Certificates;

               (vii) the amount of any  Certificate  Insurance  Payment  made on
        such Distribution Date, the amount of any reimbursement  payment made to
        the Certificate  Insurer on such  Distribution  Date pursuant to Section
        4.02(a)(xvi)  and the  amount of  Cumulative  Insurance  Payments  after
        giving  effect to any such  Certificate  Insurance  Payment  or any such
        reimbursement payment to the Certificate Insurer;

               (viii) the aggregate  Certificate Principal Balance of each Class
        of Certificates  and the Senior  Percentage,  after giving effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (ix) the related  Subordinate  Principal  Distribution Amount and
          Prepayment Distribution Percentage, if applicable;

               (x) on the basis of the most recent  reports  furnished  to it by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

               (xi) the number,  aggregate  principal  balance and book value of
          any REO Properties;

                                             -1-

<PAGE>

               (xii)  the  aggregate  Accrued  Certificate   Interest  remaining
        unpaid,  if any, for each Class of Certificates,  after giving effect to
        the distribution made on such Distribution Date;

               (xiii)  the  Special  Hazard   Amount,   Fraud  Loss  Amount  and
        Bankruptcy  Amount as of the close of business on such Distribution Date
        and a description of any change in the calculation of such amounts;

               (xiv) the weighted average Pool Strip Rate for such  Distribution
        Date  and  the  Pass-  Through  Rate  with  respect  to  the  Class  A-V
        Certificates and each Subclass, if any, thereof;

               (xv) the  Notional  Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xvi)  the occurrence of the Credit Support Depletion Date;

               (xvii) the related  Senior  Accelerated  Distribution  Percentage
          applicable to such distribution;

               (xviii)the related Senior Percentage for such Distribution Date;

               (xix)  the   aggregate   amount  of  Realized   Losses  for  such
          Distribution Date;

               (xx)  the  aggregate  amount  of  any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xxi) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date;

               (xxii) the weighted  average Mortgage Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

               (xxiii)  the  amount  of  Reserve  Fund   Withdrawals   for  such
          Distribution Date; and

               (xxiv)  the  amount  of  Rounding  Account  withdrawals  for such
          Distribution Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                             -2-

<PAGE>

                                         EXHIBIT FOUR

                           STANDARD TERMS OF POOLING AND SERVICING
                              AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                       Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
       Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII

                                              ii

<PAGE>

                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103

                                             iii

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105
</TABLE>

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter

Exhibit K: Text of  Amendment  to Pooling and  Servicing  Agreement  Pursuant to
     Section 11.01(e) for a Limited Guaranty

Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

                                              iv

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

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

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

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

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

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
 Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

     Assignment: An assignment of the Mortgage, notice of transfer or equivalent
instrument,  in recordable  form,  sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x),  inclusive,  of Section 3.10(a). Such amount
shall be determined separately for each Loan Group.  Additionally,  with respect
to any Mortgage  Pool that is  comprised  of two or more Loan Groups,  if on any
Distribution Date Compensating  Interest provided pursuant to Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  and  Curtailments  made in the prior  calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

                                              5

<PAGE>

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

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

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

                                              6

<PAGE>

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

                                              7

<PAGE>

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                              8

<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                              9

<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

                                              10

<PAGE>

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.   by any government or sovereign  power,  de jure or de facto,
                    or by any authority maintaining or using military,  naval or
                    air forces; or

               2.     by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;

                                              11

<PAGE>

     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

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

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

                                              12

<PAGE>

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

                                              13

<PAGE>

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

     MLCC: Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

                                              14

<PAGE>

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

                                              15

<PAGE>

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash Liquidation or REO

                                              16

<PAGE>

Disposition  and which was not purchased,  deleted or  substituted  for prior to
such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  dollars  of any  U.S.  depository  institution  or trust
        company  incorporated  under the laws of the United  States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust company;  provided that the debt  obligations  of such  depository
        institution  or trust company (or, if the only Rating Agency is Standard
        &  Poor's,  in the case of the  principal  depository  institution  in a
        depository   institution  holding  company,   debt  obligations  of  the
        depository  institution  holding  company)  at the  date of  acquisition
        thereof have been rated by each Rating Agency in its highest  short-term
        rating  available;  and provided further that, if the only Rating Agency
        is  Standard  &  Poor's  and if the  depository  or trust  company  is a
        principal  subsidiary of a bank holding company and the debt obligations
        of such subsidiary are not separately rated, the applicable rating shall
        be that of the bank holding company;  and, provided further that, if the
        original maturity of such short-term obligations

                                              17

<PAGE>

        of a  domestic  branch  of a  foreign  depository  institution  or trust
        company shall exceed 30 days, the short-term  rating of such institution
        shall be A-1+ in the case of  Standard & Poor's if  Standard & Poor's is
        the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or

                                              18

<PAGE>

description  pledged by  Combined  Collateral  LLC as security in respect of any
Realized  Losses in connection  with such Mortgage Loan up to the Pledged Amount
for such Mortgage Loan, and any related collateral,  or such other collateral as
may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

                                              19

<PAGE>

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

                                              20

<PAGE>

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

               (a)  as to  which  a  Cash  Liquidation  or REO  Disposition  has
                    occurred,  an amount  (not less than zero)  equal to (i) the
                    Stated  Principal  Balance  of the  Mortgage  Loan  (or  REO
                    Property)  as  of  the  date  of  Cash  Liquidation  or  REO
                    Disposition,  plus (ii) interest (and REO Imputed  Interest,
                    if any) at the Net  Mortgage  Rate  from  the Due Date as to
                    which    interest    was   last   paid   or    advanced   to
                    Certificateholders  up to the Due  Date  in the  Due  Period
                    related to the Distribution Date on which such Realized Loss
                    will be  allocated  pursuant  to Section  4.05 on the Stated
                    Principal  Balance of such  Mortgage  Loan (or REO Property)
                    outstanding  during each Due Period that such  interest  was
                    not paid or  advanced,  minus  (iii) the  proceeds,  if any,
                    received during the month in which such Cash Liquidation (or
                    REO  Disposition)   occurred,   to  the  extent  applied  as
                    recoveries  of  interest  at the Net  Mortgage  Rate  and to
                    principal of the Mortgage Loan,  net of the portion  thereof
                    reimbursable to the Master Servicer or any Subservicer  with
                    respect  to related  Advances  or  expenses  as to which the
                    Master Servicer or Subservicer is entitled to  reimbursement
                    thereunder but which have not been previously reimbursed,

                                              21

<PAGE>

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

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

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

                                              22

<PAGE>

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

                                              23

<PAGE>

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50%

                                              24

<PAGE>

        or (Y) the outstanding principal balance of Mortgage Loans delinquent 60
        days or more averaged  over the last six months,  as a percentage of the
        aggregate  outstanding  principal balance of all Mortgage Loans averaged
        over the last six months,  does not exceed 2% and (2) Realized Losses on
        the  Mortgage  Loans  to date for such  Distribution  Date if  occurring
        during  the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
        thereafter)  after the Closing Date are less than 30%,  35%, 40%, 45% or
        50%,  respectively,  of the  sum of the  Initial  Certificate  Principal
        Balances of the Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

                                              25

<PAGE>

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case

                                              26

<PAGE>

which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation,

                                              27

<PAGE>

the Addendum and Assignment  Agreement,  dated as of November 24, 1998,  between
the Master  Servicer and GMAC  Mortgage  Corporation,  as such  agreement may be
amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                              28

<PAGE>

               the  liquidation  of  Additional  Collateral  for any  Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

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

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

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

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

                                              29

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                                              30

<PAGE>

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                    (iv) The original  recognition  agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v)    The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative  Loan  as  secured  party,   each  with  evidence  of
               recording  thereof,  evidencing  the  interest of the  originator
               under the Security  Agreement and the  Assignment of  Proprietary
               Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee as assignee and a

                                              31

<PAGE>

               duly completed UCC-1 financing  statement  showing the Company as
               debtor  and  the  Trustee  as  secured  party,  each  in  a  form
               sufficient for filing, evidencing the interest of such debtors in
               the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation

                                              32

<PAGE>

statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction;

                                              33

<PAGE>

(b) the  conveyance  provided  for in  Section  2.01  shall be deemed to be, and
hereby is, (1) a grant by the Company to the  Trustee of a security  interest in
all of the Company's right (including the power to convey title thereto),  title
and  interest,  whether now owned or hereafter  acquired,  in and to any and all
general intangibles, payment intangibles,  accounts, chattel paper, instruments,
documents,  money, deposit accounts,  certificates of deposit, goods, letters of
credit, advices of credit and investment property and other property of whatever
kind or description  now existing or hereafter  acquired  consisting of, arising
from or relating to any of the following:  (A) the Mortgage Loans, including (i)
with respect to each  Cooperative  Loan,  the related  Mortgage  Note,  Security
Agreement,  Assignment of Proprietary  Lease,  Cooperative Stock Certificate and
Cooperative  Lease,  (ii)  with  respect  to each  Mortgage  Loan  other  than a
Cooperative  Loan,  the  related  Mortgage  Note and  Mortgage,  and  (iii)  any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements as may be occasioned

                                              34

<PAGE>

by (1) any change of name of  Residential  Funding,  the  Company or the Trustee
(such  preparation  and  filing  shall  be at the  expense  of the  Trustee,  if
occasioned by a change in the Trustee's name), (2) any change of location of the
place of business or the chief  executive  office of Residential  Funding or the
Company,  (3) any transfer of any interest of Residential Funding or the Company
in any Mortgage Loan or (4) any transfer of any interest of Residential  Funding
or the Company in any Uncertificated REMIC Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company, or any other person in

                                              35

<PAGE>

connection with the Pledged Assets or under any agreement or instrument relating
thereto,  including any obligation to the Mortgagor,  other than as owner of the
Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account maintained by it pursuant to Section 3.07

                                              36

<PAGE>

and, upon receipt by the Trustee of written  notification of such deposit signed
by a Servicing Officer, the Trustee or any Custodian,  as the case may be, shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee or the  Subservicer or its designee,  as the case may
be, any Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan
shall not be part of the Trust Fund. In  furtherance  of the  foregoing,  if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS
and the Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at
its own  expense and  without  any right of  reimbursement,  shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the  Mortgage  from MERS to such  Subservicer  or Seller  and shall  cause  such
Mortgage to be removed from  registration  on the MERS(R)  System in  accordance
with  MERS'  rules  and  regulations.  It is  understood  and  agreed  that  the
obligation of the Seller or the  Subservicer,  as the case may be, to so cure or
purchase  any  Mortgage  Loan as to which a material  and  adverse  defect in or
omission of a  constituent  document  exists  shall  constitute  the sole remedy
respecting  such  defect or  omission  available  to  Certificateholders  or the
Trustee on behalf of the Certificateholders.

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

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                                              37

<PAGE>

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) No litigation is pending or, to the best of the Master
               Servicer's  knowledge,  threatened  against  the Master  Servicer
               which  would   prohibit  its  entering  into  this  Agreement  or
               performing its obligations under this Agreement;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master

                                              38

<PAGE>

Servicer  to cure  such  breach  or to so  purchase  such  Mortgage  Loan  shall
constitute  the sole  remedy  in  respect  of a breach of a  representation  and
warranty set forth in this Section 2.03(a)  available to the  Certificateholders
or the Trustee on behalf of the Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment  of the Mortgage in recordable  form if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage

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<PAGE>

Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage  Loan  Schedule,  and,  if the  Deleted  Mortgage  Loan was a  Discount
Mortgage Loan, the amended Schedule of Discount Fractions,  to the Trustee. Upon
such  substitution,  the  Qualified  Substitute  Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all   respects,   the  related   Seller   shall  be  deemed  to  have  made  the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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<PAGE>

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

               As provided in Section 2.05 of the Series Supplement.

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

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

        (b)    to enter into and perform its obligations under this Agreement;

     (c)  to  engage  in  those  activities  that  are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and

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<PAGE>

authority,  acting alone or through Subservicers as provided in Section 3.02, to
do any and all things which it may deem  necessary  or  desirable in  connection
with such servicing and  administration.  Without limiting the generality of the
foregoing,  the Master  Servicer in its own name or in the name of a Subservicer
is hereby  authorized  and empowered by the Trustee when the Master  Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment,  to execute and deliver, on behalf of the  Certificateholders  and the
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of  partial or full  release or  discharge,  or of consent to  assumption  or
modification in connection with a proposed  conveyance,  or of assignment of any
Mortgage and Mortgage Note in connection  with the repurchase of a Mortgage Loan
and all other  comparable  instruments,  or with respect to the  modification or
re-recording  of a Mortgage  for the purpose of  correcting  the  Mortgage,  the
subordination  of the lien of the Mortgage in favor of a public utility  company
or government agency or unit with powers of eminent domain, the taking of a deed
in lieu of foreclosure, the commencement,  prosecution or completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage  Loans and with  respect to the  Mortgaged  Properties.  The Master
Servicer  further is authorized  and empowered by the Trustee,  on behalf of the
Certificateholders  and  the  Trustee,  in its own  name  or in the  name of the
Subservicer,  when the Master Servicer or the  Subservicer,  as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on
the MERS(R) System,  or cause the removal from the  registration of any Mortgage
Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and
the Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re- recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors  and assigns.  Any expenses  incurred in connection  with the actions
described in the  preceding  sentence  shall be borne by the Master  Servicer in
accordance with Section 3.16(c), with no right of reimbursement;  provided, that
if, as a result of MERS discontinuing or becoming unable to continue  operations
in connection with the MERS System,  it becomes necessary to remove any Mortgage
Loan from  registration  on the MERS System and to arrange for the assignment of
the  related  Mortgages  to the  Trustee,  then any  related  expenses  shall be
reimbursable to the Master Servicer.  Notwithstanding the foregoing,  subject to
Section  3.07(a),  the Master  Servicer shall not permit any  modification  with
respect to any  Mortgage  Loan that would both  constitute a sale or exchange of
such  Mortgage  Loan  within the  meaning  of  Section  1001 of the Code and any
proposed,  temporary or final regulations  promulgated thereunder (other than in
connection  with a proposed  conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any REMIC formed under the Series  Supplement  to fail to qualify as a
REMIC under the Code.  The Trustee  shall  furnish the Master  Servicer with any
powers of attorney and other  documents  necessary or  appropriate to enable the
Master Servicer to service and administer the Mortgage Loans.  The Trustee shall
not be liable for any action  taken by the Master  Servicer  or any  Subservicer
pursuant  to such  powers  of  attorney.  In  servicing  and  administering  any
Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable compensation therefor in

                                              42

<PAGE>

accordance  with Section 3.10 and (ii) may, at its own  discretion and on behalf
of the Trustee, obtain credit information in the form of a "credit score" from a
credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

          Section 3.02  Subservicing  Agreements  Between  Master  Servicer  and
               Subservicers;   Enforcement   of   Subservicers'   and   Sellers'
               Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable efforts to enforce the obligations of

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<PAGE>

each  Subservicer  under the related  Subservicing  Agreement and of each Seller
under the  related  Seller's  Agreement  insofar as the  Company's  rights  with
respect to such  obligation has been assigned to the Trustee  hereunder,  to the
extent that the  non-performance  of any such Seller's  obligation  would have a
material and adverse effect on a Mortgage Loan,  including,  without limitation,
the   obligation   to  purchase  a  Mortgage   Loan  on  account  of   defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  and the pursuit
of other appropriate remedies,  shall be in such form and carried out to such an
extent and at such time as the Master  Servicer  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and

                                              44

<PAGE>

conditions as if the Master Servicer alone were servicing and  administering the
Mortgage  Loans.  The  Master  Servicer  shall be  entitled  to  enter  into any
agreement  with a  Subservicer  or  Seller  for  indemnification  of the  Master
Servicer  and nothing  contained in this  Agreement  shall be deemed to limit or
modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver or

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<PAGE>

extension will not impair the coverage of any related Primary  Insurance  Policy
or materially adversely affect the lien of the related Mortgage. In the event of
any such  arrangement,  the Master  Servicer  shall make timely  advances on the
related  Mortgage  Loan  during  the  scheduled  period in  accordance  with the
amortization  schedule of such  Mortgage  Loan without  modification  thereof by
reason of such  arrangements  unless  otherwise  agreed to by the Holders of the
Classes  of  Certificates  affected  thereby;  provided,  however,  that no such
extension shall be made if any such advance would be a  Nonrecoverable  Advance.
Consistent with the terms of this Agreement, the Master Servicer may also waive,
modify or vary any term of any Mortgage Loan or consent to the  postponement  of
strict  compliance  with any such term or in any manner grant  indulgence to any
Mortgagor if in the Master Servicer's  determination such waiver,  modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

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

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

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

                                              46

<PAGE>

                    (iii) Insurance  Proceeds and  Liquidation  Proceeds (net of
               any related expenses of the Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall mature not later than the Certificate Account Deposit Date next

                                              47

<PAGE>

following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following

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<PAGE>

month.  Any amounts paid by a  Subservicer  pursuant to the  preceding  sentence
shall  be for  the  benefit  of the  Master  Servicer  as  additional  servicing
compensation  and shall be subject to its  withdrawal or order from time to time
pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

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<PAGE>

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property acquired in respect thereof that has been purchased or

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<PAGE>

               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided in  subsection  (c) below,  any Advance  made in
               connection  with a  modification  of a  Mortgage  Loan that is in
               default or, in the  judgment of the Master  Servicer,  default is
               reasonably foreseeable pursuant to Section 3.07(a), to the extent
               the  amount  of the  Advance  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   or  any  Advance
               reimbursable to the Master Servicer pursuant to Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss

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<PAGE>

which,  but for the actions of the Master  Servicer or  Subservicer,  would have
been  covered  thereunder.  To the  extent  coverage  is  available,  the Master
Servicer  shall  keep or cause to be kept in full  force  and  effect  each such
Primary  Insurance  Policy until the principal  balance of the related  Mortgage
Loan secured by a Mortgaged  Property is reduced to 80% or less of the Appraised
Value in the  case of such a  Mortgage  Loan  having  a  Loan-to-Value  Ratio at
origination in excess of 80%, provided that such Primary Insurance Policy was in
place as of the  Cut-off  Date and the  Company had  knowledge  of such  Primary
Insurance Policy.  The Master Servicer shall be entitled to cancel or permit the
discontinuation  of any Primary Insurance Policy as to any Mortgage Loan, if the
Stated  Principal  Balance of the Mortgage Loan is reduced below an amount equal
to 80% of the appraised value of the related Mortgaged Property as determined in
any appraisal thereof after the Closing Date, or if the  Loan-to-Value  Ratio is
reduced  below 80% as a result of principal  payments on the Mortgage Loan after
the Closing Date. In the event that the Company gains  knowledge  that as of the
Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess
of 80% and is not  the  subject  of a  Primary  Insurance  Policy  (and  was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.

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<PAGE>

The Master Servicer shall also cause to be maintained on property  acquired upon
foreclosure,  or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative  Loan),  fire insurance with extended coverage in an amount which is
at  least  equal  to the  amount  necessary  to  avoid  the  application  of any
co-insurance  clause contained in the related hazard insurance policy.  Pursuant
to Section 3.07,  any amounts  collected by the Master  Servicer  under any such
policies  (other than amounts to be applied to the  restoration or repair of the
related Mortgaged  Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Master Servicer's normal servicing  procedures)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10. Any cost incurred by the Master  Servicer in maintaining  any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that

                                              53

<PAGE>

any such bond or policy ceases to be in effect, the Master Servicer shall obtain
a comparable  replacement bond or policy from an issuer or insurer,  as the case
may be, meeting the requirements, if any, of the Program Guide and acceptable to
the Company.  Coverage of the Master Servicer under a policy or bond obtained by
an Affiliate of the Master Servicer and providing the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the

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<PAGE>

assumption  or transfer (A) the Mortgage  Loan will  continue to be secured by a
first mortgage lien pursuant to the terms of the Mortgage,  (B) such transaction
will not adversely  affect the coverage under any Required  Insurance  Policies,
(C) the Mortgage Loan will fully amortize over the remaining  term thereof,  (D)
no material  term of the  Mortgage  Loan  (including  the  interest  rate on the
Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed
and (E) if the  seller/transferor  of the  Mortgaged  Property is to be released
from liability on the Mortgage Loan,  such release will not (based on the Master
Servicer's  or  Subservicer's  good faith  determination)  adversely  affect the
collectability  of the Mortgage Loan.  Upon receipt of appropriate  instructions
from the Master  Servicer in accordance  with the  foregoing,  the Trustee shall
execute  any  necessary  instruments  for such  assumption  or  substitution  of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct  copies of the assumption  agreement,  the release
(if any), or the  modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the  Custodian  and  deposited  with the Mortgage
File for such Mortgage  Loan.  Any fee collected by the Master  Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

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        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations under the Credit Support Pledge

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<PAGE>

Agreement in accordance  with such Agreement and in a manner that is in the best
interests of the Certificateholders.  Further, the Master Servicer shall use its
best  reasonable  efforts to  realize  upon any  Pledged  Assets for such of the
Pledged  Asset  Loans as come into and  continue  in default  and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee,  obtain  title to any such  Pledged  Assets as a result of or in
lieu of the disposition thereof or otherwise;  and provided further that (i) the
Master  Servicer  shall not proceed with  respect to such Pledged  Assets in any
manner that would  impair the ability to recover  against the related  Mortgaged
Property, and (ii) the Master Servicer shall proceed with any REO Acquisition in
a manner that preserves the ability to apply the proceeds of such Pledged Assets
against  amounts owed under the defaulted  Mortgage Loan. Any proceeds  realized
from such Pledged  Assets (other than amounts to be released to the Mortgagor or
the related  guarantor in accordance  with  procedures  that the Master Servicer
would follow in servicing  loans held for its own account,  subject to the terms
and  conditions  of the related  Mortgage and Mortgage Note and to the terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

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<PAGE>

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and

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unpaid interest on the Mortgage Loan, and any related REO Imputed  Interest,  at
the Net  Mortgage  Rate  (or the  Modified  Net  Mortgage  Rate in the case of a
Modified  Mortgage Loan) to the Due Date prior to the Distribution Date on which
such  amounts  are to be  distributed;  third,  to the  Certificateholders  as a
recovery of principal on the Mortgage Loan (or REO  Property)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession

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<PAGE>

of all, or any document  constituting  part of, the Mortgage File be released to
the Master  Servicer and  certifying  as to the reason for such release and that
such release will not invalidate any insurance  coverage  provided in respect of
the  Mortgage  Loan under any  Required  Insurance  Policy.  Upon receipt of the
foregoing,  the Trustee shall  deliver,  or cause the Custodian to deliver,  the
Mortgage  File or any  document  therein  to the  Master  Servicer.  The  Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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<PAGE>

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material  obligations relating
to this Agreement in all material  respects  throughout  such year, or, if there
has been material  noncompliance  with such servicing  standards or a default in
the fulfillment in all material respects of any such obligation relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee. The

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Company shall not have any responsibility or liability for any action or failure
to act by the Master  Servicer and is not obligated to supervise the performance
of the Master Servicer under this Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section

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9.01 and (v) all other amounts  constituting the Available  Distribution  Amount
for the immediately succeeding Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

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

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

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applicable  portion  thereof  during which such Person was a  Certificateholder.
Such obligation of the Master Servicer shall be deemed to have been satisfied to
the extent that  substantially  comparable  information shall be provided by the
Master Servicer pursuant to any requirements of the Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

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

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

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the

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Certificate  Account  on or  before  11:00  A.M.  New  York  time on any  future
Certificate  Account  Deposit Date to the extent that funds  attributable to the
Mortgage  Loans that are available in the  Custodial  Account for deposit in the
Certificate  Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date.  The  Master  Servicer  shall be  entitled  to use any  Advance  made by a
Subservicer  as  described  in Section  3.07(b)  that has been  deposited in the
Custodial  Account on or before  such  Distribution  Date as part of the Advance
made by the Master  Servicer  pursuant to this Section  4.04.  The amount of any
reimbursement  pursuant to Section 4.02(a) in respect of outstanding Advances on
any  Distribution  Date shall be allocated to specific  Monthly Payments due but
delinquent  for previous Due Periods,  which  allocation  shall be made,  to the
extent  practicable,  to Monthly  Payments  which have been  delinquent  for the
longest  period of time.  Such  allocations  shall be conclusive for purposes of
reimbursement  to the Master Servicer from recoveries on related  Mortgage Loans
pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and

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6050P,  respectively,  of the Code,  and  deliver to the  Trustee  an  Officers'
Certificate  on or before  March 31 of each year  stating that such reports have
been filed.  Such reports shall be in form and substance  sufficient to meet the
reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed inconsistent if they

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are made with respect to different Certificate Owners. The Trustee may establish
a reasonable  record date in connection with  solicitations  of consents from or
voting by  Certificateholders  and shall give notice to the  Depository  of such
record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;

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provided,  however,  that such  representation  letters  will not be required in
connection  with any  transfer  of any such  Certificate  by the  Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively  rely upon a representation  (which,  upon the
request of the Trustee, shall be a written  representation) from the Company, of
the  status  of such  transferee  as an  Affiliate  of the  Company  or (ii) the
prospective  transferee of such a  Certificate  shall be required to provide the
Trustee,  the  Company  and  the  Master  Servicer  with  an  investment  letter
substantially  in the form of Exhibit J  attached  hereto (or such other form as
the Company in its sole discretion deems  acceptable),  which investment  letter
shall not be an expense of the Trustee, the Company or the Master Servicer,  and
which investment letter states that, among other things,  such transferee (A) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the  accounts of other  "qualified  institutional  buyers" as defined
under Rule 144A, and (B) is aware that the proposed  transferor  intends to rely
on the exemption  from  registration  requirements  under the  Securities Act of
1933,  as  amended,  provided by Rule 144A.  The Holder of any such  Certificate
desiring to effect any such transfer,  sale, pledge or other disposition  shall,
and does  hereby  agree to,  indemnify  the  Trustee,  the  Company,  the Master
Servicer and the Certificate  Registrar against any liability that may result if
the transfer,  sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or paragraph  fourteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such Certificate (or interest

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<PAGE>

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

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from the proposed Transferee, in form

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                      and  substance   satisfactory  to  the  Master   Servicer,
                      representing and warranting,  among other things,  that it
                      is a Permitted  Transferee,  that it is not  acquiring its
                      Ownership  Interest in the Class R Certificate that is the
                      subject of the proposed Transfer as a nominee,  trustee or
                      agent for any  Person who is not a  Permitted  Transferee,
                      that for so long as it retains its Ownership Interest in a
                      Class  R  Certificate,   it  will  endeavor  to  remain  a
                      Permitted  Transferee,   and  that  it  has  reviewed  the
                      provisions of this Section  5.02(f) and agrees to be bound
                      by them,  and  (II) a  certificate,  in the form  attached
                      hereto as Exhibit G-2, from the Holder wishing to transfer
                      the   Class  R   Certificate,   in  form   and   substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that no purpose of the
                      proposed   Transfer  is  to  impede  the   assessment   or
                      collection of tax.

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive

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<PAGE>

               to the date of  registration  of such  Transfer  of such  Class R
               Certificate.  If a Non-United States Person shall become a holder
               of a Class R Certificate,  then the last preceding  United States
               Person shall be restored,  to the extent permitted by law, to all
               rights and obligations as Holder thereof  retroactive to the date
               of registration of such Transfer of such Class R Certificate.  If
               a transfer of a Class R Certificate  is  disregarded  pursuant to
               the  provisions  of  Treasury  Regulations  Section  1.860E-1  or
               Section 1.860G-3,  then the last preceding  Permitted  Transferee
               shall be restored,  to the extent permitted by law, to all rights
               and  obligations  as Holder  thereof  retroactive  to the date of
               registration  of such Transfer of such Class R  Certificate.  The
               Trustee  shall  be  under  no  liability  to any  Person  for any
               registration of Transfer of a Class R Certificate that is in fact
               not permitted by this Section  5.02(f) or for making any payments
               due on such  Certificate  to the holder thereof or for taking any
               other action with respect to such holder under the  provisions of
               this Agreement.

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

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<PAGE>

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate issued pursuant to this Section

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<PAGE>

shall constitute  complete and  indefeasible  evidence of ownership in the Trust
Fund,  as if  originally  issued,  whether or not the lost,  stolen or destroyed
Certificate shall be found at any time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

          Section 6.02  Merger or  Consolidation  of the  Company  or the Master
               Servicer; Assignment of Rights and Delegation of Duties by Master
               Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

          Section 6.03  Limitation  on  Liability  of the  Company,  the  Master
               Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,

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               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:

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                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

          Section 8.05  Master  Servicer  to Pay  Trustee's  Fees and  Expenses;
               Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee  therein  designated or, in the case of the
               purchase by the Master Servicer of the outstanding  Certificates,
               the Distribution Date on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution  Date  is not  applicable,  and in the  case  of the
               Senior  Certificates and Class M Certificates,  that payment will
               be made only upon  presentation and surrender of the Certificates
               at the office or agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the case of the  Senior,  Class M or Class B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have

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been surrendered for cancellation,  the Trustee shall pay to the Master Servicer
all amounts  distributable  to the holders thereof and the Master Servicer shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the  failure of each such REMIC to comply with the  requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

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                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax

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matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the status of each REMIC as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d)

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of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such reimbursement the aggregate of such taxes shall be

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allocated  in  reduction  of the  Accrued  Certificate  Interest  on each  Class
entitled  thereto in the same manner as if such taxes  constituted  a Prepayment
Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify the Trust Fund against such tax, cause such REMIC

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to be subject to a tax on "prohibited  transactions" or "contributions" pursuant
to the REMIC Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,

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                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates

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evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each  Class of  Certificates  affected  thereby  for the  purpose  of adding any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any

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Certificateholder  and without the consent of the Master Servicer or the Trustee
being required unless any such amendment would impose any additional  obligation
on,   or   otherwise    adversely   affect   the   interests   of   the   Senior
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions  after the startup date" under Section  860G(d)(1) of the Code
and (b) any REMIC  created  hereunder  to fail to qualify as a REMIC at any time
that any  Certificate  is  outstanding.  In the event that the Company elects to
provide  such  coverage  in the form of a limited  guaranty  provided by General
Motors  Acceptance  Corporation,  the  Company  may elect  that the text of such
amendment to this Agreement shall be  substantially  in the form attached hereto
as Exhibit K (in which case Residential Funding's  Subordinate  Certificate Loss
Obligation  as described in such exhibit  shall be  established  by  Residential
Funding's  consent to such  amendment)  and that the limited  guaranty  shall be
executed  in the form  attached  hereto as Exhibit  K, with such  changes as the
Company shall deem to be appropriate;  it being  understood that the Trustee has
reviewed and approved the content of such forms and that the  Trustee's  consent
or approval to the use thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or

                                             102

<PAGE>

members  of an  association;  nor  shall  any  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

        (a)    a material change or amendment to this Agreement,

        (b)    the occurrence of an Event of Default,

                                             103

<PAGE>

     (c) the  termination  or  appointment  of a  successor  Master  Servicer or
Trustee or a change in the majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

     (e) the statement  required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03,

     (f) the statements  required to be delivered  pursuant to Sections 3.18 and
3.19,

     (g) a change in the location of the  Custodial  Account or the  Certificate
Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i)    the occurrence of the Final Distribution Date, and

        (j)    the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective interests would not be materially adversely affected

                                             104

<PAGE>

thereby. To the extent that the terms of the Supplemental  Article do not in any
way  affect  any  provisions  of this  Agreement  as to any of the  Certificates
initially issued hereunder,  the adoption of the Supplemental  Article shall not
constitute an "amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             105

<PAGE>

                                          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.]

<PAGE>

<TABLE>
<CAPTION>

<S>                                             <C>
Certificate No. [____]                          [____]% [Adjustable] [Variable] Pass-Through
                                                Rate [based on a Notional Amount]
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Interest Only/Class A-V] [Notional
[______________]                                Amount] [Subclass Notional Amount] of the
                                                Class [A-___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
[______________]                                [Interest Only/Class A-V] [Subclass] [Notional
                                                Amount] of this Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]

</TABLE>

                              MORTGAGE 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 FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, 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  funding  mortgage
securities I, 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

<PAGE>

A-v]  certificates],  both as specified  above)] in certain  distributions  with
respect to the trust  fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"mortgage loans"), formed and sold by residential funding mortgage securities I,
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
series  supplement,  dated as specified  above, to the standard terms of pooling
and servicing agreement dated as of ________________ (together, the "pooling and
servicing  agreement" or 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.]

        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] 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  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

<PAGE>

event master servicer funds are advanced with respect to any mortgage loan, such
advance is  reimbursable to the master  servicer,  to the extent provided in the
agreement, from related recoveries on such mortgage loan or from other cash that
would have been distributable to certificateholders.

        As provided in the  agreement,  withdrawals  from the custodial  account
and/or the certificate account created for the benefit of certificateholders may
be made by the  master  servicer  from  time to time  for  purposes  other  than
distributions to certificateholders,  such purposes including without limitation
reimbursement  to the company  and the master  servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The agreement permits,  with certain  exceptions  therein provided,  the
amendment of the agreement and the modification of the rights and obligations of
the  company,  the  master  servicer  and  the  trustee  and the  rights  of the
certificateholders  under the  agreement at any time by the company,  the master
servicer  and the  trustee  with the  consent  of the  holders  of  certificates
evidencing  in the aggregate  not less than 66% of the  percentage  interests of
each class of certificates  affected thereby.  Any such consent by the holder of
this  certificate  shall be  conclusive  and binding on such holder and upon all
future  holders  of this  certificate  and of any  certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  certificate.  The  agreement  also permits the
amendment thereof in certain circumstances without the consent of the holders of
any of the certificates and, in certain  additional  circumstances,  without the
consent of the holders of certain  classes of  certificates.  As provided in the
agreement and subject to certain  limitations therein set forth, the transfer of
this  certificate is registrable in the  certificate  register upon surrender of
this  certificate  for  registration  of  transfer  at the  offices or  agencies
appointed by the trustee in the city and state of New York, duly endorsed by, or
accompanied  by an assignment  in the form below or other written  instrument of
transfer in form satisfactory to the trustee and the certificate  registrar duly
executed by the holder  hereof or such  holder's  attorney  duly  authorized  in
writing, and thereupon one or more new certificates of authorized  denominations
evidencing  the same class and aggregate  percentage  interest will be issued to
the designated transferee or transferees.

        The  certificates are issuable only as registered  certificates  without
coupons in classes and in denominations  specified in the agreement. As provided
in  the  agreement  and  subject  to  certain  limitations  therein  set  forth,
certificates are  exchangeable for new certificates of authorized  denominations
evidencing the same Class and aggregate percentage interest, as requested by the
holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  company,  the master  servicer,  the  trustee  and the  certificate
registrar and any agent of the company, the master servicer,  the trustee or the
certificate  registrar  may treat the person in whose name this  certificate  is
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:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   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
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.

        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
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").

<PAGE>

        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF 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>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class M Certificates:
Cut-off Date:                                   $_______________
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]

</TABLE>

                              MORTGAGE 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 FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, 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  Funding  Mortgage
Securities I, 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 Funding Mortgage Securities I, 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 Series
Supplement, dated as specified above, to the Standard Terms of Pooling and

<PAGE>

Servicing  Agreement dated as of  ________________  (together,  the "Pooling and
Servicing  Agreement" or 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 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, 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 a Plan Investor,  (B) it
has acquired and is holding this  Certificate  in reliance on the RFC  Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption  including that this 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) the transferee is a Complying  Insurance Company. 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  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

<PAGE>

        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.

        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

<PAGE>

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:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   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
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.

<PAGE>

<TABLE>
<CAPTION>

<S>                                              <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class B-___
Cut-off Date:                                   Certificates as of the Cut-off Date: $________
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]
</TABLE>

                              MORTGAGE 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 FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, 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  Funding  Mortgage
Securities I, 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 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  Funding Mortgage
Securities I, 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 Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or 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 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 Section  5.02(e) of 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

<PAGE>

("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 the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  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

<PAGE>

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.

        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:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      ------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      ------------------------
                                                   Authorized Signatory

<PAGE>

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.

<PAGE>

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>

<TABLE>
<CAPTION>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [R-___] Senior
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: $100.00
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]

</TABLE>

                              MORTGAGE 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 FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, 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  Funding  Mortgage
Securities I, 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  Funding Mortgage
Securities I, 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 Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or 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.

        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

<PAGE>

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  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.

        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:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

<PAGE>

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.

<PAGE>

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.

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

<PAGE>

enforced  in any  other  jurisdiction  by suit on the  judgment  or in any other
manner  provided by law. Each of the parties further agrees not to institute any
legal actions or proceedings  against the other party or any director,  officer,
employee,  attorney,  agent or  property of the other  party,  arising out of or
relating to this  Contract in any court other than as  hereinabove  specified in
this paragraph 9.

10.     MISCELLANEOUS.

        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.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
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  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  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5.  The  Owner  is a  citizen  or  resident  of  the  United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision  thereof (except in the
case of a partnership,  to the extent provided in Treasury  regulations),  or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

        6.  That the  Owner is aware  that the  Trustee  will not  register  the
transfer  of any  Class  R[- __]  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

        7. That the Owner has reviewed the restrictions set forth on the face of
the Class  R[-__]  Certificates  and the  provisions  of Section  5.02(f) of the
Pooling and Servicing  Agreement under which the Class R[-__]  Certificates were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

        8.  That  the  Owner   consents  to  any  additional   restrictions   or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R[-__] Certificates will only
be  owned,  directly  or  indirectly,  by an  Owner  that is not a  disqualified
organization.

        9.     The Owner's Taxpayer Identification Number is ________________.

        10.  This  affidavit  and  agreement  relates  only to the Class  R[-__]
Certificates  held by the Owner and not to any other  holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.

        11. That no purpose of the Owner  relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax.

        12. That the Owner has no present  knowledge or expectation that it will
be  unable  to pay  any  United  States  taxes  owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
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[-

<PAGE>

__]  Certificate as they become due, fully  understanding  that it may incur tax
liabilities  in  excess  of  any  cash  flows  generated  by  the  Class  R[-__]
Certificate.

        13. That the Owner has no present  knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.

        14. (a) 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; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with 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 of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code 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 the Pooling and Servicing Agreement.

        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
either such Plan or person meets the requirements set forth in either (a) or (b)
above.

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

<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 G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

[Trustee]

Attention: Residential Funding Corporation Series _______

               Re:    Mortgage 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
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, 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

<PAGE>

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 Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        _________________-   (the   "Purchaser")   intends  to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, 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.

        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 ("Plan"), or any other person

<PAGE>

(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;

        (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; or

        (c) has provided the Trustee,  the Company and the Master  Servicer with
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
of  Certificates  is permissible  under  applicable  law, will not constitute or
result in any non-exempt  prohibited  transaction under ERISA or Section 4975 of
the Code 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 the Pooling and
Servicing Agreement.

        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),  (b) or (c)
above.

                                                   Very truly yours,

                                                   By:
                                                      -------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage 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 Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification  pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate.  The
Seller has not and will not sell or otherwise  transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

<PAGE>

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

<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 Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, 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.

               (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.

<PAGE>

               (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;

               (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; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with 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 of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under

<PAGE>

        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

        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.

        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.

        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.

<PAGE>

        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.

                          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

<PAGE>

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:

        1. 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.

        2. 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).

        3. 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).

        4. 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.

        5. 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>

        6. 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 ADVISOR:

                                                   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  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

<PAGE>

described  below  in  subsection  (d) and (Y) the then  outstanding  Certificate
Principal  Balances of the Class B Certificates,  or such lower amount as may be
established  pursuant to Section  12.02.  Residential  Funding's  obligations as
described in this Section are referred to herein as the "Subordinate Certificate
Loss Obligation."

        (d)  The  Trustee  will  promptly   notify  General  Motors   Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

        (e) All payments made by Residential Funding pursuant to this Section or
amounts  paid under the  Limited  Guaranty  shall be  deposited  directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.

        (f) The  Company  shall  have the  option,  in its sole  discretion,  to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master

<PAGE>

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  supersession  (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  supersession  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 FUNDING MORTGAGE SECURITIES I, INC.
                       Mortgage Pass-Through Certificates
                                 Series ________

                               ___________, 20____

[Trustee]

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 Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  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.

        (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

<PAGE>

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:
[Trustee], as Trustee

By:
   --------------------------
Name:
Title:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

By:
   --------------------------
Name:
Title:

<PAGE>

                                          EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   _____________, 20______

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage 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
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, 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:

        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;

        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;

        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 such
assignment is at the request of the borrower under the related Mortgage Loan.

<PAGE>

                                                   Very truly yours,

                                                   (Lender)

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT N

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126

               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

        Residential  Funding  Corporation,  as the Holder of a ____%  Percentage
Interest of the [Class/Subclass] of Class A-V Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

        1.     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 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  Class  A-V
Certificates surrendered for exchange.

        The  capitalized  terms  used  but not  defined  herein  shall  have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association, as trustee.

                                      RESIDENTIAL FUNDING CORPORATION

                                      By:
                                         --------------------------
                                      Name:
                                      Title:

<PAGE>

                                  EXHIBIT FIVE

                      CERTIFICATE GUARANTY INSURANCE POLICY

OBLIGATIONS:        RFMSI Series 2002-S7 Trust             POLICY NUMBER: 38185

                    Mortgage Pass-Through Certificates, Series 2002-S7
                    $26,178,000 6.25% Class A-3 Certificates

        MBIA Insurance  Corporation  (the  "Insurer"),  in  consideration of the
payment of the  premium and  subject to the terms of this  Certificate  Guaranty
Insurance  Policy  (this  "Policy"),   hereby  unconditionally  and  irrevocably
guarantees  to any Owner that an amount equal to each full and complete  Insured
Payment will be received from the Insurer by Bank One, National Association,  or
its  successors,  as trustee  for the Owners (the  "Trustee"),  on behalf of the
Owners,  for  distribution  by  the  Trustee  to  each  Owner  of  each  Owner's
proportionate share of the Insured Payment. The Insurer's  obligations hereunder
with respect to a particular  Insured  Payment shall be discharged to the extent
funds  equal to the  applicable  Insured  Payment are  received by the  Trustee,
whether or not such funds are properly applied by the Trustee.  Insured Payments
shall be made  only at the time set  forth in this  Policy,  and no  accelerated
Insured   Payments  shall  be  made  regardless  of  any   acceleration  of  the
Obligations, unless such acceleration is at the sole option of the Insurer. This
Policy does not provide credit  enhancement for any Class of Certificates  other
than the Class A-3 Certificates.

        Notwithstanding  the  foregoing  paragraph,  this  Policy does not cover
shortfalls,  if any,  attributable to the liability of the Trust Fund, any REMIC
or the Trustee for withholding  taxes, if any (including  interest and penalties
in respect of any such liability).

        The Insurer will pay any Insured Payment that is a Preference  Amount on
the  Business  Day  following  receipt on a Business Day by the Fiscal Agent (as
described  below) of (a) a certified copy of the order requiring the return of a
preference payment,  (b) an opinion of counsel  satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer,  irrevocably assigning to the Insurer all
rights and claims of the Owner  relating  to or  arising  under the  Obligations
against the debtor which made such preference  payment or otherwise with respect
to such  preference  payment  and (d)  appropriate  instruments  to  effect  the
appointment  of the  Insurer  as agent for such  Owner in any  legal  proceeding
related  to  such  preference   payment,   such  instruments  being  in  a  form
satisfactory to the Insurer,  provided that if such documents are received after
12:00 noon,  New York City time, on such Business Day, they will be deemed to be
received on the following  Business Day. Such payments shall be disbursed to the
receiver  or  trustee  in  bankruptcy  named in the  final  order  of the  court
exercising  jurisdiction  on behalf  of the Owner and not to any Owner  directly
unless such Owner has returned  principal or interest paid on the Obligations to
such  receiver or trustee in  bankruptcy,  in which case such  payment  shall be
disbursed to such Owner.

        The Insurer  will pay any other amount  payable  hereunder no later than
12:00 noon, New York City time, on the later of the  Distribution  Date on which
the related Deficiency Amount is due or the first Business Day following receipt
in New York,  New York on a Business Day by State Street Bank and Trust Company,
N.A., as Fiscal Agent for the Insurer,  or any successor  fiscal agent appointed
by the Insurer (the "Fiscal Agent"), of a Notice (as described below),  provided
that if such Notice is received  after 12:00 noon,  New York City time,  on such
Business Day, it will be deemed to be received on the following Business Day. If
any  such  Notice  received  by the  Fiscal  Agent is not in  proper  form or is
otherwise  insufficient for the purpose of making claim  hereunder,  it shall be
deemed  not to have been  received  by the  Fiscal  Agent for  purposes  of this
paragraph,  and the  Insurer  or the  Fiscal  Agent,  as the case may be,  shall
promptly so advise the Trustee and the Trustee may submit an amended Notice.

        Insured Payments due hereunder,  unless otherwise stated herein, will be
disbursed  by the  Fiscal  Agent to the  Trustee on behalf of the Owners by wire
transfer of  immediately  available  funds in the amount of the Insured  Payment
less, in respect of Insured Payments related to Preference  Amounts,  any amount
held by the  Trustee  for  the  payment  of such  Insured  Payment  and  legally
available therefor.

        The Fiscal Agent is the agent of the Insurer only,  and the Fiscal Agent
shall in no event be liable to Owners  for any acts of the  Fiscal  Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds to
make payments due under this Policy.

        Subject to the terms of the Agreement, the Insurer will be subrogated to
the rights of each Owner to receive payments under  Obligations to the extent of
any payment by the Insurer under this Policy.

        As used herein, the following terms shall have the following meanings:

        "Agreement"  means the Series  Supplement  dated as of May 1, 2002 among
Residential  Funding  Mortgage  Securities I, Inc.,  as  Depositor,  Residential
Funding Corporation,  as Master Servicer, and the Trustee, as trustee,  together
with the Standard Terms of Pooling and Servicing  Agreement  dated as of July 1,
2001  without  regard  to any  amendment  or  supplement  thereto,  unless  such
amendment or supplement has been approved in writing by the Insurer.

        "Business Day" means any day other than (a) a Saturday or a Sunday (b) a
day on which the Insurer is closed or (c) a day on which banking institutions in
New York City or in the city in which the corporate  trust office of the Trustee
under the  Agreement is located are  authorized or obligated by law or executive
order to close.

        "Deficiency  Amount" means, as of any Distribution Date, an amount equal
to: (i) any interest  shortfall  allocated to the Class A-3 Certificates  except
for  (a)  any  Prepayment  Interest  Shortfalls   allocated  to  the  Class  A-3
Certificates  that were not offset by the  Master  Servicer  and were  otherwise
covered by the Reserve Fund and (b) any Relief Act  Shortfalls  allocated to the
Class A-3 Certificates that were otherwise covered by the Reserve Fund; (ii) the
principal   portion  of  any  Realized   Losses   allocated  to  the  Class  A-3
Certificates;  and  (iii) the  Certificate  Principal  Balance  of the Class A-3
Certificates to the extent unpaid on the Scheduled Final Distribution Date.

        "Insured Payment" means (a) as of any Distribution  Date, any Deficiency
Amount and (b) any Preference Amount.

        "Notice" means the telephonic or telegraphic notice,  promptly confirmed
in writing by facsimile  substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified mail,
from the Trustee  specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.

        "Owner"  means each  Holder (as  defined in the  Agreement)  who, on the
applicable  Distribution  Date,  is entitled  under the terms of the  applicable
Class A-3 Certificate to payment thereunder.

        "Preference Amount" means any amount previously  distributed to an Owner
on the Obligations  that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy  pursuant to the United States  Bankruptcy
Code (11  U.S.C.),  as  amended  from  time to time in  accordance  with a final
nonappealable order of a court having competent jurisdiction.

        Capitalized  terms used herein and not  otherwise  defined  herein shall
have  the  respective  meanings  set  forth in the  Agreement  as of the date of
execution of this Policy,  without giving effect to any subsequent  amendment to
or modification of the Agreement  unless such amendment or modification has been
approved in writing by the Insurer.

        Any notice  hereunder  or service of process on the Fiscal  Agent may be
made at the address  listed below for the Fiscal Agent or such other  address as
the Insurer shall specify in writing to the Trustee.

        The notice address of the Fiscal Agent is 15th Floor,  61 Broadway,  New
York, New York 10006, Attention:  Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

        THIS  POLICY  IS BEING  ISSUED  UNDER  AND  PURSUANT  TO,  AND  SHALL BE
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF.

        The   insurance   provided   by  this  Policy  is  not  covered  by  the
Property/Casualty  Insurance  Security  Fund  specified in Article 76 of the New
York Insurance Law.

        This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

<PAGE>

        IN WITNESS  WHEREOF,  the  Insurer has caused this Policy to be executed
and attested this 30th day of May, 2002.

                                               MBIA INSURANCE CORPORATION

                                               By
                                                  ----------------------------
                                    President

                                               Attest:

                                               By ____________________________
                                                   Assistant Secretary

<PAGE>

                                    EXHIBIT A

                        TO CERTIFICATE GUARANTY INSURANCE
                              POLICY NUMBER: 38185

                        NOTICE UNDER CERTIFICATE GUARANTY
                         INSURANCE POLICY NUMBER: 38185

State Street Bank and Trust Company, N.A., as Fiscal Agent
    for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY  10006
Attention:  Municipal Registrar and
    Paying Agency

MBIA Insurance Corporation
113 King Street
Armonk, NY  10504

The undersigned, a duly authorized officer of [Name of Trustee], as trustee (the
"Trustee"),  hereby certifies to State Street Bank and Trust Company,  N.A. (the
"Fiscal Agent") and MBIA Insurance  Corporation (the "Insurer"),  with reference
to Certificate  Guaranty Insurance Policy Number: 38185 (the "Policy") issued by
the Insurer in respect of the RFMSI Series 2002-S7 Trust  Mortgage  Pass-Through
Certificates,  Series  2002-S7  $26,178,000  6.25% Class A-3  Certificates  (the
"Obligations"), that:

(a)     the Trustee is the trustee under the Series  Supplement  dated as of May
        1, 2002 among  Residential  Funding  Mortgage  Securities  I,  Inc.,  as
        Depositor,  Residential Funding Corporation, as Master Servicer, and the
        Trustee, as trustee for the owners,  together with the Standard Terms of
        Pooling and Servicing Agreement dated as of July 1, 2001;

(b)  the amount due under clause (i) of the definition of Deficiency  Amount for
     the  Distribution   Date  occurring  on  [  ___________]  (the  "Applicable
     Distribution Date") is $[__________________];

(c)  the amount due under clause (ii) of the definition of Deficiency Amount for
     the Applicable Distribution Date is $[ __________________]

(d)  the amount due under clause (iii) of the  definition of  Deficiency  Amount
     for the Applicable Distribution Date is $[_________________];

(e)  the sum of the  amounts  listed  in  paragraphs  (b),  (c) and (d) above is
     $[_________________] (the "Deficiency Amount");

(f)  the amount of previously  distributed  payments on the Obligations  that is
     recoverable  and  sought to be  recovered  as a  voidable  preference  by a
     trustee in bankruptcy  pursuant to the Bankruptcy Code in accordance with a
     final nonappealable order of a court having competent  jurisdiction is $[ ]
     (the "Preference Amount");

(g)  the total Insured  Payment due is  $[___________],  which amount equals the
     sum of the Deficiency Amount and the Preference Amount;

(h)  the Trustee is making a claim under and pursuant to the terms of the Policy
     for the dollar  amount of the Insured  Payment set forth in (e) above to be
     applied  to the  payment  of  the  Deficiency  Amount  for  the  Applicable
     Distribution  Date in  accordance  with the  Agreement  and for the  dollar
     amount of the  Insured  Payment set forth in (f) above to be applied to the
     payment of any Preference Amount; and

(i)  the Trustee  directs  that  payment of the  Insured  Payment be made to the
     following  account by bank wire  transfer  of federal or other  immediately
     available  funds in  accordance  with the terms of the  Policy:  [TRUSTEE'S
     ACCOUNT NUMBER].

        Any  capitalized  term used in this  Notice  and not  otherwise  defined
herein shall have the meaning assigned thereto in the Policy.

Any Person Who  Knowingly  And With Intent To Defraud Any  Insurance  Company Or
Other Person Files An Application For Insurance Or Statement Of Claim Containing
Any  Materially  False  Information,  Or Conceals For The Purpose Of Misleading,
Information Concerning Any Fact Material Thereto, Commits A Fraudulent Insurance
Act,  Which Is A Crime,  And Shall  Also Be Subject  To A Civil  Penalty  Not To
Exceed Five  Thousand  Dollars  And The Stated  Value Of The Claim For Each Such
Violation.

     IN WITNESS  WHEREOF,  the Trustee has  executed and  delivered  this Notice
under the Policy as of the [_____] day of [________________], [_____].

                              [NAME OF TRUSTEE], as
                                               Trustee

                                               By
                                                  -----------------------------
                                               Title
                                                     --------------------------

<PAGE>

<PAGE>EXHIBIT 10.1

<PAGE>

                          DATA SYSTEMS & SOFTWARE INC.

                                  DATABIT INC.

                          SECURITIES PURCHASE AGREEMENT

                                  June 10, 2002

<PAGE>

                                                     TABLE OF CONTENTS

                                                                            Page
                                                                            ----

1. AGREEMENT TO SELL AND PURCHASE..............................................1

2. FEES AND WARRANT............................................................1

3. CLOSING, DELIVERY AND PAYMENT...............................................2

   3.1  Closing................................................................2

   3.2  Delivery...............................................................2

4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY...............................2

   4.1  Organization, Good Standing and Qualification..........................2

   4.2  Subsidiaries...........................................................3

   4.3  Capitalization; Voting Rights..........................................3

   4.4  Authorization; Binding Obligations.....................................4

   4.5  Liabilities............................................................4

   4.6  Agreements; Action.....................................................4

   4.7  Obligations to Related Parties.........................................5

   4.8  Changes................................................................5

   4.9  Title to Properties and Assets; Liens, Etc.............................6

   4.10 Intellectual Property..................................................7

   4.11 Compliance with Other Instruments......................................7

   4.12 Litigation.............................................................7

   4.13 Tax Returns and Payments...............................................8

   4.14 Employees..............................................................8

   4.15 Registration Rights and Voting Rights..................................8

   4.16 Compliance with Laws; Permits..........................................9

   4.17 Environmental and Safety Laws..........................................9

   4.18 Valid Offering.........................................................9

   4.19 Full Disclosure........................................................9

   4.20 Insurance.............................................................10

   4.21 SEC Reports...........................................................10

   4.22 No Market Manipulation................................................10

   4.23 Listing...............................................................10

   4.24 No Integrated Offering................................................10

                                       -i-
<PAGE>

     4.25  Stop Transfer......................................................10

     4.26  Dilution...........................................................11

5.   REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS.........................11

     5.1   Requisite Power and Authority......................................11

     5.2   Investment Representations.........................................11

     5.3   Purchaser Bears Economic Risk......................................11

     5.4   Acquisition for Own Account........................................12

     5.5   Purchaser Can Protect Its Interest.................................12

     5.6   Accredited Investor................................................12

     5.7   Legends............................................................12

     5.8   No Shorting........................................................12

6.   COVENANTS OF THE COMPANY.................................................13

     6.1   Stop-Orders........................................................13

     6.2   Listing............................................................13

     6.3   Market Regulations.................................................14

     6.4    Reporting Requirements............................................14

     6.5   Use of Funds.......................................................14

     6.6   Access to Facilities...............................................14

     6.7   Taxes..............................................................14

     6.8   Insurance..........................................................14

     6.9   Intellectual Property..............................................15

     6.10  Properties.........................................................15

     6.11  Confidentiality....................................................15

     6.12  Required Approvals.................................................15

     6.13  Reissuance of Securities...........................................15

     6.14  Opinion............................................................16

7.   COVENANTS OF THE COMPANY AND PURCHASERS REGARDING INDEMNIFICATION........16

     7.1   Company Indemnification............................................16

     7.2   Purchaser's Indemnification........................................16

     7.2   Procedures.........................................................16

8.   CONVERSION OF CONVERTIBLE NOTE...........................................17

     8.1   Mechanics of Conversion............................................17

                                      -ii-
<PAGE>

     8.2   Mandatory Redemption...............................................

     8.3   Maximum Conversion.................................................18

     8.4   Optional Redemption................................................

     8.5   Nasdaq Approval....................................................

9.   REGISTRATION RIGHTS......................................................19

     9.1   Registration Rights Granted........................................19

     9.2   Registration Procedures............................................20

     9.3   Provision of Documents.............................................21

     9.4   Non-Registration Events............................................21

     9.5   Expenses...........................................................21

     9.6   Indemnification and Contribution...................................22

10.  OFFERING RESTRICTIONS....................................................24

11.  SECURITY INTEREST........................................................24

12.  MISCELLANEOUS............................................................24

     12.1  Governing Law......................................................24

     12.2  Survival...........................................................24

     12.3  Successors and Assigns.............................................25

     12.4  Entire Agreement...................................................25

     12.5  Severability.......................................................25

     12.6  Amendment and Waiver...............................................25

     12.7  Delays or Omissions................................................25

     12.8  Notices............................................................25

     12.9  Attorneys' Fees....................................................25

     12.10 Titles and Subtitles...............................................26

     12.11 Counterparts.......................................................26

     12.12 Broker's Fees......................................................26

     12.13 Construction.......................................................26

                                     -iii-
<PAGE>

                          DATA SYSTEMS & SOFTWARE INC.
                          SECURITIES PURCHASE AGREEMENT

      THIS SECURITIES PURCHASE AGREEMENT (the "Agreement") is made and entered
into as of June 10, 2002, by and among Data Systems & Software Inc., a Delaware
corporation (the "Company"), Databit Inc., a Delaware corporation ("Databit"),
and Laurus Master Fund, Ltd., a Cayman Islands company (the "Purchaser").

                                    RECITALS

      WHEREAS, the Company and Databit each has authorized the sale of a 10%
Convertible Note in an aggregate principal amount of $2,000,000 (the "Note"),
convertible into shares of the Company's common stock, $0.01 par value per share
(the "Common Stock") at a fixed conversion rate of $3.49 per share of Common
Stock ("Fixed Conversion Rate");

      WHEREAS, the Company wishes to issue a warrant (the "Warrant") to the
Purchaser to purchase shares of the Company's Common Stock in connection with
Purchaser's purchase of the Note;

      WHEREAS, Purchaser desires to purchase the Note and Warrant on the terms
and conditions set forth herein; and

      WHEREAS, the Company desires to issue and sell the Note and Warrant to
Purchaser on the terms and conditions set forth herein.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises, representations, warranties and covenants hereinafter set forth and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

      1. AGREEMENT TO SELL AND PURCHASE. Pursuant to the terms and conditions
set forth in this Agreement, on the Closing Date (as defined in Section 3), the
Company and Databit each agrees to sell to the Purchaser, and the Purchaser
hereby agrees to purchase from the Company and from Databit a Note in the amount
of $2,000,000 convertible in accordance with the terms thereof into shares of
the Company's Common Stock in accordance with the terms of the Note and this
Agreement. The Note purchased on the Closing Date shall be known as the
"Offering." The Company and Databit shall be jointly and severally liable under
the Note, the form of which is annexed hereto as Exhibit A. The Note will have a
Maturity Date (as defined in the Note) twelve months from the date of issuance.
Collectively, the Note and Warrant (as defined in Section 2) and Common Stock
issuable in payment of the Note, upon conversion of the Note and upon exercise
of the Warrant are referred to as the "Securities."

      2. FEES AND WARRANT. On the Closing Date:

                                       1
<PAGE>

                  (a) The Company will issue and deliver to the Purchaser a
Warrant to purchase 125,000 shares of Common Stock in connection with the
Offering (the "Warrant") pursuant to Section 1 hereof. The Warrant must be
delivered on the Closing Date. A form of Warrant is annexed hereto as Exhibit B.
The per share "Purchase Price" of Common Stock as defined in the Warrants shall
be $4.20. All the representations, covenants, warranties, undertakings, and
indemnification, and other rights made or granted to or for the benefit of the
Purchaser by the Company are hereby also made and granted in respect of the
Warrant and shares of the Company's Common Stock issuable upon exercise of the
Warrant (the "Warrant Shares").

                  (b) The Company shall reimburse the Purchaser for its
reasonable legal fees for services rendered to the Purchaser in preparation of
this Agreement and the Related Agreements, not to exceed $12,500, and expenses
in connection with the Purchaser's due diligence review of the Company and
relevant matters, not to exceed $3,500, in each case upon presentation to the
Company of reasonable documentation thereof.

                  (c) The Company will pay a cash fee in the amount of five
percent (5%) of the aggregate gross purchase price to be paid to the Company
from the sale of Note in the Offering (the "Fund Management Fee") to Laurus
Capital Management, L.L.C., a Delaware limited liability company. The Fund
Management Fee must be paid on the Closing Date. The aforementioned Fund
Management Fee and legal fees will be payable at the Closing out of funds held
pursuant to a Funds Escrow Agreement to be entered into by the Company,
Purchaser and an Escrow Agent (the "Funds Escrow Agreement").

      3. CLOSING, DELIVERY AND PAYMENT.

            3.1 Closing. Subject to the terms and conditions herein, the closing
of the transactions contemplated hereby (the "Closing"), shall take place on the
date hereof, at such time or place as the Company and Purchaser may mutually
agree (such date is hereinafter referred to as the "Closing Date").

            3.2 Delivery. Pursuant to the Funds Escrow Agreement, at the
Closing, subject to the terms and conditions hereof, the Company will deliver to
the Escrow Agent, among other things, a Note in the form attached as Exhibit A
representing the principal amount of $2,000,000 and a Common Stock Purchase
Warrant in the form attached as Exhibit B in the Purchaser's name representing
125,000 Warrant Shares and the Purchaser will deliver to the Escrow Agent, among
other things, $2,000,000, by certified funds or wire transfer made payable to
the order of the Escrow Agent.

      4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND DATABIT.

            The Company and Databit each hereby represents and warrants to the
Purchaser as of the date of this Agreement as set forth below which disclosures
are supplemented by, and subject to the Company's filings under the Securities
Exchange Act of 1934 (collectively, the "Exchange Act Filings"), copies of which
have been provided to the Purchaser.

            4.1 Organization, Good Standing and Qualification. The Company and
Databit each is a corporation duly organized, validly existing and in good
standing under the

                                       2
<PAGE>

laws of the State of Delaware. The Company and Databit each has the corporate
power and authority to own and operate its properties and assets, to execute and
deliver this Agreement, the Warrant to be issued in connection with this
Agreement (in the case of the Company only), the Funds Escrow Agreement, the
Security Agreement (in the case of Databit only) and all other agreements
referred to herein (collectively, the "Related Agreements"), to issue and sell
the Note and the shares of Common Stock issuable upon conversion of the Note
(the "Note Shares") (in the case of the Company only), to issue and sell the
Warrant and the Warrant Shares (in the case of the Company only), and to carry
out the provisions of this Agreement and the Related Agreements and to carry on
its business as presently conducted. The Company and Databit each is duly
qualified and is authorized to do business and is in good standing as a foreign
corporation in all jurisdictions in which the nature of its activities and of
its properties (both owned and leased) makes such qualification necessary,
except for those jurisdictions in which failure to do so would not have a
material adverse effect on the Company or its business.

            4.2 Subsidiaries. Except as disclosed on Schedule 4.2, the Company
does not own or control any equity security or other interest of any other
corporation, limited partnership or other business entity.

            4.3 Capitalization; Voting Rights.

                  (a) The authorized capital stock of the Company, as of May 15,
2002, consists of 20,000,000 shares of Common Stock, par value $0.01 per share,
7,353,163 shares of which are issued and outstanding and 808,704 shares are held
in treasury.

                  (b) Except as disclosed on Schedule 4.3, other than (i) the
shares reserved for issuance under the Company's stock option plans; and (ii)
shares which may be granted pursuant to this Agreement and the Related
Agreements, there are no outstanding options, warrants, rights (including
conversion or preemptive rights and rights of first refusal), proxy or
stockholder agreements, or arrangements or agreements of any kind for the
purchase or acquisition from the Company of any of its securities. Neither the
offer, issuance or sale of any of the Note or Warrant, or the issuance of any of
the Note Shares or Warrant Shares, nor the consummation of any transaction
contemplated hereby will result in a change in the price or number of any
securities of the Company outstanding, under anti-dilution or other similar
provisions contained in or affecting any such securities.

                  (c) All issued and outstanding shares of the Company's Common
Stock (i) have been duly authorized and validly issued and are fully paid and
nonassessable and (ii) were issued in compliance with all applicable state and
federal laws concerning the issuance of securities.

                  (d) The rights, preferences, privileges and restrictions of
the shares of the Common Stock are as stated in the Certificate of Incorporation
(the "Charter"). The Note Shares and Warrant Shares have been duly and validly
reserved for issuance. When issued in compliance with the provisions of this
Agreement and the Company's Charter, the Securities will be validly issued,
fully paid and nonassessable, and will be free of any liens or encumbrances;
provided, however, that the Securities may be subject to restrictions on
transfer under state

                                       3
<PAGE>

and/or federal securities laws as set forth herein or as otherwise required by
such laws at the time a transfer is proposed.

                  (e) No stock plan, stock purchase, stock option or other
agreement or understanding between the Company and any holder of any equity
securities of the Company or rights to purchase equity securities of the Company
provides for acceleration or other changes in the vesting provisions or other
terms of such agreement or understanding as the result of any merger,
consolidated sale of stock or assets, change in control or any other
transaction(s) by the Company, including the transactions contemplated
hereunder.

            4.4 Authorization; Binding Obligations. All corporate action on the
part of the Company and Databit, each of their respective officers and directors
necessary for the authorization of this Agreement and the Related Agreements to
which the Company or Databit is a party, respectively, the performance of all
obligations of the Company and Databit hereunder at the Closing and, in the case
of the Company only, the authorization, sale, issuance and delivery of the Note
and Warrant has been taken or will be taken prior to the Closing. The Agreement
and the Related Agreements, when executed and delivered and to the extent it is
a party thereto, will be valid and binding obligations of the Company and
Databit enforceable in accordance with their terms, except (a) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors' rights, and (b) general
principles of equity that restrict the availability of equitable or legal
remedies. The sale of the Note and the subsequent conversion of the Note into
Note Shares are not and will not be subject to any preemptive rights or rights
of first refusal that have not been properly waived or complied with. The
issuance of the Warrant and the subsequent exercise of the Warrant for Warrant
Shares are not and will not be subject to any preemptive rights or rights of
first refusal that have not been properly waived or complied with. The Note and
the Warrant, when executed and delivered in accordance with the terms of this
Agreement, will be valid and binding obligations of the Company, enforceable in
accordance with their respective terms.

            4.5 Liabilities. The Company and Databit each has no material
liabilities and, to the best of its knowledge, knows of no material contingent
liabilities, except current liabilities incurred in the ordinary course of
business and liabilities disclosed in any Exchange Act Filings.

            4.6 Agreements; Action. Except as set forth on Schedule 4.6 or as
disclosed in any Exchange Act Filings:

                  (a) There are no agreements, understandings, instruments,
contracts, proposed transactions, judgments, orders, writs or decrees to which
the Company is a party or to its knowledge by which it is bound which may
involve (i) obligations (contingent or otherwise) of, or payments to, the
Company in excess of $50,000 (other than obligations of, or payments to, the
Company arising from purchase or sale agreements entered into in the ordinary
course of business), or (ii) the transfer or license of any patent, copyright,
trade secret or other proprietary right to or from the Company (other than
licenses arising from the purchase of "off the shelf" or other standard
products), or (iii) provisions restricting the development, manufacture or
distribution of the Company's products or services, or (iv) indemnification by
the Company with respect to infringements of proprietary rights.

                                       4
<PAGE>

                  (b) The Company has not (i) declared or paid any dividends, or
authorized or made any distribution upon or with respect to any class or series
of its capital stock, (ii) incurred any indebtedness for money borrowed or any
other liabilities individually in excess of $50,000 or, in the case of
indebtedness and/or liabilities individually less than $50,000, in excess of
$100,000 in the aggregate, (iii) made any loans or advances to any person not in
excess, individually or in the aggregate, of $100,000, other than ordinary
advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of
any of its assets or rights, other than the sale of its inventory in the
ordinary course of business.

                  (c) For the purposes of subsections (a) and (b) above, all
indebtedness, liabilities, agreements, understandings, instruments, contracts
and proposed transactions involving the same person or entity (including persons
or entities the Company has reason to believe are affiliated therewith) shall be
aggregated for the purpose of meeting the individual minimum dollar amounts of
such subsections.

            4.7 Obligations to Related Parties. There are no obligations of the
Company to officers, directors, stockholders or employees of the Company other
than (a) for payment of salary for services rendered, (b) reimbursement for
reasonable expenses incurred on behalf of the Company, (c) for other standard
employee benefits made generally available to all employees (including stock
option agreements outstanding under any stock option plan approved by the Board
of Directors of the Company) and (d) obligations listed in the Company's
financial statements or disclosed in any of its Exchange Act Filings. Except as
described above or set forth on Schedule 4.7, none of the officers, directors
or, to the best of the Company's knowledge, key employees or stockholders of the
Company or any members of their immediate families, are indebted to the Company,
individually or in the aggregate, in excess of $50,000 or have any direct or
indirect ownership interest in any firm or corporation with which the Company is
affiliated or with which the Company has a business relationship, or any firm or
corporation which competes with the Company, other than passive investments in
publicly traded companies (representing less than 1% of such company) which may
compete with the Company. Except as described above, no officer, director or
stockholder, or any member of their immediate families, is, directly or
indirectly, interested in any material contract with the Company and no
agreements, understandings or proposed transactions are contemplated between the
Company and any such person. Except as set forth on Schedule 4.7, the Company is
not a guarantor or indemnitor of any indebtedness of any other person, firm or
corporation.

            4.8 Changes. Since December 31, 2001, except as disclosed in any
Exchange Act Filing or in any Schedule to this Agreement or to any of the
Related Agreements, there has not been:

                  (a) Any change in the assets, liabilities, financial
condition, prospects or operations of the Company, other than changes in the
ordinary course of business, none of which individually or in the aggregate has
had or is reasonably expected to have a material adverse effect on such assets,
liabilities, financial condition, prospects or operations of the Company;

                  (b) Any resignation or termination of any officer, key
employee or group of employees of the Company;

                                       5
<PAGE>

                  (c) Any material change, except in the ordinary course of
business, in the contingent obligations of the Company by way of guaranty,
endorsement, indemnity, warranty or otherwise;

                  (d) Any damage, destruction or loss, whether or not covered by
insurance, materially and adversely affecting the properties, business or
prospects or financial condition of the Company;

                  (e) Any waiver by the Company of a valuable right or of a
material debt owed to it;

                  (f) Any direct or indirect material loans made by the Company
to any stockholder, employee, officer or director of the Company, other than
advances made in the ordinary course of business;

                  (g) Any material change in any compensation arrangement or
agreement with any employee, officer, director or stockholder;

                  (h) Any declaration or payment of any dividend or other
distribution of the assets of the Company;

                  (i) Any labor organization activity related to the Company;

                  (j) Any debt, obligation or liability incurred, assumed or
guaranteed by the Company, except those for immaterial amounts and for current
liabilities incurred in the ordinary course of business;

                  (k) Any sale, assignment or transfer of any patents,
trademarks, copyrights, trade secrets or other intangible assets;

                  (l) Any change in any material agreement to which the Company
is a party or by which it is bound which may materially and adversely affect the
business, assets, liabilities, financial condition, operations or prospects of
the Company;

                  (m) Any other event or condition of any character that, either
individually or cumulatively, has or may materially and adversely affect the
business, assets, liabilities, financial condition, prospects or operations of
the Company; or

                  (n) Any arrangement or commitment by the Company to do any of
the acts described in subsection (a) through (m) above.

            4.9 Title to Properties and Assets; Liens, Etc. The Company has good
and marketable title to its properties and assets, and good title to its
leasehold estates, in each case subject to no mortgage, pledge, lien, lease,
encumbrance or charge, other than (a) those resulting from taxes which have not
yet become delinquent, (b) minor liens and encumbrances which do not materially
detract from the value of the property subject thereto or materially impair the
operations of the Company, and (c) those that have otherwise arisen in the
ordinary course of business. All facilities, machinery, equipment, fixtures,
vehicles and other properties owned,

                                       6
<PAGE>

leased or used by the Company are in good operating condition and repair and are
reasonably fit and usable for the purposes for which they are being used. The
Company is in compliance with all material terms of each lease to which it is a
party or is otherwise bound.

            4.10 Intellectual Property.

                  (a) The Company owns or possesses sufficient legal rights to
all patents, trademarks, service marks, trade names, copyrights, trade secrets,
licenses, information and other proprietary rights and processes necessary for
its business as now conducted and to the Company's knowledge as presently
proposed to be conducted (the "Intellectual Property"), without any known
infringement of the rights of others. There are no outstanding options, licenses
or agreements of any kind relating to the foregoing proprietary rights, nor is
the Company bound by or a party to any options, licenses or agreements of any
kind with respect to the patents, trademarks, service marks, trade names,
copyrights, trade secrets, licenses, information and other proprietary rights
and processes of any other person or entity other than such licenses or
agreements arising from the purchase of "off the shelf" or standard products.

                  (b) Except as set forth on Schedule 4.10(b), the Company has
not received any communications alleging that the Company has violated any of
the patents, trademarks, service marks, trade names, copyrights or trade secrets
or other proprietary rights of any other person or entity, nor is the Company
aware of any basis therefor.

                  (c) The Company does not believe it is or will be necessary to
utilize any inventions, trade secrets or proprietary information of any of its
employees made prior to their employment by the Company, except for inventions,
trade secrets or proprietary information that have been rightfully assigned to
the Company.

            4.11 Compliance with Other Instruments. The Company and Databit each
is not in violation or default of any term of their respective Charter or
Bylaws, or of any material provision of any mortgage, indenture, contract,
agreement, instrument or contract to which it is party or by which it is bound
or of any judgment, decree, order or writ. The execution, delivery and
performance of and compliance with this Agreement and the Related Agreements to
which it is a party, and the issuance and sale of the Note by the Company and
Databit and the other Securities by the Company each pursuant hereto, will not,
with or without the passage of time or giving of notice, result in any such
material violation, or be in conflict with or constitute a default under any
such term or provision, or result in the creation of any mortgage, pledge, lien,
encumbrance or charge upon any of the properties or assets of the Company or
Databit or the suspension, revocation, impairment, forfeiture or nonrenewal of
any permit, license, authorization or approval applicable to the Company or
Databit, their respective business or operations or any of their respective
assets or properties.

            4.12 Litigation. There is no action, suit, proceeding or
investigation pending or, to the Company's or Databit's knowledge, currently
threatened against the Company or Databit that prevents the Company to enter
into this Agreement or the Related Agreements, or to consummate the transactions
contemplated hereby or thereby, or which might result, either individually or in
the aggregate, in any material adverse change in the assets, condition, affairs
or prospects of the Company or Databit, financially or otherwise, or any change
in the current

                                       7
<PAGE>

equity ownership of the Company or Databit, nor is the Company or Databit aware
that there is any basis for any of the foregoing. The Company and Databit each
is not a party or subject to the provisions of any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality. There
is no action, suit, proceeding or investigation by the Company or Databit
currently pending or which the Company or Databit intends to initiate.

            4.13 Tax Returns and Payments. The Company has timely filed all tax
returns (federal, state and local) required to be filed by it. All taxes shown
to be due and payable on such returns, any assessments imposed, and to the
Company's knowledge all other taxes due and payable by the Company on or before
the Closing, have been paid or will be paid prior to the time they become
delinquent. The Company has not been advised (a) that any of its returns,
federal, state or other, have been or are being audited as of the date hereof,
or (b) of any deficiency in assessment or proposed judgment to its federal,
state or other taxes. The Company has no knowledge of any liability of any tax
to be imposed upon its properties or assets as of the date of this Agreement
that is not adequately provided for.

            4.14 Employees. The Company has no collective bargaining agreements
with any of its employees. There is no labor union organizing activity pending
or, to the Company's knowledge, threatened with respect to the Company. Except
as disclosed in the Exchange Act Filings, the Company is not a party to or bound
by any currently effective employment contract, deferred compensation
arrangement, bonus plan, incentive plan, profit sharing plan, retirement
agreement or other employee compensation plan or agreement. To the Company's
knowledge, no employee of the Company, nor any consultant with whom the Company
has contracted, is in violation of any term of any employment contract,
proprietary information agreement or any other agreement relating to the right
of any such individual to be employed by, or to contract with, the Company
because of the nature of the business to be conducted by the Company; and to the
Company's knowledge the continued employment by the Company of its present
employees, and the performance of the Company's contracts with its independent
contractors, will not result in any such violation. The Company is not aware
that any of its employees is obligated under any contract (including licenses,
covenants or commitments of any nature) or other agreement, or subject to any
judgment, decree or order of any court or administrative agency, that would
interfere with their duties to the Company. The Company has not received any
notice alleging that any such violation has occurred. Except for employees who
have a current effective employment agreement with the Company, no employee of
the Company has been granted the right to continued employment by the Company or
to any material compensation following termination of employment with the
Company. The Company is not aware that any officer, key employee or group of
employees intends to terminate his, her or their employment with the Company,
nor does the Company have a present intention to terminate the employment of any
officer, key employee or group of employees.

            4.15 Registration Rights and Voting Rights. Except as disclosed in
Exchange Act Filings, the Company is presently not under any obligation, and has
not granted any rights, to register any of the Company's presently outstanding
securities or any of its securities that may hereafter be issued. To the
Company's knowledge, no stockholder of the Company has entered into any
agreement with respect to the voting of equity securities of the Company.

                                       8
<PAGE>

            4.16 Compliance with Laws; Permits. To its knowledge, the Company is
not in violation in any material respect of any applicable statute, rule,
regulation, order or restriction of any domestic or foreign government or any
instrumentality or agency thereof in respect of the conduct of its business or
the ownership of its properties which violation would materially and adversely
affect the business, assets, liabilities, financial condition, operations or
prospects of the Company. No governmental orders, permissions, consents,
approvals or authorizations are required to be obtained and no registrations or
declarations are required to be filed in connection with the execution and
delivery of this Agreement and the issuance of any of the Securities, except
such as has been duly and validly obtained or filed, or with respect to any
filings that must be made after the Closing, as will be filed in a timely
manner. The Company has all material franchises, permits, licenses and any
similar authority necessary for the conduct of its business as now being
conducted by it, the lack of which would materially and adversely affect the
business, properties, prospects or financial condition of the Company.

            4.17 Environmental and Safety Laws. The Company is not in violation
of any applicable statute, law or regulation relating to the environment or
occupational health and safety, and to its knowledge, no material expenditures
are or will be required in order to comply with any such existing statute, law
or regulation. No Hazardous Materials (as defined below) are used or have been
used, stored, or disposed of by the Company or, to the Company's knowledge, by
any other person or entity on any property owned, leased or used by the Company.
For the purposes of the preceding sentence, "Hazardous Materials" shall mean (a)
materials which are listed or otherwise defined as "hazardous" or "toxic" under
any applicable local, state, federal and/or foreign laws and regulations that
govern the existence and/or remedy of contamination on property, the protection
of the environment from contamination, the control of hazardous wastes, or other
activities involving hazardous substances, including building materials, or (b)
any petroleum products or nuclear materials.

            4.18 Valid Offering. Assuming the accuracy of the representations
and warranties of the Purchaser contained in this Agreement, the offer, sale and
issuance of the Securities will be exempt from the registration requirements of
the Securities Act of 1933, as amended (the "Securities Act"), and will have
been registered or qualified (or are exempt from registration and qualification)
under the registration, permit or qualification requirements of all applicable
state securities laws.

            4.19 Full Disclosure. The Company has provided the Purchaser with
all information requested by the Purchaser in connection with its decision to
purchase the Note and Warrant. Neither this Agreement, the exhibits and
schedules hereto, the Related Agreements nor any other document delivered by the
Company to Purchaser or its attorneys or agents in connection herewith or
therewith or with the transactions contemplated hereby or thereby, contain any
untrue statement of a material fact nor omit to state a material fact necessary
in order to make the statements contained herein or therein not misleading. To
the Company's knowledge, there are no facts which (individually or in the
aggregate) materially adversely affect the business, assets, liabilities,
financial condition, prospects or operations of the Company that have not been
set forth in any Exchange Act Filings, this Agreement, the exhibits and
schedules hereto, the Related Agreements or in other documents delivered to
Purchaser or its attorneys or agents in connection herewith.

                                       9
<PAGE>

            4.20 Insurance. The Company has general commercial, product
liability, fire and casualty insurance policies with coverage customary for
companies similarly situated to the Company in the same or similar business.

            4.21 SEC Reports. The Company has filed all proxy statements,
reports and other documents required to be filed by it under the Exchange Act.
The Company has furnished the Purchaser with copies of (i) its Annual Report on
Form 10-K for the fiscal year ended December 31, 2001 as amended, (ii) its
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2002 and
(iii) its Proxy Statement dated May 29, 2001 (collectively, the "SEC Reports").
Each SEC Report was, at the time of its filing, in substantial compliance with
the requirements of its respective form and none of the SEC Reports, nor the
financial statements (and the notes thereto) included in the SEC Reports, as of
their respective filing dates, contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading.

            4.22 No Market Manipulation. Except for purchases of Common Stock by
officers and directors of the Company which purchases are, individually, in lots
less than 2,000 shares, the Company has not taken, and will not take, directly
or indirectly, any action designed to, or that might reasonably be expected to,
cause or result in stabilization or manipulation of the price of the Common
Stock of the Company to facilitate the sale or resale of any of the Securities
being offered hereby or affect the price at which any of the Securities being
offered hereby may be issued. Notwithstanding the foregoing, the Company will be
permitted to implement a stock buy back program under Rule 10b-18 under the
Securities Exchange Act of 1934, as amended.

            4.23 Listing. The Company's Common Stock is listed for trading on
the Nasdaq National Market and satisfies all requirements for the continuation
of such listing. The Company has not received any notice that its Common Stock
will be delisted from the Nasdaq National Market or that the Common Stock does
not meet all requirements for the continuation of such listing.

            4.24 No Integrated Offering. Neither the Company, nor any of its
affiliates, nor any person acting on its or their behalf, has directly or
indirectly made any offers or sales of any security or solicited any offers to
buy any security under circumstances that would cause the offering of the
Securities pursuant to this Agreement to be integrated with prior offerings by
the Company for purposes of the Securities Act which would prevent the Company
from selling the Securities pursuant to Rule 506 under the Securities Act, or
any applicable exchange-related stockholder approval provisions. Nor will the
Company or any of its affiliates or subsidiaries take any action or steps that
would cause the offering of the Securities to be integrated with other
offerings.

            4.25 Stop Transfer. The Securities are restricted securities as of
the date of this Agreement. The Company will not issue any stop transfer order
or other order impeding the sale and delivery of any of the Securities at such
time as the Securities are registered for public sale or an exemption from
registration is available, except as required by federal securities laws.

                                       10
<PAGE>

            4.26 Dilution. The number of shares of Common Stock issuable upon
conversion of the Note and exercise of the Warrant may increase substantially in
certain circumstances, including, but not necessarily limited to, the
circumstance wherein the trading price of the Common Stock declines prior to
conversion or exercise of such securities. The Company understands the nature of
the Securities being sold hereby and recognize that they may have a potential
dilutive effect. The Board of Directors of the Company has concluded, in its
good faith business judgment, that such issuance is in the best interests of the
Company. The Company specifically acknowledges that its obligation to issue the
shares of Common Stock upon conversion of the Note and exercise of the Warrant
is binding upon the Company and enforceable regardless of the dilution such
issuance may have on the ownership interests of other shareholders of the
Company.

      5. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.

            The Purchaser hereby represents and warrants to the Company as
follows (such representations and warranties do not lessen or obviate the
representations and warranties of the Company set forth in this Agreement):

            5.1 Requisite Power and Authority. Purchaser has all necessary power
and authority under all applicable provisions of law to execute and deliver this
Agreement and the Related Agreements and to carry out their provisions. All
corporate action on Purchaser's part required for the lawful execution and
delivery of this Agreement and the Related Agreements have been or will be
effectively taken prior to the Closing. Upon their execution and delivery, this
Agreement and the Related Agreements will be valid and binding obligations of
Purchaser, enforceable in accordance with their terms, except (a) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors' rights, and (b) as
limited by general principles of equity that restrict the availability of
equitable and legal remedies.

            5.2 Investment Representations. Purchaser understands that the
Securities are being offered and sold pursuant to an exemption from registration
contained in the Securities Act based in part upon Purchaser's representations
contained in the Agreement, including, without limitation, that the Purchaser is
an "accredited investor" within the meaning of Regulation D under the Securities
Act. The Purchaser has received or has had full access to all the information it
considers necessary or appropriate to make an informed investment decision with
respect to the Note and the Warrant to be purchased by it under this Agreement
and the Note Shares and the Warrant Shares acquired by it upon the conversion of
the Note and the exercise of the Warrant, respectively. The Purchaser further
has had an opportunity to ask questions and receive answers from the Company
regarding the Company's business, management and financial affairs and the terms
and conditions of the Offering, the Note, the Warrant and the Securities and to
obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense)
necessary to verify any information furnished to the Purchaser or to which the
Purchaser had access.

            5.3 Purchaser Bears Economic Risk. Purchaser has substantial
experience in evaluating and investing in private placement transactions of
securities in companies similar to

                                       11
<PAGE>

the Company so that it is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own interests.
Purchaser must bear the economic risk of this investment until the Securities
are sold pursuant to (i) an effective registration statement under the
Securities Act, or (ii) an exemption from registration is available.

            5.4 Acquisition for Own Account. Purchaser is acquiring the Note and
Warrant and the Note Shares and the Warrant Shares for Purchaser's own account
for investment only, and not as a nominee or agent and not with a view towards
or for resale in connection with their distribution.

            5.5 Purchaser Can Protect Its Interest. Purchaser represents that by
reason of its, or of its management's, business and financial experience,
Purchaser has the capacity to evaluate the merits and risks of its investment in
the Note, the Warrant and the Securities and to protect its own interests in
connection with the transactions contemplated in this Agreement, and the Related
Agreements. Further, Purchaser is aware of no publication of any advertisement
in connection with the transactions contemplated in the Agreement or the Related
Agreements.

            5.6 Accredited Investor. Purchaser represents that it is an
accredited investor within the meaning of Regulation D under the Securities Act.

            5.7 Legends.

                  (a) The Note shall bear substantially the following legend:

            "THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS
            NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
            AMENDED, OR, IF APPLICABLE, STATE SECURITIES LAWS. THIS NOTE AND THE
            COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE SOLD,
            OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
            EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE OR SUCH SHARES
            UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
            COUNSEL REASONABLY SATISFACTORY TO DATA SYSTEMS & SOFTWARE INC. THAT
            SUCH REGISTRATION IS NOT REQUIRED."

                  (b) The Note Shares and the Warrant Shares, if not issued by
DWAC system (as hereinafter defined), shall bear a legend which shall be in
substantially the following form until such shares are covered by an effective
registration statement filed with the SEC:

            "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
            UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR IF APPLICABLE,
            STATE SECURITIES LAWS. THESE SHARES MAY NOT BE SOLD, OFFERED FOR
            SALE, PLEDGED OR HYPOTHECATED IN

                                       12
<PAGE>

            THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
            SECURITIES ACT AND APPLICABLE STATE LAWS OR AN OPINION OF COUNSEL
            REASONABLY SATISFACTORY TO DATA SYSTEMS & SOFTWARE INC. THAT SUCH
            REGISTRATION IS NOT REQUIRED."

                  (c) The Warrant shall bear substantially the following legend:

            "THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS
            WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
            AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS WARRANT AND
            THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE
            SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
            EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT OR THE
            UNDERLYING SHARES OF COMMON STOCK UNDER SAID ACT AND APPLICABLE
            STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
            SATISFACTORY TO DATA SYSTEMS & SOFTWARE INC. THAT SUCH REGISTRATION
            IS NOT REQUIRED."

            5.8 No Shorting. The Purchaser will not and will not cause any
person or entity, directly or indirectly, to engage in "short sales" of the
Company's Common Stock.

      6. COVENANTS OF THE COMPANY. For so long as 20% of the principal amount of
the Note is outstanding, the Company covenants and agrees with the Purchaser as
follows:

            6.1 Stop-Orders. The Company will advise the Purchaser, promptly
after it receives notice of issuance by the Securities and Exchange Commission
(the "SEC"), any state securities commission or any other regulatory authority
of any stop order or of any order preventing or suspending any offering of any
securities of the Company, or of the suspension of the qualification of the
Common Stock of the Company for offering or sale in any jurisdiction, or the
initiation of any proceeding for any such purpose.

            6.2 Listing. The Company shall promptly secure the listing of the
shares of Common Stock issuable upon conversion of the Note and upon the
exercise of the Warrant upon the on the Pink Sheets, the NASD OTC Bulletin
Board, NASDAQ SmallCap Market, NASDAQ National Market, American Stock Exchange
or New York Stock Exchange (the "Principal Market") upon which shares of Common
Stock are then listed (subject to official notice of issuance) and shall
maintain such listing so long as any other shares of Common Stock shall be so
listed. The Company will maintain the listing of its Common Stock on a Principal
Market, and will comply in all material respects with the Company's reporting,
filing and other obligations under the bylaws or rules of the National
Association of Securities Dealers

                                       13
<PAGE>

("NASD") and such exchanges, as applicable. The Company will provide the
Purchaser copies of all notices it receives notifying the Company of the
threatened and actual delisting of the Common Stock from any Principal Market.

            6.3 Market Regulations. The Company shall notify the SEC, NASD and
applicable state authorities, in accordance with their requirements, of the
transactions contemplated by this Agreement, and shall take all other necessary
action and proceedings as may be required and permitted by applicable law, rule
and regulation, for the legal and valid issuance of the Securities to Purchaser
and promptly provide copies thereof to Purchaser.

            6.4 Reporting Requirements. The Company will timely file with the
SEC all reports required to be filed pursuant to the Exchange Act and refrain
from terminating its status as an issuer required by the Exchange Act to file
reports thereunder even if the Exchange Act or the rules or regulations
thereunder would permit such termination. In addition, within 15 days after the
end of each calendar month, the Company will provide to the Purchaser a monthly
cash flow statement for the immediately preceding month.

            6.5 Use of Funds. The Company agrees that it will use the proceeds
of the sale of the Note and Warrant for general corporate purposes only.

            6.6 Access to Facilities. The Company will permit any
representatives designated by the Purchaser (or any transferee of the
Purchaser), upon reasonable notice and during normal business hours, at such
person's expense and accompanied by a representative of the Company, to (a)
visit and inspect any of the properties of the Company, (b) examine the
corporate and financial records of the Company (unless such examination is not
permitted by federal, state or local law or by contract) and make copies thereof
or extracts therefrom and (c) discuss the affairs, finances and accounts of any
such corporations with the directors, officers and independent accountants of
the Company.

            6.7 Taxes. The Company will promptly pay and discharge, or cause to
be paid and discharged, when due and payable, all lawful taxes, assessments and
governmental charges or levies imposed upon the income, profits, property or
business of the Company; provided, however, that any such tax, assessment,
charge or levy need not be paid if the validity thereof shall currently be
contested in good faith by appropriate proceedings and if the Company shall have
set aside on its books adequate reserves with respect thereto, and provided,
further, that the Company will pay all such taxes, assessments, charges or
levies forthwith upon the commencement of proceedings to foreclose any lien
which may have attached as security therefor.

            6.8 Insurance. The Company will keep its assets which are of an
insurable character insured by financially sound and reputable insurers against
loss or damage by fire, explosion and other risks customarily insured against by
companies in similar business similarly situated as the Company; and the Company
will maintain, with financially sound and reputable insurers, insurance against
other hazards and risks and liability to persons and property to the extent and
in the manner customary for companies in similar business similarly situated as
the Company and to the extent available on commercially reasonable terms.

                                       14
<PAGE>

            6.9 Intellectual Property. The Company shall maintain in full force
and effect its corporate existence, rights and franchises and all licenses and
other rights to use Intellectual Property owned or possessed by it and
reasonably deemed to be necessary to the conduct of its business.

            6.10 Properties. The Company will keep its properties in good
repair, working order and condition, reasonable wear and tear excepted, and from
time to time make all needful and proper repairs, renewals, replacements,
additions and improvements thereto; and the Company will at all times comply
with each provision of all leases to which it is a party or under which it
occupies property if the breach of such provision could reasonably be expected
to have a material adverse effect.

            6.11 Confidentiality. The Company agrees that it will not disclose,
and will not include in any public announcement, the name of the Purchaser,
unless expressly agreed to by the Purchaser or unless and until such disclosure
is required by law or applicable regulation, and then only to the extent of such
requirement.

            6.12 Required Approvals. The Company, without the prior written
consent of the Purchaser, shall not:

                  (a) directly or indirectly declare or pay any dividends or
make any distributions upon any of its capital stock or other equity securities
(or any securities directly or indirectly convertible into or exercisable or
exchangeable for equity securities);

                  (b) liquidate, dissolve or effect a recapitalization,
reclassification or reorganization in any form of transaction (including,
without limitation, any reorganization into a limited liability company, a
partnership or any other non-corporate entity which is treated as a partnership
for federal income tax purposes or a stock split or "reverse" stock split of the
Common Stock);

                  (c) become subject to (including, without limitation, by way
of amendment to or modification of) any agreement or instrument which by its
terms would (under any circumstances) restrict the Company's right to perform
the provisions of this Agreement or any of the agreements contemplated thereby;

                  (d) consent to or implement any termination, amendment,
modification, supplement or waiver of the certificate or articles of
incorporation, bylaws, regulations or other constitutional documents of the
Company or any subsidiary; or

                  (e) materially alter or change the business of the Company,
including, without limitation, the sale of material assets of the Company, but
excluding any transaction involving the Company's subsidiary, Comverge
Technologies, Inc. (whether by the issuance of stock, merger, sale of assets,
stock purchase or otherwise, unless such transaction is made solely with an
affiliate of the Company.

            6.13 Reissuance of Securities. The Company agrees to reissue
certificates representing the Securities without the legends set forth in
Section 5.7 above at such time as (a) the holder thereof is permitted to dispose
of such Securities pursuant to Rule 144(k) under the

                                       15
<PAGE>

Securities Act, or (b) upon resale subject to an effective registration
statement after such Securities are registered under the Securities Act. The
Company agrees to cooperate with the Purchaser in connection with all resales
pursuant to Rule 144(d) and Rule 144(k) and provide legal opinions necessary to
allow such resales provided the Company and its counsel receive reasonably
requested representations from the selling Purchaser and broker, if any.

            6.14 Opinion. On the Closing Date, the Company will deliver to the
Purchaser an opinion acceptable to the Purchaser from the Company's legal
counsel in the form annexed hereto as Exhibit D. The Company will provide, at
the Company's expense, such other legal opinions in the future as are reasonably
necessary for the conversion of the Note and exercise of the Warrant.

      7. COVENANTS OF THE COMPANY AND PURCHASER REGARDING INDEMNIFICATION.

            7.1 Company Indemnification. The Company agrees to indemnify, hold
harmless, reimburse and defend Purchaser, each of Purchaser's officers,
directors, agents, affiliates, control persons, and principal shareholders,
against any claim, cost, expense, liability, obligation, loss or damage
(including reasonable legal fees) of any nature, incurred by or imposed upon the
Purchaser which results, arises out of or is based upon (i) any
misrepresentation by Company or breach of any warranty by Company in this
Agreement or in any exhibits or schedules attached hereto or any Related
Agreement, or (ii) any breach or default in performance by Company of any
covenant or undertaking to be performed by Company hereunder, or any other
agreement entered into by the Company and Purchaser relating hereto.

            7.2 Purchaser's Indemnification. Purchaser agrees to indemnify, hold
harmless, reimburse and defend the Company and each of the Company's officers,
directors, agents, affiliates, control persons and principal shareholders, at
all times against any claim, cost, expense, liability, obligation, loss or
damage (including reasonable legal fees) of any nature, incurred by or imposed
upon the Company which results, arises out of or is based upon (i) any
misrepresentation by Purchaser or breach of any warranty by Purchaser in this
Agreement or in any exhibits or schedules attached hereto or any Related
Agreement; or (ii) any breach or default in performance by Purchaser of any
covenant or undertaking to be performed by Purchaser hereunder, or any other
agreement entered into by the Company and Purchaser relating hereto.

            7.3 Procedures. The procedures and limitations set forth in Section
9.6 shall apply to the indemnifications set forth in Sections 7.1 and 7.2 above.

                                       16
<PAGE>

      8. CONVERSION OF CONVERTIBLE NOTE.

            8.1 Mechanics of Conversion.

                  (a) Provided the Purchaser has notified the Company of the
Purchaser's intention to sell the Note Shares and the Note Shares are included
in an effective registration statement or are otherwise exempt from registration
when sold: (i) Upon the conversion of the Note or part thereof, the Company
shall, at its own cost and expense, take all necessary action (including the
issuance of an opinion of counsel) to assure that the Company's transfer agent
shall issue shares of the Company's Common Stock in the name of the Purchaser
(or its nominee) or such other persons as designated by the Purchaser in
accordance with Section 8.1(b) hereof and in such denominations to be specified
representing the number of Note Shares issuable upon such conversion; and (ii)
The Company warrants that no instructions other than these instructions have
been or will be given to the transfer agent of the Company's Common Stock and
that after the Effective Date (as hereinafter defined) the Note Shares issued
will be freely transferable subject to the prospectus delivery requirements of
the Securities Act and the provisions of this Agreement, and will not contain a
legend restricting the resale or transferability of the Note Shares.

                  (b) Purchaser will give notice of its decision to exercise its
right to convert the Note or part thereof by telecopying or otherwise delivering
an executed and completed notice of the number of shares to be converted to the
Company (the "Notice of Conversion"). The Purchaser will not be required to
surrender the Note until the Purchaser receives a credit to the account of the
Purchaser's prime broker through the DWAC system (as defined below),
representing the Note Shares or until the Note has been fully satisfied. Each
date on which a Notice of Conversion is telecopied or delivered to the Company
in accordance with the provisions hereof shall be deemed a "Conversion Date."
The Company will cause the transfer agent to transmit the the shares of the
Company's Common Stock issuable upon conversion of the Note (and a certificate
representing the balance of the Note not so converted, if requested by
Purchaser) to the Purchaser by crediting the account of the Purchaser's prime
broker with the Depository Trust Company ("DTC") through its Deposit Withdrawal
Agent Commission ("DWAC") system within three business days after receipt by the
Company of the Notice of Conversion (the "Delivery Date"). The Purchaser
undertakes that all sales of Shares by DWAC will be in compliance with the
prospectus delivery requirements of the Securities Act and will direct its
broker to do the same.

                  (c) The Company understands that a delay in the delivery of
the Note Shares in the form required pursuant to Section 8 hereof beyond the
Delivery Date could result in economic loss to the Purchaser. In the event that
the Company fails to direct its transfer agent to deliver the Note Shares to the
Purchaser via the DWAC system within the time frame set forth in Section 8.1(b)
above and the Note Shares are not delivered to the Purchaser by the Delivery
Date, as compensation to the Purchaser for such loss, the Company agrees to pay
late payments to the Purchaser for late issuance of the Note Shares in the form
required pursuant to Section 8 hereof upon conversion of the Note in the amount
equal to the greater of (i) $1,000 per business day after the Delivery Date or
(ii) the Purchaser's actual damages from such delayed delivery and which are
eligible for indemnification pursuant to Section 7 hereof. The Company shall pay
any payments incurred under this Section in immediately available funds upon
demand and, in

                                       17
<PAGE>

the case of actual damages, accompanied by reasonable documentation of the
amount of such damages.

                  (d) Nothing contained herein or in any document referred to
herein or delivered in connection herewith shall be deemed to establish or
require the payment of a rate of interest or other charges in excess of the
maximum permitted by applicable law. In the event that the rate of interest or
dividends required to be paid or other charges hereunder exceed the maximum
amount permitted by such law, any payments in excess of such maximum shall be
credited against amounts owed by the Company to a Purchaser and thus refunded to
the Company.

            8.2 Maximum Conversion. The Purchaser shall not be entitled to
convert on a Conversion Date that amount of a Note in connection with that
number of shares of Common Stock which would be in excess of the sum of (i) the
number of shares of Common Stock beneficially owned by the Purchaser on a
Conversion Date, and (ii) the number of shares of Common Stock issuable upon the
conversion of the Note with respect to which the determination of this proviso
is being made on a Conversion Date, which would result in beneficial ownership
by the Purchaser of more than 4.9% of the outstanding shares of Common Stock of
the Company on such Conversion Date. For the purposes of the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and Regulation 13d-3 thereunder. Subject to
the foregoing, a Purchaser shall not be limited to aggregate conversions of only
4.9%. Upon an Event of Default under the Note, the conversion limitation in this
Section 8.3 shall automatically become null and void. In the event of an
Optional Redemption, the Purchaser will be permitted to raise the limit set
forth in this Section 8.2 to 9.9%.

            8.3 Optional Redemption. The Company will have the option of
redeeming any outstanding principal of the Note ("Optional Redemption") by
paying to the Purchaser a sum of money as follows:

            from the Closing Date through 30 days after the Closing Date - 102%
            from 31 days through 60 days after the Closing Date - 104%
            from 61 days through 90 days after the Closing Date - 106%
            from 91 days through 120 days after the Closing Date -108%
            after 120 days following the Closing Date -110%

of the principal amount of the Note together with accrued but unpaid interest
thereon and any and all other sums due, accrued or payable to the Purchaser
arising under this Agreement, Note or any other document delivered herewith
("Redemption Amount") outstanding on the day notice of redemption ("Notice of
Redemption) is delivered to a Purchaser ("Redemption Date"). A Notice of
Redemption may not be given in connection with any portion of Note for which a
Notice of Conversion has been given by the Purchaser at any time before receipt
of a Notice of Redemption or given pursuant to the following sentence. The
Purchaser may elect within five (5) business days after receipt of a Notice of
Redemption to give the Company Notice of Conversion in connection with some or
all of the Note principal and interest which was the subject of the Notice of
Redemption. A Notice of Redemption must be accompanied by a

                                       18
<PAGE>

certificate signed by the chief executive officer or chief financial officer of
the Company stating that the Company has on deposit and segregated ready funds
equal to the Redemption Amount. The Redemption Amount must be paid in good funds
to the Purchaser no later than the seventh (7th) business day after the
Redemption Date ("Optional Redemption Payment Date"). In the event the Company
fails to pay the Redemption Amount by the Optional Redemption Payment Date, then
the Redemption Notice will be null and void. A Notice of Redemption may be given
by the Company, provided (i) no Event of Default as described in the Note shall
have occurred or be continuing; and (ii) the Note Shares issuable upon
conversion of the full outstanding Note principal are included for unrestricted
resale in a registration statement effective as of the Redemption Date.

            8.4 NASDAQ Approval. The Company and the Purchaser agree that until
the Company either obtains shareholder approval of the issuance of the
Securities, or an exemption from NASDAQ's corporate governance rules as they may
apply to the Securities, and an opinion of counsel reasonably acceptable to the
Purchaser that NASDAQ's corporate governance rules do not conflict with nor may
result in a delisting of the Company's common stock from the NASDAQ National
Market (the "Approval") upon the conversion of the Notes, the Purchaser may not
receive upon conversion of the Notes more than the number of common shares
greater than 19.9% of the shares of Company's common stock outstanding on the
Closing Date. The Company covenants to obtain the Approval required pursuant to
the NASDAQ's corporate governance rules to allow conversion of all the Notes and
interest thereon upon written request of the Purchaser (the "Trigger Date"). The
Company further covenants to file the preliminary proxy statement relating to
the Approval with the Commission on or before thirty days after the Trigger Date
("Proxy Filing Date"). The Company further covenants to obtain the Approval no
later than ninety days after the Trigger Date ("Approval Date"). The Company's
failure to (i) file the proxy on or before the Proxy Filing Date; or (ii) the
Company's failure to obtain the Approval on or before the Approval Date (each
being an "Approval Default") shall be deemed an Event of Default under the Note,
but only to the extent the Note and interest thereon that may not be converted
due to the Company's failure to obtain such Approval. The percent of the
principal of the Note payable by the Company in connection with an Approval
Default shall be 100%.

      9. REGISTRATION RIGHTS.

            9.1 Registration Rights Granted. The Company hereby grants the
following registration rights to the Purchaser.

      (a) The Company shall use its reasonable commercial efforts to file a Form
S-3 registration statement (or such other form that it is eligible to use) in
order to register the Registrable Securities for resale and distribution under
the Securities Act with the SEC within 30 days of the Closing Date (the "Filing
Date"), and use its reasonable commercial efforts to cause such registration
statement to be declared effective within 60 days of the Filing Date (the
"Effective Date"). The Company will register not less than a number of shares of
Common Stock in the aforedescribed registration statement that is equal to the
Warrant Shares and 140% (or such lower amount as permitted or required by the
SEC) of the Note Shares issuable at the Conversion and Purchase Prices set forth
in the Note and Warrant, respectively, that would be in effect on the Closing
Date or the date of filing of such registration statement (employing the

                                       19
<PAGE>

price which would result in the greater number of Shares), assuming the
conversion of 100% of the principal amount of the Note which is then
outstanding, and at least one share of Common Stock for each common share
issuable upon exercise of the Warrant ("Registrable Securities"). The Company
will undertake to promptly register as necessary additional shares of Common
Stock with which the Company expects to pay the Monthly Amount (as defined in
the Note) on the same terms and conditions as set forth in Section 9 hereof. No
securities of the Company other than the Registrable Securities will be included
in the registration statement described in this Section 9.1(a).

            9.2 Registration Procedures. If and whenever the Company is required
by the provisions hereof to effect the registration of the Registrable
Securities under the Act, the Company will, as expeditiously as possible:

                  (a) prepare and file with the SEC a registration statement
with respect to such securities and use its best efforts to cause such
registration statement to become and remain effective for the period of the
distribution contemplated thereby (determined as herein provided), and promptly
provide to the Purchaser copies of all filings and SEC letters of comment;

                  (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective
until the earlier of: (i) six months after the latest exercise period of the
Warrant; (ii) four years after the Closing Date, or (iii) the date on which the
Purchaser has disposed of all of the Registrable Securities covered by such
registration statement in accordance with the Purchaser's intended method of
disposition set forth in such registration statement for such period;

                  (c) furnish to the Purchaser such number of copies of the
registration statement and the prospectus included therein (including each
preliminary prospectus) as the Purchaser reasonably may request to facilitate
the public sale or disposition of the securities covered by such registration
statement;

                  (d) use its commercially reasonable efforts to register or
qualify the Purchaser's Registrable Securities covered by such registration
statement under the securities or "blue sky" laws of such jurisdictions as the
Purchaser, provided, however, that the Company shall not for any such purpose be
required to qualify generally to transact business as a foreign corporation in
any jurisdiction where it is not so qualified or to consent to general service
of process in any such jurisdiction;

                  (e) list the Registrable Securities covered by such
registration statement with any securities exchange on which the Common Stock of
the Company is then listed;

                  (f) immediately notify the Purchaser at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event of which the Company has knowledge as a
result of which the prospectus contained in such registration statement, as then
in effect, includes an untrue statement of a material fact or

                                       20
<PAGE>

omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing; and

                  (g) make available for inspection by the Purchaser and any
attorney, accountant or other agent retained by the Purchaser, all publicly
available, non-confidential financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company's officers,
directors and employees to supply all publicly available, non-confidential
information reasonably requested by the attorney, accountant or agent of the
Purchaser.

            9.3 Provision of Documents.

                  (a) In connection with each registration hereunder, the
Purchaser will furnish to the Company in writing such information and
representation letters with respect to itself and the proposed distribution by
it as reasonably shall be necessary in order to assure compliance with federal
and applicable state securities laws.

            9.4 Non-Registration Events. If (i) the Registration Statement
described in Section 9.1(a) is not filed on or before the Filing Date or not
declared effective on or before the sooner of the Effective Date, or within five
days of receipt by the Company of a communication from the SEC that the
registration statement described in Section 9.1(d) will not be reviewed, or
(iii) any registration statement described in Section 9.1(a) or (d) is filed and
declared effective but shall thereafter cease to be effective (without being
succeeded immediately by an additional registration statement filed and declared
effective) for a period of time which shall exceed 30 days in the aggregate per
year but not more than 20 consecutive calendar days (defined as a period of 365
days commencing on the date the Registration Statement is declared effective)
(each such event referred to in this Section 9.4 is referred to herein as a
"Non-Registration Event"), then, for so long as such Non-Registration Event
shall continue, the Company shall pay in cash as Liquidated Damages to each
holder of any Registrable Securities an amount equal to one percent (1%) per
month or part thereof for the first two months and two percent (2%) per month
thereafter during the pendency of such Non-Registration Event of the principal
of the Note issued in connection with the Offering, whether or not converted,
then owned of record by such holder or issuable as of or subsequent to the
occurrence of such Non-Registration Event. Payments to be made pursuant to this
Section shall be due and payable immediately upon demand in immediately
available funds. In the event a Mandatory Redemption Payment is demanded from
the Company by the holder pursuant to Section 8.2 of this Agreement, then the
Liquidated Damages described in this Section 9.4 shall no longer accrue on the
portion of the purchase price underlying the Mandatory Redemption Payment, from
and after the date the holder receives the Mandatory Redemption Payment. It
shall be deemed a Non-Registration Event to the extent that all the Common Stock
included in the Registrable Securities and underlying the Securities is not
included in an effective registration statement as of and after the Effective
Date at the conversion prices in effect from and after the Effective Date.

            9.5 Expenses. All expenses incurred by the Company in complying with
Section 9, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel and independent public
accountants for the Company, fees and expenses (including reasonable counsel
fees) incurred in connection with complying with state

                                       21
<PAGE>

securities or "blue sky" laws, fees of the NASD, transfer taxes, fees of
transfer agents and registrars, fees of, and disbursements incurred by, one
counsel for the Purchaser, whose fees shall not exceed $1,000, and costs of
insurance are called "Registration Expenses". All underwriting discounts and
selling commissions applicable to the sale of Registrable Securities, including
any fees and disbursements of any special counsel to the Purchaser beyond those
included in Registration Expenses, are called "Selling Expenses."

                  The Company will pay all Registration Expenses. All Selling
Expenses in connection with each registration statement under Section 9 shall be
borne by the Purchaser.

            9.6 Indemnification.

                  (a) In the event of a registration of any Registrable
Securities under the Securities Act pursuant to Section 9, the Company will
indemnify and hold harmless the Purchaser, and its officers, directors and each
other person, if any, who controls the Purchaser within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which the Purchaser, or such persons may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
any registration statement under which such Registrable Securities were
registered under the Securities Act pursuant to Section 9, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse the Purchaser, and
each such person for any reasonable legal or other expenses incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company will not be liable in
any such case if and to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished by the Purchaser or any such person in writing specifically for use in
any such document.

                  (b) In the event of a registration of the Registrable
Securities under the Securities Act pursuant to Section 9, the Purchaser will
indemnify and hold harmless the Company, and its officers, directors and each
other person, if any, who controls the Company within the meaning of the
Securities Act, against all losses, claims, damages or liabilities, joint or
several, to which the Company or such persons may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
the registration statement under which such Registrable Securities were
registered under the Securities Act pursuant to Section 9, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse the Company and each
such person for any reasonable legal or other expenses incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action, provided, however, that the Purchaser will be liable in any
such case if and only to the extent that

                                       22
<PAGE>

any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished in writing to the Company by the
Purchaser specifically for use in any such document.

                  (c) Promptly after receipt by an indemnified party hereunder
of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party hereunder,
notify the indemnifying party in writing thereof, but the omission so to notify
the indemnifying party shall not relieve it from any liability which it may have
to such indemnified party other than under this Section 9.6(c) and shall only
relieve it from any liability which it may have to such indemnified party under
this Section 9.6(c) if and to the extent the indemnifying party is prejudiced by
such omission. In case any such action shall be brought against any indemnified
party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 9.6(c) for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof; if the
indemnified party retains its own counsel, then the indemnified party shall pay
all fees, costs and expenses of such counsel, provided, however, that, if the
defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that there may be reasonable defenses available to it which are different from
or additional to those available to the indemnifying party or if the interests
of the indemnified party reasonably may be deemed to conflict with the interests
of the indemnifying party, the indemnified parties shall have the right to
select one separate counsel and to assume such legal defenses and otherwise to
participate in the defense of such action, with the reasonable expenses and fees
of such separate counsel and other expenses related to such participation to be
reimbursed by the indemnifying party as incurred.

                  (d) In order to provide for just and equitable contribution in
the event of joint liability under the Securities Act in any case in which
either (i) the Purchaser, or any controlling person of the Purchaser, makes a
claim for indemnification pursuant to this Section 9.6 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last
right of appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that this Section 9.6 provides for indemnification in
such case, or (ii) contribution under the Securities Act may be required on the
part of the Purchaser or controlling person of the Purchaser in circumstances
for which indemnification is provided under this Section 9.6; then, and in each
such case, the Company and the Purchaser will contribute to the aggregate
losses, claims, damages or liabilities to which they may be subject (after
contribution from others) in such proportion so that the Purchaser is
responsible only for the portion represented by the percentage that the public
offering price of its securities offered by the registration statement bears to
the public offering price of all securities offered by such registration
statement, provided, however, that, in any such case, (A) the Purchaser will not
be required to contribute any amount in excess of the public offering price of
all such securities offered by it pursuant to such registration statement; and
(B) no person or entity guilty of fraudulent misrepresentation

                                       23
<PAGE>

(within the meaning of Section 10(f) of the Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent
misrepresentation.

      10. OFFERING RESTRICTIONS. Except as previously disclosed in the SEC
Reports or in the Exchange Act Filings, or stock or stock options granted to
employees or directors of the Company; or equity or debt issued in connection
with an acquisition of a business or assets by the Company; or the issuance by
the Company of stock in connection with the establishment of a joint venture
partnership or licensing arrangement (these exceptions hereinafter referred to
as the "Excepted Issuances"), the Company will not issue any securities with a
variable/floating conversion feature which are or could be (by conversion or
registration) free-trading securities (i.e. common stock subject to a
registration statement) prior to the full repayment or conversion of the Note
(the "Exclusion Period"). This restriction shall not prohibit the Company from
issuing any equity, convertible debt or other securities prior to the expiration
of the Exclusion Period, provided that such equity, convertible debt or other
securities are restricted securities when issued and remain restricted until the
expiration of the Exclusion Period, which shall include, but not limited to, any
bank debt with warrants, fixed rate convertible debt transactions and/or
discounted equity transactions in each case with registration rights that
provide for registration of the Common Stock issuable therein after the
Exclusion Period.

      11. SECURITY INTEREST. As a condition of Closing, Databit will grant to
the Purchaser a security interest in its accounts receivable pursuant to a
Security Agreement. Databit will also execute all such documents reasonably
necessary to memorialize and further protect the security interest described
above.

      12. MISCELLANEOUS.

            12.1 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to principles of conflicts of laws. Any action brought by either party against
the other concerning the transactions contemplated by this Agreement shall be
brought only in the state courts of New York or in the federal courts located in
the state of New York. Both parties and the individuals executing this Agreement
and other agreements on behalf of the Company agree to submit to the
jurisdiction of such courts and waive trial by jury. In the event that any
provision of this Agreement or any other agreement delivered in connection
herewith is invalid or unenforceable under any applicable statute or rule of
law, then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision
of any agreement.

            12.2 Survival. The representations, warranties, covenants and
agreements made herein shall survive any investigation made by the Purchaser and
the closing of the transactions contemplated hereby to the extent provided
therein. All statements as to factual matters contained in any certificate or
other instrument delivered by or on behalf of the Company pursuant hereto in
connection with the transactions contemplated hereby shall be deemed to be
representations and warranties by the Company hereunder solely as of the date of
such certificate or instrument.

                                       24
<PAGE>

            12.3 Successors and Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto and shall inure to the benefit of and be enforceable by each
person who shall be a holder of the Securities from time to time.

            12.4 Entire Agreement. This Agreement, the exhibits and schedules
hereto, the Related Agreements and the other documents delivered pursuant hereto
constitute the full and entire understanding and agreement between the parties
with regard to the subjects hereof and no party shall be liable or bound to any
other in any manner by any representations, warranties, covenants and agreements
except as specifically set forth herein and therein.

            12.5 Severability. In case any provision of the Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

            12.6 Amendment and Waiver.

                  (a) This Agreement may be amended or modified only upon the
written consent of the Company and the Purchaser.

                  (b) The obligations of the Company and the rights of the
Purchaser under this Agreement may be waived only with the written consent of
the Purchaser.

            12.7 Delays or Omissions. It is agreed that no delay or omission to
exercise any right, power or remedy accruing to any party, upon any breach,
default or noncompliance by another party under this Agreement or the Related
Agreements, shall impair any such right, power or remedy, nor shall it be
construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of or in any similar breach, default or noncompliance
thereafter occurring. All remedies, either under this Agreement, the Note or the
Related Agreements, by law or otherwise afforded to any party, shall be
cumulative and not alternative.

            12.8 Notices. All notices required or permitted hereunder shall be
in writing and shall be deemed effectively given: (a) upon personal delivery to
the party to be notified, (b) when sent by confirmed facsimile if sent during
normal business hours of the recipient, if not, then on the next business day,
(c) five days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent to the Company
at the address as set forth on the signature page hereof, with a copy to Sheldon
Krause, Esq., Ehrenreich Eilenberg & Krause LLP, 11 East 44th Street, 17th
Floor, New York, New York, facsimile number (212) 986-2399, and to the Purchaser
at the address set forth on the signature page hereto for such Purchaser, with a
copy in the case of the Purchaser to Daniel M. Laifer, Esq., 152 West 57th
Street, 4th Floor, New York, NY 10019, facsimile number (212) 541-4434, or at
such other address as the Company or the Purchaser may designate by ten days
advance written notice to the other parties hereto.

            12.9 Attorneys' Fees. In the event that any suit or action is
instituted to enforce any provision in this Agreement, the prevailing party in
such dispute shall be entitled to

                                       25
<PAGE>

recover from the losing party all fees, costs and expenses of enforcing any
right of such prevailing party under or with respect to this Agreement,
including, without limitation, such reasonable fees and expenses of attorneys
and accountants, which shall include, without limitation, all fees, costs and
expenses of appeals.

            12.10 Titles and Subtitles. The titles of the sections and
subsections of the Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

            12.11 Facsimile Signatures; Counterparts. This Agreement may be
executed by facsimile signatures and in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one
instrument.

            12.12 Broker's Fees. Each party hereto represents and warrants that,
except as each party may have notified the other in writing on or prior to the
date hereof, no agent, broker, investment banker, person or firm acting on
behalf of or under the authority of such party hereto is or will be entitled to
any broker's or finder's fee or any other commission directly or indirectly in
connection with the transactions contemplated herein. Each party hereto further
agrees to indemnify each other party for any claims, losses or expenses incurred
by such other party as a result of the representation in this Section 12.12
being untrue.

            12.13 Construction. Each party acknowledges that its legal counsel
participated in the preparation of this Agreement and, therefore, stipulates
that the rule of construction that ambiguities are to be resolved against the
drafting party shall not be applied in the interpretation of this Agreement to
favor any party against the other.

                                       26
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed the SECURITIES
PURCHASE AGREEMENT as of the date set forth in the first paragraph hereof.

COMPANY:                                   PURCHASER:

DATA SYSTEMS & SOFTWARE INC.               LAURUS MASTER FUND, LTD.

By:_________________________________       By: _________________________________
Name:  George Morgenstern                  Name:
Title: President and Chief Executive       Address: c/o Ironshore Corporate
       Officer                                      Services Ltd.
Address:                                            P.O. Box 1234  G.T.,
200 Route 17                                        Queensgate House, South
Mahwah, New Jersey                                  Church Street
Facsimile: 201-529-3163                             Grand Cayman, Cayman Islands
                                                    Facsimile: 212-541-4434

DATABIT:

DATABIT INC.

By:_________________________________
Name:  Shlomie Morgenstern
Title: President
Address:
200 Route 17
Mahwah, New Jersey
Facsimile: 201-529-3163

                                       27
<PAGE>

                                LIST OF EXHIBITS

Form of Offering Convertible Note                                Exhibit A

Form of Warrant                                                  Exhibit B

Form of Opinion                                                  Exhibit C

                                       28
<PAGE>

                                    EXHIBIT A

                            FORM OF CONVERTIBLE NOTE

            THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS
      NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED. THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS
      NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
      ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID
      ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO DATA SYSTEMS &
      SOFTWARE INC. AND DATABIT INC., THAT SUCH REGISTRATION IS NOT REQUIRED.

                                CONVERTIBLE NOTE

            FOR VALUE RECEIVED, DATA SYSTEMS & SOFTWARE INC., a Delaware
corporation, and Databit Inc., a Delaware corporation (hereinafter collectively
called the "Borrower"), hereby jointly and severally promise to pay to LAURUS
MASTER FUND, LTD., c/o Ironshore Corporate Services Ltd., P.O. Box 1234 G.T.,
Queensgate House, South Church Street, Grand Cayman, Cayman Islands, Fax:
345-949-9877 (the "Holder") or its registered assigns or successors in interest,
on order, without demand, the sum of Two Million Dollars ($2,000,000), with any
accrued and unpaid interest on June 30, 2003 (the "Maturity Date"). Capitalized
terms used herein without definition shall have the meanings ascribed to such
terms in the Purchase Agreement (as defined in Section 3.1(a) below).

                  The following terms shall apply to this Note:

                                       1
<PAGE>

                                    ARTICLE I

                           DEFAULT RELATED PROVISIONS

            1.1 Payment Grace Period. The Borrower shall have a seven (7) day
grace period to pay any monetary amounts due under this Note, after which grace
period a default interest rate of five percent (5%) per annum above the then
applicable interest rate hereunder shall apply to the amounts owed hereunder.

            1.2 Conversion Privileges. The Conversion Privileges set forth in
Article II shall remain in full force and effect immediately from the date
hereof and until the Note is paid in full.

            1.3 Interest Rate. Interest payable on this Note shall accrue at the
annual rate of ten percent (10%) and be payable in arrears commencing one month
from the date hereof and on the first business day of each consecutive calendar
month thereafter, and on the Maturity Date, accelerated or otherwise, due and
payable as described below.

                                   ARTICLE II

                       PAYMENTS OF PRINCIPAL AND INTEREST

            2.1Monthly Payments. Subject to the terms of this Article II, the
Borrower shall repay one-tenth of the original principal amount of this Note (to
the extent such amount has not been converted pursuant to Article III below),
together with interest accrued to date on such portion of the original principal
amount plus any and all default payments owing under the Purchase Agreement but
not previously paid (collectively the "Monthly Amount"), in accordance with
Section 2.2 below, on the first business day of each consecutive calendar month
(each, a "Repayment Date"), beginning on the first such day which occurs
following ninety (90) days from the date hereof. Notwithstanding the foregoing,
the Holder will have the option to delay the start of the amortization for up to
120 days from the date hereof and the Monthly Amount will then become one-ninth
of the original principal amount of the Note.

            2.2 Cash or Common Stock. Subject to the terms hereof, the Borrower
has the sole option to determine whether to satisfy payment of the Monthly
Amount in full on each Repayment Date either in cash or in shares of Common
Stock, or a combination of both. The Borrower shall deliver to the Holder a
written irrevocable notice in the form of Exhibit B attached hereto electing to
pay such Monthly Amount in full on such Repayment Date in either

                                       2
<PAGE>

cash or Common Stock, or a combination of both ("Repayment Election Notice").
Such Repayment Election Notice shall be delivered to the Holder at least ten
(10) days, but not more than fifteen (15) days, prior to the applicable
Repayment Date (the date of such notice being hereinafter referred to as the
"Notice Date"). If such Repayment Election Notice is not delivered within the
prescribed period set forth in the preceding sentence, then the repayment shall
be made in either cash or shares of Common Stock on the same terms hereunder at
the Holder's sole option. If the Borrower elects or is required to repay all or
a portion of the Monthly Amount in cash on a Repayment Date, then on such
Repayment Date the Borrower shall pay to the Holder an amount equal to the
Monthly Amount in satisfaction of such obligation. If the Borrower repays all or
a portion of the Monthly Amount in shares of Common Stock, the number of such
shares to be issued for such Repayment Date shall be the number determined by
dividing (x) the portion of the Monthly Amount to be paid in shares of Common
Stock, by (y) the Conversion Price (as defined herein) as of such date.

            2.3 No Effective Registration. Notwithstanding anything to the
contrary herein, the Borrower shall be prohibited from exercising its right to
repay the Monthly Amount in shares of Common Stock (and must deliver cash in
respect thereof) on the applicable Repayment Date if at any time from the Notice
Date until the time at which the Holder receive such shares there fails to exist
an effective registration statement or an Event of Default hereunder exists or
occurs, unless otherwise waived in writing by the Holder in whole or in part at
the Holder's option.

            2.4 Deemed Conversions. Any repayment of the Monthly Amount in
shares of Common Stock pursuant to the terms hereof shall constitute and be
deemed a conversion of such portion of the applicable principal amount of this
Note for all purposes under this Note and the Purchase Agreement (except as
otherwise provided herein).

                                   ARTICLE III

                                CONVERSION RIGHTS

            3.1. Conversion into the Borrower's Common Stock.

                                       3
<PAGE>

            (a) Subject to the provisions set forth above, the Holder shall have
the right, but not the obligation, from and after the date hereof, and then at
any time until this Note is fully paid, to convert the principal portion of this
Note and/or interest due and payable into fully paid and nonassessable shares of
common stock of the Borrower as such stock exists on the date of issuance of
this Note, or any shares of capital stock of the Borrower into which such stock
shall hereafter be changed or reclassified (the "Common Stock") at the fixed
conversion price of $3.49 subject to adjustment as provided in Section 3.1(c)
hereof (the "Fixed Conversion Price"). Upon delivery to the Borrower of a Notice
of Conversion as described in Section 8 of the Securities Purchase Agreement
entered into between the Borrower and the Holder relating to this Note (the
"Purchase Agreement") of the Holder's written request for conversion (the date
of giving such notice of conversion being a "Conversion Date"), the Borrower
shall issue and deliver to the Holder within three business days from the
Conversion Date that number of shares of Common Stock for the portion of the
Note converted in accordance with the foregoing. The number of shares of Common
Stock to be issued upon each conversion of this Note shall be determined by
dividing that portion of the principal of the Note to be converted and interest,
if any, by the Fixed Conversion Price as of the Conversion Date. In the event of
any conversions of outstanding principal amount under this Note in part pursuant
to this Article III, such conversions shall be deemed to constitute conversions
of outstanding principal amount applying to Monthly Amounts for the Repayment
Dates in chronological order. By way of example, if the original principal
amount of this Note is $2,000,000 and the Holder converted $400,000 of such
original principal amount prior to the first Repayment Date, then (1) the
principal amount of the Monthly Amount due on the first Repayment Date would
equal $0, (2) the principal amount of the Monthly Amount due on the second
Repayment Date would equal $0 and (3) the principal amount of the Monthly Amount
due on each of the remaining Repayment Dates would be $200,000.

            (b) In the event of any payment of the Monthly Amount by the
Borrower in shares of Common Stock, the conversion price (the "Conversion
Price") shall be equal to the lesser of (i) the Fixed Conversion Price and (ii)
83% of the average of the ten (10) lowest closing prices of the Common Stock on
the Principal Market (as defined herein) for the 30 trading day period
immediately preceding the Notice Date (the "Variable Conversion Price").

                  If an Event of Default has occurred and be continuing
hereunder then the Conversion Price shall be equal to the lower of (i) the Fixed
Conversion Price; or (ii) seventy percent (70%) of the average of the three
lowest closing prices for the Common Stock on the Principal Market, for the
thirty (30) trading days prior to but not including the Conversion Date. The
"Principal Market" shall include the NASD OTC Bulletin Board, NASDAQ SmallCap
Market, NASDAQ National Market System, American Stock Exchange, or New York
Stock

                                       4
<PAGE>

Exchange (whichever of the foregoing is at the time the principal trading
exchange or market for the Common Stock, or any securities exchange or other
securities market on which the Common Stock is then being listed or traded.

            (c) The Fixed Conversion Price and number and kind of shares or
other securities to be issued upon conversion determined pursuant to Section
3.1(a) and 3.1(b), shall be subject to adjustment from time to time upon the
happening of certain events while this conversion right remains outstanding, as
follows:

                  A. Merger, Sale of Assets, etc. If the Borrower at any time
shall consolidate with or merge into or sell or convey all or substantially all
its assets to any other corporation, this Note, as to the unpaid principal
portion thereof and accrued interest thereon, shall thereafter be deemed to
evidence the right to purchase such number and kind of shares or other
securities and property as would have been issuable or distributable on account
of such consolidation, merger, sale or conveyance, upon or with respect to the
number of shares of Common Stock the Holder could have acquired immediately
prior to such consolidation, merger, sale or conveyance based on the Fixed
Conversion Price or the Conversion Price, as the case may be, as of the closing
date thereof. The foregoing provision shall similarly apply to successive
transactions of a similar nature by any such successor or purchaser. Without
limiting the generality of the foregoing, the provisions of this Section shall
apply to such securities of such successor or purchaser after any such
consolidation, merger, sale or conveyance.

                  B. Reclassification, etc. If the Borrower at any time shall,
by reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes, this Note, as to the
unpaid principal portion thereof and accrued interest thereon, shall thereafter
be deemed to evidence the right to purchase an adjusted number of such
securities and kind of securities as would have been issuable as the result of
such change with respect to the number of shares of Common Stock into which the
Note would have been convertible immediately prior to such reclassification or
other change at the Fixed Conversion Price or the Conversion Price, as the case
may be, as of the effective date for such reclassification or change.

                  C. Stock Splits, Combinations and Dividends. If the shares of
Common Stock are subdivided or combined into a greater or smaller number of
shares of Common Stock, or if a dividend is paid on the Common Stock in shares
of Common Stock, the Fixed Conversion Price or the Conversion Price, as the case
may be, shall be proportionately reduced in case of subdivision of shares or
stock dividend or proportionately increased in the case of combination of
shares, in each such case by the ratio which the total number of shares of

                                       5
<PAGE>

Common Stock outstanding immediately after such event bears to the total number
of shares of Common Stock outstanding immediately prior to such event.

                  D. Share Issuance. Subject to the provisions of this Section,
if the Borrower at any time shall issue any shares of Common Stock prior to the
conversion of the entire principal amount of the Note (otherwise than as: (i)
provided in Sections 3.1(c)A, 3.1(c)B or 3.1(c)C or this subparagraph D; or (ii)
pursuant to warrants or options that may be granted in the future under any
option plan of the Borrower, or any employment agreement, joint venture, credit,
leasing or other financing agreement or any joint venture or other strategic
arrangement, in each case now or hereinafter entered into by the Borrower, (iii)
pursuant to any agreement entered into by the Company or any of its subsidiaries
for the acquisition of another business (whether by stock purchase or asset
purchase, merger or otherwise) or (iv) other obligations to issue shares,
outstanding on the date hereof as set forth in the Schedules to the Purchase
Agreement (which agreement is incorporated herein by this reference); ((i),
(ii), (iii) and (iv) above, are hereinafter referred to as the "Existing Option
Obligations")) for a consideration less than the Fixed Conversion Price that
would be in effect at the time of such issue, then, and thereafter successively
upon each such issue, the Fixed Conversion Price shall be reduced as follows:
(i) the number of shares of Common Stock outstanding immediately prior to such
issue shall be multiplied by the Fixed Conversion Price in effect at the time of
such issue and the product shall be added to the aggregate consideration, if
any, received by the Borrower upon such issue of additional shares of Common
Stock; and (ii) the sum so obtained shall be divided by the number of shares of
Common Stock outstanding immediately after such issue. The resulting quotient
shall be the adjusted Fixed Conversion Price. Except for the Existing Option
Obligations for purposes of this adjustment, the issuance of any security of the
Borrower carrying the right to convert such security into shares of Common Stock
or of any warrant, right or option to purchase Common Stock shall result in an
adjustment to the Fixed Conversion Price upon the issuance of shares of Common
Stock upon exercise of such conversion or purchase rights.

            (d) During the period the conversion right exists, the Borrower will
reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of Common Stock upon the full conversion of
this Note. The Borrower represents that upon issuance, such shares will be duly
and validly issued, fully paid and non-assessable. The Borrower agrees that its
issuance of this Note shall constitute full authority to its officers, agents,
and transfer agents who are charged with the duty of executing and issuing stock
certificates to execute and issue the necessary certificates for shares of
Common Stock upon the conversion of this Note.

                                       6
<PAGE>

            3.2 Method of Conversion. This Note may be converted by the Holder
in whole or in part as described in Section 3.1(a) hereof and the Purchase
Agreement. Upon partial conversion of this Note, a new Note containing the same
date and provisions of this Note shall, at the request of the Holder, be issued
by the Borrower to the Holder for the principal balance of this Note and
interest which shall not have been converted or paid.

                                   ARTICLE IV

                                EVENT OF DEFAULT

            The occurrence of any of the following events is an Event of Default
("Event of Default"):

            4.1 Failure to Pay Principal, Interest or other Fees. The Borrower
fails to pay any installment of principal, interest or other fees hereon or on
any other promissory note issued pursuant to the Purchase Agreement and this
Note, when due and such failure continues for a period of ten (10) days after
the due date.

            4.2 Breach of Covenant. The Borrower breaches any material covenant
or other term or condition of this Note or the Purchase Agreement in any
material respect and such breach, if subject to cure, continues for a period of
ten (10) days after written notice to the Borrower from the Holder, except for a
breach of Sections 8.1 (provided the Borrower has delivered instructions and a
legal opinion to the transfer agent within the time frame set forth therein),
8.4 or 9.1 of the Purchase Agreement (provided the Borrower has filed a
registration statement by the Filing Date and responds within a reasonable time
frame to any SEC comment letters with respect to such registration statement).

            4.3 Breach of Representations and Warranties. Any material
representation or warranty of the Borrower made herein, in the Purchase
Agreement, or in any agreement, statement or certificate given in writing
pursuant hereto or in connection therewith shall be false or misleading and
shall not be cured for a period of twenty (20) days after written notice thereof
is received by the Borrower from the Holder.

            4.4 Receiver or Trustee. The Borrower shall make an assignment for
the benefit of creditors, or apply for or consent to the appointment of a
receiver or trustee for it or for a substantial part of its property or
business; or such a receiver or trustee shall otherwise be appointed.

                                       7
<PAGE>

            4.5 Judgments. Any money judgment, writ or similar final process
shall be entered or filed against the Borrower or any of its property or other
assets for more than $250,000, and shall remain unvacated, unbonded or unstayed
for a period of ninety (90) days.

            4.6 Bankruptcy. Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings or relief under any bankruptcy law
or any law for the relief of debtors shall be instituted by or against the
Borrower.

            4.7 Stop Trade. An SEC stop trade order or Principal Market trading
suspension of the Common Stock for 5 consecutive days or 5 days during a period
of 10 consecutive days, excluding in all cases a suspension of all trading on a
the Principal Market, provided that the Borrower shall not have been able to
cure such trading suspension within 60 days of the notice thereof or list the
Common Stock on another Principal Market within 120 days of such notice.

            If an Event of Default occurs and is continuing, the Holder may make
all sums of principal, interest and other fees then remaining unpaid hereon and
all other amounts payable hereunder immediately due and payable, all without
demand, presentment or notice, or grace period, all of which hereby are
expressly waived. In the event of an acceleration, the amount due and owing to
the Holder shall be 130% of the outstanding principal amount of the Note (plus
accrued and unpaid interest and fees, if any), except for an Event of Default
resulting, in whole or in part, from a breach of Section 8.4 of the Purchase
Agreement in which case the amount due and owing to the Holder shall be 100% of
the principal amount of the Note (plus accrued and unpaid interest and fees, if
any).

                                    ARTICLE V

                                  MISCELLANEOUS

            5.1 Failure or Indulgence Not Waiver. No failure or delay on the
part of the Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege. All rights and
remedies existing hereunder are cumulative to, and not exclusive of, any rights
or remedies otherwise available.

                                       8
<PAGE>

            5.2 Notices. Any notice herein required or permitted to be given
shall be in writing and shall be deemed effectively given: (a) upon personal
delivery to the party notified, (b) when sent by confirmed telex or facsimile if
sent during normal business hours of the recipient, if not, then on the next
business day, (c) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one day after deposit
with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All communications shall be sent to the
Borrower at the address as set forth on the signature page to the Purchase
Agreement executed in connection herewith, with a copy to Sheldon Krause, Esq.,
Ehrenreich Eilenberg & Krause LLP, 11 East 44th Street, 17th Floor, New York,
New York, facsimile number (212) 986-2399, and to the Holder at the address set
forth on the signature page to the Purchase Agreement for such Holder, with a
copy to Daniel M. Laifer, Esq., 152 West 57th Street, 4th Floor, New York, New
York 10019, facsimile number (212) 541-4434, or at such other address as the
Borrower or the Holder may designate by ten days advance written notice to the
other parties hereto. A Notice of Conversion shall be deemed given when made to
the Borrower pursuant to the Purchase Agreement.

            5.3 Amendment Provision. The term "Note" and all reference thereto,
as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented.

            5.4 Assignability. This Note shall be binding upon the Borrower and
its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder. 5.5 Governing Law.
This Note shall be governed by and construed in accordance with the laws of the
State of New York, without regard to principles of conflicts of laws. Any action
brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New
York or in the federal courts located in the state of New York. Both parties and
the individual signing this Note on behalf of the Borrower agree to submit to
the jurisdiction of such courts. The prevailing party shall be entitled to
recover from the other party its reasonable attorney's fees and costs. In the
event that any provision of this Note is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity
or unenforceability of any other provision of this Note.

            5.6 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the

                                       9
<PAGE>

maximum permitted by applicable law. In the event that the rate of interest
required to be paid or other charges hereunder exceed the maximum permitted by
such law, any payments in excess of such maximum shall be credited against
amounts owed by the Borrower to the Holder and thus refunded to the Borrower.

            5.7 Security Interest. The holder of this Note has been granted a
security interest in certain assets of the Borrower more fully described in a
Security Agreement.

            5.8 Construction. Each party acknowledges that its legal counsel
participated in the preparation of this Note and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting
party shall not be applied in the interpretation of this Note to favor any party
against the other.

                                       10
<PAGE>

      IN WITNESS WHEREOF, each Borrower has caused this Note to be signed in its
name effective as of this ___ day of June, 2002.

                                           DATA SYSTEMS & SOFTWARE INC.

                                           By:________________________________

                                           DATABIT INC.

                                           By:________________________________

WITNESS:

_____________________________

                                       11
<PAGE>

                              NOTICE OF CONVERSION

(To be executed by the Holder in order to convert the Note)

      The undersigned hereby elects to convert $_________ of the principal and
$_________ of the interest due on the Note issued by DATA SYSTEMS & SOFTWARE
INC. and DATABIT INC. on June ___, 2002 into Shares of Common Stock of DATA
SYSTEMS & SOFTWARE INC. (the "Company") according to the conditions set forth in
such Note, as of the date written below.

Date                                                                          of
Conversion:_____________________________________________________________________

Conversion
Price:__________________________________________________________________________

Shares                                  To                                    Be
Delivered:______________________________________________________________________

Signature:______________________________________________________________________

Print Name:_____________________________________________________________________

Address:________________________________________________________________________

                                      A-1
<PAGE>

                                    EXHIBIT B

                        FORM OF REPAYMENT ELECTION NOTICE

To: [HOLDER AT HOLDER'S ADDRESS]

      Pursuant to Section 2.2 of the Note of Data Systems & Software, Inc. and
Databit Inc. issued on June __, 2002, we hereby notify you that we are
irrevocably electing to repay the outstanding Monthly Amount (as defined in the
Note) due on the Repayment Date (as defined in the Note) which occurs on ______,
20__ (CHECK ONE):

      _____ In full in cash on such Repayment Date.

      _____ In full in shares of the Company's Common Stock within three (3)
trading days following such Repayment Date.

      _____ In part in cash in the amount of $______ on such Repayment Date, and
in part in shares of the Company's Common Stock (in the amount of ______ shares)
within three (3) trading days following such Repayment Date.

                                       Data Systems & Software, Inc.

                                       By: ________________________
                                       Name:
                                       Title:

                                       Databit Inc.

                                       By: ________________________
                                       Name:
                                       Title:

                                      A-2
<PAGE>

                                    EXHIBIT B

                                 Form of warrant

      THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS
WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO DATA SYSTEMS & SOFTWARE INC. THAT SUCH
REGISTRATION IS NOT REQUIRED.

                              Right to Purchase 125,000 Shares of Common Stock
                              of Data Systems & Software Inc. (subject to
                              adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. 2002-1                                            Issue Date: June ___, 2002

      DATA SYSTEMS & SOFTWARE INC., a corporation organized under the laws of
the State of Delaware (the "Company"), hereby certifies that, for value
received, LAURUS MASTER FUND, LTD., or assigns (the "Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company from and
after the Issue Date of this Warrant and at any time or from time to time before
5:00 p.m., New York time, through three (3) years after such date (the
"Expiration Date"), up to 125,000 fully paid and nonassessable shares of Common
Stock (as hereinafter defined), $.01 par value per share, of the Company, at the
Purchase Price (as defined below). The number and character of such shares of
Common Stock and the Purchase Price are subject to adjustment as provided
herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) The term "Company" shall include Data Systems & Software Inc. and any
corporation which shall succeed or assume the obligations of Data Systems &
Software Inc. hereunder.

      (b) The term "Common Stock" includes (a) the Company's Common Stock, $.01
par value per share, as authorized on the date of the Securities Purchase
Agreement referred to in Section 9 hereof, and (b) any other securities into
which or for which any of the securities described in (a) may be converted or
exchanged pursuant to a plan of recapitalization, reorganization, merger, sale
of assets or otherwise.

      (c) The term "Other Securities" refers to any stock (other than Common
Stock) and

                                       1
<PAGE>

other securities of the Company or any other person (corporate or otherwise)
which the holder of the Warrant at any time shall be entitled to receive, or
shall have received, on the exercise of the Warrant, in lieu of or in addition
to Common Stock, or which at any time shall be issuable or shall have been
issued in exchange for or in replacement of Common Stock or Other Securities
pursuant to Section 4 or otherwise.

      (d) The term "Purchase Price" shall be $4.20 per share. Such Purchase
Price to be subject to adjustment from time to time as provided herein.

      1. Exercise of Warrant.

            1.1. Number of Shares Issuable upon Exercise. From and after the
date hereof through and including the Expiration Date, the holder hereof shall
be entitled to receive, upon exercise of this Warrant in whole in accordance
with the terms of subsection 1.2 or upon exercise of this Warrant in part in
accordance with subsection 1.3, shares of Common Stock of the Company, subject
to adjustment pursuant to Section 4.

            1.2. Full Exercise. This Warrant may be exercised in full by the
holder hereof by delivery of an original or fax copy of the form of subscription
attached as Exhibit A hereto (the "Subscription Form") duly executed by such
Holder, to the Company at its principal office or at the office of its warrant
agent (as provided hereinafter), accompanied by payment, in cash, wire transfer,
or by certified or official bank check payable to the order of the Company, in
the amount obtained by multiplying the number of shares of Common Stock for
which this Warrant is then exercisable by the Purchase Price (as hereinafter
defined) then in effect.

            1.3. Partial Exercise. This Warrant may be exercised in part (but
not for a fractional share) by surrender of this Warrant in the manner and at
the place provided in subsection 1.2 except that the amount payable by the
holder on such partial exercise shall be the amount obtained by multiplying (a)
the number of shares of Common Stock designated by the holder in the
Subscription Form by (b) the Purchase Price then in effect. On any such partial
exercise, the Company, at its expense, will forthwith issue and deliver to or
upon the order of the holder hereof a new Warrant of like tenor, in the name of
the holder hereof or as such holder (upon payment by such holder of any
applicable transfer taxes) may request, the number of shares of Common Stock for
which such Warrant may still be exercised.

            1.4. Fair Market Value. Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean:

                  (a) If the Company's Common Stock is traded on an exchange or
is quoted on the National Association of Securities Dealers, Inc. Automated
Quotation ("NASDAQ") National Market System or the NASDAQ SmallCap Market, then
the closing or last sale price, respectively, reported for the last business day
immediately preceding the Determination Date.

                  (b) If the Company's Common Stock is not traded on an exchange
or on the NASDAQ National Market System or the NASDAQ SmallCap Market but is
traded on

                                       2
<PAGE>

the NASD OTC Bulletin Board, then the mean of the average of the closing bid and
asked prices reported for the last business day immediately preceding the
Determination Date.

                  (c) Except as provided in clause (d) below, if the Company's
Common Stock is not publicly traded, then as the Holder and the Company agree or
in the absence of agreement by arbitration in accordance with the rules then
standing of the American Arbitration Association, before a single arbitrator to
be chosen from a panel of persons qualified by education and training to pass on
the matter to be decided.

                  (d) If the Determination Date is the date of a liquidation,
dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company's charter, then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such liquidation, dissolution or winding up, plus all other amounts to be
payable per share in respect of the Common Stock in liquidation under the
charter, assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of the Warrant are outstanding at the
Determination Date.

            1.5. Company Acknowledgment. The Company will, at the time of the
exercise of the Warrant, upon the request of the holder hereof acknowledge in
writing its continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

            1.6. Trustee for Warrant Holders. In the event that a bank or trust
company shall have been appointed as trustee for the holders of the Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

      2.1 Delivery of Stock Certificates, etc. on Exercise. The Company agrees
that the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the holder hereof as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within 7 days thereafter, the Company at its expense (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and delivered to the holder hereof, or as such holder (upon payment by such
holder of any applicable transfer taxes) may direct in compliance with
applicable Securities Laws, a certificate or certificates for the number of duly
and validly issued, fully paid and nonassessable shares of Common Stock (or
Other Securities) to which such holder shall be entitled on such exercise, plus,
in lieu of any fractional share to which such holder would otherwise be
entitled, cash equal to such fraction multiplied by the then Fair Market Value
of one full share, together with any other stock or other securities and
property (including cash, where applicable) to which such holder is entitled
upon such exercise pursuant to Section 1 or otherwise.

                                       3
<PAGE>

      2.2. Cashless Exercise.

            (a) Payment may be made either in (i) cash or by certified or
official bank check payable to the order of the Company equal to the applicable
aggregate Purchase Price, (ii) by delivery of the Warrant, Common Stock and/or
Common Stock receivable upon exercise of the Warrant in accordance with Section
(b) below, or (iii) by a combination of any of the foregoing methods, for the
number of Common Shares specified in such form (as such exercise number shall be
adjusted to reflect any adjustment in the total number of shares of Common Stock
issuable to the holder per the terms of this Warrant) and the holder shall
thereupon be entitled to receive the number of duly authorized, validly issued,
fully-paid and non-assessable shares of Common Stock (or Other Securities)
determined as provided herein.

            (b) Notwithstanding any provisions herein to the contrary, if the
Fair Market Value of one share of Common Stock is greater than the Purchase
Price (at the date of calculation as set forth below), in lieu of exercising
this Warrant for cash, the holder may elect to receive shares equal to the value
(as determined below) of this Warrant (or the portion thereof being cancelled)
by surrender of this Warrant at the principal office of the Company together
with the properly endorsed Subscription Form in which event the Company shall
issue to the holder a number of shares of Common Stock computed using the
following formula:

                  X=Y (A-B)
                    -------
                        A

              Where X=  the number of shares of Common Stock to be issued to the
                        holder

                    Y=  the number of shares of Common Stock purchasable under
                        the Warrant or, if only a portion of the Warrant is
                        being exercised, the portion of the Warrant being
                        exercised (at the date of such calculation)

                    A=  the Fair Market Value of one share of the Company's
                        Common Stock (at the date of such calculation)

                    B=  Purchase Price (as adjusted to the date of such
                        calculation)

      3. Adjustment for Reorganization, Consolidation, Merger, etc.

            3.1. Reorganization, Consolidation, Merger, etc. In case at any time
or from time to time, the Company shall (a) effect a reorganization, (b)
consolidate with or merge into any other person, or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the holder of this
Warrant, on the exercise hereof as provided in Section 1 at any time after the
consummation of such reorganization,

                                       4
<PAGE>

consolidation or merger or the effective date of such dissolution, as the case
may be, shall receive, in lieu of the Common Stock (or Other Securities)
issuable on such exercise prior to such consummation or such effective date, the
stock and other securities and property (including cash) to which such holder
would have been entitled upon such consummation or in connection with such
dissolution, as the case may be, if such holder had so exercised this Warrant,
immediately prior thereto, all subject to further adjustment thereafter as
provided in Section 4.

            3.2. Dissolution. In the event of any dissolution of the Company
following the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property (including cash, where
applicable) receivable by the holders of the Warrant after the effective date of
such dissolution pursuant to this Section 3 to a bank or trust company having
its principal office in New York, NY, as trustee for the holder or holders of
the Warrant.

            3.3. Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Company, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 4. In the
event this Warrant does not continue in full force and effect after the
consummation of the transaction described in this Section 3, then only in such
event will the Company's securities and property (including cash, where
applicable) receivable by the holders of the Warrant be delivered to the Trustee
as contemplated by Section 3.2.

      4. Extraordinary Events Regarding Common Stock. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Purchase Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Purchase Price then in effect. The
Purchase Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this Section 4.
The number of shares of Common Stock that the holder of this Warrant shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive shall be increased to a number determined by multiplying the number of
shares of Common Stock that would otherwise (but for the provisions of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the Purchase Price that would otherwise (but for the provisions of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

                                       5
<PAGE>

      5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Warrant, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of the Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the holder of the Warrant and any
Warrant agent of the Company (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, etc. Issuable on Exercise of Warrant; Financial
Statements. The Company will at all times reserve and keep available, solely for
issuance and delivery on the exercise of the Warrant, all shares of Common Stock
(or Other Securities) from time to time issuable on the exercise of the Warrant.
This Warrant entitles the holder hereof to receive copies of all financial and
other information distributed or required to be distributed to the holders of
the Company's Common Stock.

      7. Assignment; Exchange of Warrant. Subject to compliance with applicable
Securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor") with respect to any
or all of the Shares. On the surrender for exchange of this Warrant, with the
Transferor's endorsement in the form of Exhibit B attached hereto (the
"Transferor Endorsement Form") and together with evidence reasonably
satisfactory to the Company demonstrating compliance with applicable Securities
Laws, which shall include, without limitation, a legal opinion fro the
Transferor's counsel that such transfer is exempt from the registration
requirements of federal securities laws, the Company at its expense but with
payment by the Transferor of any applicable transfer taxes) will issue and
deliver to or on the order of the Transferor thereof a new Warrant of like
tenor, in the name of the Transferor and/or the transferee(s) specified in such
Transferor Endorsement Form (each a "Transferee"), calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the face or faces of the Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of any such loss, theft or destruction of this Warrant, on
delivery of an indemnity agreement or security reasonably satisfactory in form
and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration Rights. The Holder of this Warrant has been granted
certain

                                       6
<PAGE>

registration rights by the Company. These registration rights are set forth in a
Securities Purchase Agreement entered into by the Company and Purchaser of the
Company's 10% Convertible Notes (the "Notes") at or prior to the issue date of
this Warrant. The terms of the Securities Purchase Agreement are incorporated
herein by reference. Upon the occurrence of a Non-Registration Event as
described in the Securities Purchase Agreement, in the event the Company is
unable to issue Common Stock upon exercise of this Warrant that has been
registered in the Registration Statement described in Section 9.1(d) of the
Securities Purchase Agreement, within the time periods described in the
Securities Purchase Agreement, which Registration Statement must be effective
throughout the exercise period of this Warrant, then upon written demand made by
the Holder, the Company will pay to the Holder of this Warrant, in lieu of
delivering Common Stock, a sum equal to the closing ask price of the Company's
Common Stock on the Principal Market (as defined in the Securities Purchase
Agreement) or such other principal trading market for the Company's Common Stock
on the trading date immediately preceding the date notice is given by the
Holder, less the Purchase Price, for each share of Common Stock designated in
such notice from the Holder. The provisions of this Section 9, however, shall
not apply if (a) this Warrant is out-of-the-money at the time of such
Non-Registration Event, or (b) the Holder had not delivered a Subscription Form
to the Company at or immediately prior to the Non-Registration Event.

      10. Maximum Exercise. The Holder shall not be entitled to exercise this
Warrant on an exercise date, in connection with that number of shares of Common
Stock which would be in excess of the sum of (i) the number of shares of Common
Stock beneficially owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this proviso is being made on
an exercise date, which would result in beneficial ownership by the Holder and
its affiliates of more than 4.99% of the outstanding shares of Common Stock of
the Company on such date. For the purposes of the proviso to the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to
aggregate exercises which would result in the issuance of more than 4.99%. The
restriction described in this paragraph may be revoked upon 75 days prior notice
from the Holder to the Company and is automatically null and void upon an Event
of Default under the Note.

      11. Warrant Agent. The Company may, by written notice to the each holder
of the Warrant, appoint an agent for the purpose of issuing Common Stock (or
Other Securities) on the exercise of this Warrant pursuant to Section 1,
exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such agent.

      12. Transfer on the Company's Books. Until this Warrant is transferred on
the books of the Company, the Company may treat the registered holder hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

      13. Notices, etc. All notices and other communications from the Company to
the

                                       7
<PAGE>

holder of this Warrant shall be mailed by first class registered or certified
mail, postage prepaid, at such address as may have been furnished to the Company
in writing by such holder or, until any such holder furnishes to the Company an
address, then to, and at the address of, the last holder of this Warrant who has
so furnished an address to the Company.

      14. Voluntary Adjustment by the Company. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

      15. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. This Warrant shall be governed by and construed in accordance with
the laws of State of New York without regard to principles of conflicts of laws.
Any action brought concerning the transactions contemplated by this Warrant
shall be brought only in the state courts of New York or in the federal courts
located in the state of New York. The individuals executing this Warrant on
behalf of the Company agree to submit to the jurisdiction of such courts and
waive trial by jury. The prevailing party shall be entitled to recover from the
other party its reasonable attorney's fees and costs. In the event that any
provision of this Warrant is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of
any other provision of this Warrant. The headings in this Warrant are for
purposes of reference only, and shall not limit or otherwise affect any of the
terms hereof. The invalidity or unenforceability of any provision hereof shall
in no way affect the validity or enforceability of any other provision. The
Company acknowledges that legal counsel participated in the preparation of this
Warrant and, therefore, stipulates that the rule of construction that
ambiguities are to be resolved against the drafting party shall not be applied
in the interpretation of this Warrant to favor any party against the other
party.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

                  IN WITNESS WHEREOF, the Company has executed this Warrant
under seal as of the date first written above.

                                        DATA SYSTEMS & SOFTWARE INC.

                                        By:_____________________________________

Witness:

___________________________

                                       9
<PAGE>

EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To be signed only on exercise of Warrant)

TO: Data Systems & Software Inc.

The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable box):

___ ________ shares of the Common Stock covered by such Warrant; or

___ the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

___ $__________ in lawful money of the United States; and/or

___ the cancellation of such portion of the attached Warrant as is exercisable
for a total of _______ shares of Common Stock (using a Fair Market Value of
$_______ per share for purposes of this calculation); and/or

___ the cancellation of such number of shares of Common Stock as is necessary,
in accordance with the formula set forth in Section 2, to exercise this Warrant
with respect to the maximum number of shares of Common Stock purchaseable
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned requests that the certificates for such shares be issued in the
name of, and delivered to _____________________________________ whose address is
_______________________________________________________________________________.

The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act") or pursuant to an exemption from
registration under the Securities Act.

Dated:______________                    _______________________________________
                                        (Signature must conform to name of
                                        holder as specified on the face of the
                                        Warrant)

                                        _______________________________________
                                       (Address)

                                       10
<PAGE>

                                    Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

      For value received, the undersigned hereby sells, assigns, and transfers
unto the person(s) named below under the heading "Transferees" the right
represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of Data Systems & Software Inc. to which the within
Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of Data Systems & Software Inc. with full power of substitution in the premises.

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

                              Percentage                      Number
     Transferees              Transferred                   Transferred
     -----------              -----------                   -----------
--------------------------------------------------------------------------------

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

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

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

Dated:___________ , _____               ________________________________________
                                        (Signature must conform to name of
                                        holder as specified on the face of the
                                        warrant)

Signed in the presence of:

____________________________            ________________________________________
         (Name)                                      (address)

                                        ________________________________________
ACCEPTED AND AGREED:                                 (address)
[TRANSFEREE]

____________________________
         (Name)

                                       1
<PAGE>

                                    EXHIBIT C

                                 FORM OF OPINION

            1. The Company and Databit each is a corporation validly existing
and in good standing under the laws of the State of Delaware and has all
requisite corporate power and authority to own, operate and lease its properties
and to carry on its business as it is now being conducted.

            2. The Company and Databit each has the requisite corporate power
and authority to execute, deliver and perform its obligations under the
Agreement and Related Agreements. All corporate action on the part of the
Company and Databit and their respective officers, directors and stockholders
necessary for (i) the authorization of the Agreement and Related Agreements to
which each is a party, and the performance of all obligations of the Company and
Databit thereunder at the Closing, and (ii) the authorization, sale, issuance
and delivery of the Securities pursuant to the Agreement and the Related
Agreements has been taken. The Note Shares and the Warrant Shares, when issued
pursuant to and in accordance with the terms of the Agreement and upon delivery,
shall be validly issued and outstanding, fully paid and non assessable.

            3. The execution, delivery and performance of the Agreement, the
Note or the Related Agreements by the Company and Databit and the consummation
of the transactions contemplated by any thereof, will not, with or without the
giving of notice or the passage of time or both:

                  (a) Violate the provisions of the Charter or bylaws of the
            Company or Databit; or

                  (b) To the best of such counsel's knowledge, violate any
            judgment, decree, order or award of any court binding upon the
            Company or Databit.

            4. The Agreement and Related Agreements to which each is a party
constitute and the Note, upon their issuance will constitute, valid and legally
binding obligations of the Company and Databit, and are enforceable against the
Company and Databit in accordance with their respective terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws of general application affecting enforcement of creditors' rights,
and (b) general principles of equity that restrict the availability of equitable
or legal remedies.

            5. The sale of the Note and the subsequent conversion of the Note
into Note Shares are not subject to any preemptive rights or, to such counsel's
knowledge, rights of first refusal that have not been properly waived or
complied with. The sale of the Warrant and the subsequent exercise of the
Warrant for Warrant Shares are not subject to any preemptive rights or, to such
counsel's knowledge, rights of first refusal that have not been properly waived
or complied with.

                                      C-1
<PAGE>

            6. Assuming the accuracy of the representations and warranties of
the Purchaser contained in the Agreement, the offer, sale and issuance of the
Securities will be exempt from the registration requirements of the Securities
Act. To the best of such counsel's knowledge, neither the Company, nor any of
its affiliates, nor any person acting on its or their behalf, has directly or
indirectly made any offers or sales of any security or solicited any offers to
buy and security under circumstances that would cause the offering of the
Securities pursuant to this Agreement to be integrated with prior offerings by
the Company for purposes of the Securities Act which would prevent the Company
from selling the Securities pursuant to Rule 506 under the Securities Act, or
any applicable exchange-related stockholder approval provisions.

            7. There is no action, suit, proceeding or investigation pending or,
to the best of such counsel's knowledge, currently threatened against the
Company or Databit that prevents the right of the Company to enter into this
Agreement or any of the Related Agreements, or to consummate the transactions
contemplated thereby. To the best of such counsel's knowledge, the Company is
not a party or subject to the provisions of any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality; nor is
there any action, suit, proceeding or investigation by the Company currently
pending or which the Company intends to initiate.

                                      C-2

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